After you've secured an offer, Doody recommends using this formula:
"The counter offer calculator accounts for four factors—the base salary of your job offer, your minimum acceptable salary ("walk away" number), how badly the company needs you to accept the job offer, and how badly you need the job."
Use "firm and neutral" language like this:
"Tom offered $50,000 and I would be more comfortable if we could settle on $56,000. I feel that amount reflects the importance and expectations of the position for ACME Corp's business, and my qualifications and experience as they relate to this particular position."
Or, if you had a competing offer:
"Thank you so much for the offer. As I mentioned during my interview process, I am speaking with a couple of other companies. If you're able to move the pay to [insert your number], I'd be eager to accept."
Doody explains that email is the perfect medium for this message. This way, the hiring manager can share it in a format that clearly makes your case to each person with whom it's shared. Your case won't get the same treatment if it's restated recollections of a conversation.
The hiring manager will likely come back with a figure between your base salary and your counter offer. For Doody, the distance between these figures represents your "salary negotiation window." He recommends compartmentalizing this window into increments. In the example above, the window is $6,000, so he recommends devising a response for each possible offer.
If, for example, the offer is $55,000 or above, Doody says it's a taker.
"If the company comes back with $53,000, then you say 'If you can do $54,000, I'm on board!' If they stick with $53,000, then you would say, 'I understand the best you can do is $53,000 and you can't come up to $54,000. If you can do $53,000 and offer an extra week of paid vacation each year, then I'm on board.'"
Decide which benefits, like vacation time or flexible working hours, are most important so that you can apply them to bolster the deal. Rank those benefits in your mind and use those in your bargaining.
- Extra vacation time
- Work from home
- Signing bonus
If they do not accept your second-priority benefit, you move on to your third-priority benefit. Regardless of whether they accept your final response, then you're finished; don't get nit-picky or greedy. You have maximized your base salary and maximized your benefits as well.
Situation #3: Raises & promotions
Doody explains: "Your primary reason for requesting a raise is that the salary you're being paid doesn't reflect your current value to the company. That salary was set some time in the past, so your argument is that you are more valuable now than you were. . . " You have a fair justification. Now you need the right plan.
Start by mentioning, via email, to your manager that you'd like to discuss compensation in your next private meeting. After that conversation, Doodly advises preparing a strategically constructed, easily shareable salary increase letter.
Suggested email script:
"As we discussed, it has been [amount of time] since ["my last significant salary adjustment" OR "since I was hired"], and I would like to revisit my salary now that I'm contributing much more to the company. I've been researching salaries for [job title] in [industry] industry, and it looks like the mid-point is around [mid-point from your research]. So I would like to request a raise to [target salary]."
The letter should also highlight your accomplishments and accolades. Doody notes that if your proposal isn't accepted on the first try, you can work with your manager to create an action plan.
"I would love to work with you to put together a clear action plan and timeline so we can continue this discussion and monitor my progress as I work toward my goal."
Always remember, your talent is precious, and you deserve to be compensated for it. Learning to foster conversations about compensation is a vital skill that yields rewards.
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This article originally appeared on Glassdoor.