After successfully completing an interview and receiving a job offer, the next step is to carefully consider the salary and benefits package. Negotiating compensation can be a nerve-wracking experience for many candidates, but it doesn't have to be. With proper research, preparation, and a clear mindset, salary negotiations can be a productive conversation that leads to a mutually beneficial outcome. Here's how to make it happen:
Know Your Worth
The first step is to research. Look for resources such as our Salary Watch reports to determine a benchmark for salary expectations based on skills, knowledge and experience.
Have A Salary Range
Instead of demanding a specific number, come prepared with a salary range. When beginning the conversation, you can broach the topic of negotiation by letting the company know you have considered the initial offer, but, based on your research, believe that a salary in the range of, for example, SG$60,000–SG$75,000 would be appropriate. By introducing a range, you’re letting the company know you truly are open to a negotiation instead of demanding a number they may not be able to provide.
If for some reason the company you want to join is unable to meet your desired salary and you are still keen on the role, you can opt for negotiating benefits. By pursuing this avenue, you have a wealth of options available: more annual leave, a flexible working arrangement, costs for continuing education or professional training, relocation expenses. Evaluate what it is you value as much as the financial salary and work toward finding a balanced compensation package that provides you with a reasonable salary and great perks.
Take Time to Consider
Don’t feel pressured to decide on the spot. You can ask for 24 to 48 hours to consider the revised offer and make a decision. Taking time to think through the offer rationally and without pressure can lead to a better decision than to make a snap decision which you may ultimately regret.
Aim for Compromise
Offer negotiation is a collaborative process that works towards creating a win-win situation. Identify what’s most important to you and what you’re willing to trade, take time to think about the offer and never be afraid to counter the offer. Don’t bully your way into a higher pay bracket or more vacation days. Consider the package as a whole rather than focusing on a specific number or certain benefits. And also, focus on finding a compromise that works for everyone.
By using data, research, and a positive attitude, you can negotiate a compensation package that aligns with your worth and values. Remember, negotiations should be a productive conversation that leads to a mutually beneficial outcome.