How to Negotiate Salary & Benefits

Get a bump in pay.

After attending several interviews, the job offer finally arrives. Before signing the compensation offer, ask for a little time, recommends Quint Careers, a company that focuses on career advice and resources. Even if the job offer appears reasonable, it's important to conduct market research and ensure you're securing the best salary and benefits package possible.

Instructions

1. Research the company. According to Salary.com, before negotiating salary and benefits, it's important to understand the company's financial position. Financial statements are often included in annual reports, which are available online or can be requested through the company's call center. If you can't get ahold of an annual report, research recent news about the company to determine their financial standing.

2. Determine local salary information. Check out online resources, such as Salary.com (see Resources). Enter the position title and your zip code to get a salary range. People with a higher level of education and experience can typically demand the higher end of the payscale.

3. Evaluate your desired benefits package. Make a list of benefits you want. Think about medical insurance, vision and dental coverage. Also, consider how many vacation days you desire. For example, if you have 20 years of industry experience, you might desire three or more weeks of vacation instead of the standard two. All of these items are negotiable.

4. Negotiate your salary and benefits. After gathering the necessary information, contact the employer to set up a time to discuss salary and benefits. When presenting your required compensation and benefits, highlight the value you bring to the organization. Discuss concrete accomplishments with previous employers. For example, perhaps you increased sales by 40 percent in only three months. The employer will consider the information you present and discuss it with her manager to make a decision.

Tips & Warnings

• Get prepared to receive a counteroffer. Negotiation is a two-way street. There may be some back and forth before arriving at a final compensation and benefits package. Before entering the negotiation process, know your bottom line.

• Don't accept a salary and benefits offer until you're totally comfortable with it. Once you accept the offer, it might be a year or more before your compensation is evaluated again.

References

• Salary: Everything is Negotiable
• Quint Careers: Job Offer Too Low?

Resources

• Salary: Research Salary Information