Research Salaries & Negotiate Offers

If you receive a job offer and need time to evaluate the details, it’s important to ask the employer when they would like your final decision. Compare the offer against the salary and benefit information you researched for your industry, along with the minimum amount you need to accept the position. To determine your financial requirements, consider using cost-of-living budget calculators, such as NerdWallet.com and MoneyGeek.com to determine your potential cost-of-living.

When considering a job offer, it’s important to recognize that salary is not the only factor influencing your happiness at work. You should also take into account where you’ll live, your cost of living, and the additional benefits that align with your professional and personal values. According to Salary.com, 84% of employers expect candidates to negotiate their offers; however, only 30% of women and 46% of men report actually doing so. Notably, 87% of employers have stated that they have never rescinded a job offer as a result of negotiations. This indicates that employers are not offended by respectful discussions about salary.

Negotiating can have a significant long-term impact on your earnings. Even small adjustments can accumulate over time, leading to substantial benefits in the future.

Before negotiating your offer, it’s essential to conduct thorough research. Prepare a data-supported argument that justifies your request for a higher salary. Instead of stating a specific number, present a range and allow the employer to respond. Be ready for follow-up questions about how you arrived at your proposed salary range.

When you’re prepared to accept a job offer, it’s essential to do so in writing. Craft a clear and professional email that formally accepts the offer, emphasizing your enthusiasm for the position. Reiterate the key terms and conditions of employment, including salary, benefits, and job title, to ensure mutual understanding. Confirm your start date, and convey your sincere gratitude for the opportunity. This approach will reflect your professionalism and commitment to the new role.

If you find yourself juggling multiple job offers, consider strategically requesting an extension on one while you await the others. Take the time to carefully evaluate each opportunity, focusing on the long-term benefits each role can provide. Scheduling an appointment with your Career Development Specialist can provide you with valuable insight.

Feel empowered to communicate to potential employers that you are weighing other offers; however, it’s wise to refrain from sharing specific details. A simple mention of a salary range or the inclusion of additional benefits will suffice and can strengthen your position during negotiations.

If you decide that an offer isn’t the right fit for you, respond as soon as you have made your decision so the employer can continue their search for a candidate. Keep your message brief and direct, whether it’s delivered in person, over the phone, or via email. You can say something like, “I sincerely appreciate your offer, but I believe this role isn’t the best fit for me right now.” Be sure to end on a positive note to maintain your professional reputation.

10 Tips and Insights:

1. Be poised and professional. This may seem like a no brainer, but if a supervisor is going to make a case that you deserve more benefits, she’ll want to know you would be someone good to work with. You can ask for a lot of things, but you never want to seem petty, condescending, or ungrateful. It’s always good to get a sense of how you might be perceived by employers. Get the perspective of others. Practice your negotiating skills with friends and career center staff, who can help you articulate your needs in a positive way.

2. Evidence is your ally: be prepared. Your success at negotiating a job offer depends less on what goes on at the negotiating table than what you know before you enter the room, experts say. You should have a solid understanding of the standard salary (or salary range), benefits, and perks offered by similar companies in similar industries. You should also be aware of the top challenges the company is facing—and how you can help solve some of its problems.

3. Aim for the top—within reason. The old saying “If you don’t ask, you don’t get” holds true in salary negotiations. At the same time, you need to know what is reasonable to ask for—or you could make your potential employer quickly reconsider how they think about you. Do your research so you can focus on objective criteria when you negotiate. That way, a supervisor understands why you are asking for certain things. You need to know this basic information so your potential employer understands you are making reasonable requests.

4. Understand an employer’s limitations. The company may think your requests are reasonable and worthwhile, but still may not be able to accommodate you. Employers have real limitations too. If, for example, they have a large recruiting class, they may not want to provide you with benefits others don’t receive. Knowing why an employer can’t meet your request gives you more context and helps you make informed decisions.

5. Negotiate short term while thinking long term. Understanding yourself, how you fit in the company culture, how much you can learn from your supervisor, and whether the job can position you for future success are equally as important as money at the outset of your career. As you research the field you are about to enter, you should be thinking about how this position is going to prepare you for short-term and long-term success.  

6. Consider the entire compensation package, not just salary. The most common mistake students make is accepting a job offer based solely on compensation without considering significant factors such as relocation expenses, merit bonuses, stock options, health insurance, retirement plans, flex time, vacation, conference travel, professional development expenses, the length of your commute, and a company’s policies on telecommuting. Know what is important to you.  

7. Prioritize. In a negotiation, almost no one gets everything they want. Think carefully about what is a “must have” and what is a “nice to have” before you get to the negotiating table. It’s essential that you be prepared to compromise, so focus on those things that are critical to you.

8. Be prepared to walk away. It can be easy to get caught up in the excitement of receiving an offer, but this can color our judgment at times. Take a deep breath before accepting. Most employers will give you at least a few days to consider an offer. If yours doesn’t feel right and the employer isn’t willing or able to give you the types of compensation you really think you need, you may have to decline. Other opportunities will follow.

9. Make sure you have plans B, C, and D. An unsigned offer can fall apart at the last minute if you can’t agree on the essential terms and conditions of your employment. Don’t stop pursuing other opportunities—or, worse, withdraw job applications—until the offer is final. Chances are good that things will work out. But you should be prepared if they don’t.

10. Reflect on the outcome. Today’s students will have more jobs in their lifetimes than any previous generation so it is critical to hone one’s negotiation skills for long-term career success. Regardless of the outcome, it is important to reflect on the process, what worked well, and how you can improve for next time. Negotiating is a learned, coachable behavior and a lifelong skill. We all get better with practice.

Joseph Du Pont is associate vice president for student affairs/career services at Boston College.

Courtesy of the National Association of Colleges and Employers.