Things to Consider When Negotiating a Job Offer
Whenever I do resume critiquing at scientific meetings, someone always asks about how to negotiate a job offer. Most of the people that ask the question aren't even close to receiving a job offer and I do my best to deflect the question. However, at a recent meeting, I spent 30 minutes with a PhD student who had received an offer advising him on how to get a better deal from his prospective new employer. This got me thinking and I invited Joe Tringali, a veteran recruiter with lots of negotiating experience to write a blog post about strategies and things to consider when negotiating a job offer.
The "Dos" and "Don'ts" of Negotiating a Job Offer
by Joe Tringali
Invariably, the topic of salary negotiations in the interview process makes its way to the surface and, as a seasoned professional recruiter, I have a few thoughts that I would like to share with jobseekers. During the course of my almost 30 year career, I have work as a traditional “headhunter” and also as on onsite contract recruiter for pharmaceutical and biotechnology companies, shifting gears and mindset as warranted by the particular client and the task at hand. In other words, I have been on both sides of the negotiating table either on behalf of a job candidate or a client company.
Fundamentally, job seekers need to understand the “economics” surrounding their search; who—the candidate or employer—has the most leverage in the relationship? Is there more demand than there is supply for a candidate with a specific set of skills or is there an excess of talent allowing an employer to choose the absolute best candidate for job. That said, consider the following:
A candidate who has received an offer can always try to negotiate to see how far they can push the employer. As a rule of thumb, the initial offer that is proffered is usually not the best offer and if you aren’t satisfied with it, try and negotiate for a better deal. If you ask and you don’t get what you want, the initial offer will likely still stand but you won’t have any regrets or say to yourself “I should have asked” if you eventually accept the offer. On the other hand, if the offer IS negotiable, it’s most likely only negotiable within a finite range. To that end, you must “come to the table” knowing your worth and what the compensation and benefits standards are for comparable positions in the industry. Rest assured that the prospective employer is at least as prepared as you are (usually more so) when it comes to negotiating offers. After all, most companies have dedicated compensation departments that spend a good portion of their workweek establishing fair compensation ranges. This doesn’t mean that you shouldn’t ask and attempt to negotiate, but simply that you must temper your expectations and not “expect the world.” Typically, employers are limited with what is negotiable in an offer. Things that are typically not negotiable are base salaries and healthcare and financial benefits. Other things like vacation time, sign on bonuses, relocation costs etc are. The reasons why base salary and benefits are not negotiable are because companies try to maintain internal equity among its employees.
When to negotiate? The obvious answer is to negotiate from a position of strength—when a formal offer has been extended (but never before). The offer signals that a company “wants you” and the candidate ought to consider the offer as it stands. Assuming the offer is fair (and the candidate SHOULD know his/her worth as part of the search process), accept it and move on with your career. Should you feel it isn’t quite up to par based on your understanding of your skills and marketplace demand, you might consider a conversation that sounds something like the following:
“I’m thrilled to receive the offer and am trying to find a way to make this work for both parties. My understanding of the market ( from online research, university career services, friends with similar experience, in similar roles, in similar geography, is that an offer of 2k more might be more in line. IF there is any way you can bump the offer up by 2K, I will accept it and start on XXX date”
In other words, you are offering something back (acceptance/start date) in exchange for a possibly bump in the offer (most companies want you to start sooner rather than later). The worst case is that the employer comes back and says they cannot do any more with regard to compensation. Depending upon your assessment of the situation, you might then try to negotiate additional vacation days or an increase in relocation costs to offset the $2K that you need to feel comfortable to accept the offer. If the answer is still no, the original offer stands until you either accept or reject it—the decision is yours. Generally speaking, most offers are fair and in the range you might expect given your background and years of experience in the industry. But, only you can determine whether or not an offer is right for you. Ultimately, that decision ought to be based on compensation requirements, job responsibilities, geography, and whether or not an offer will meet your needs at this particular time in your life.
Until next time...
Good Luck and Good Job Hunting!!!!!
Joe Tringali is a Principal with Tringali & Associates, Inc., a recruitment consulting practice based in Manchester, New Hampshire. He has over 30 years of progressive experience in the field of Human Resources and is particularly well-qualified in the design and implementation of creative staffing programs and executive search practices within the Life Sciences. Some his clients include Pfizer, Eisai Pharmaceuticals, Millennium Pharmaceuticals, Biogen Idec, Genzyme , TKT/Shire , Harvard University and Infinity Pharmaceuticals.
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