Received an offer and think you can do better? Here are some tips for you to negotiate for a more ideal outcome.
1. Use Your Existing Pay Slip at the Right Time
If their offer amount is below your expectation and if you have not revealed your existing pay slip, you may wish to use your existing pay slip as a bargaining tool to convince them of a salary boost.
Tip: The rate of success for salary negotiation increases with experience. If you are a fresh graduate, you are recommended to gain more exposure before popping the question.
2. Highlight Relevant Experience within the Industry and Function
This will command a higher value than people with no relevant experience. Display your wealth of knowledge with a few successful projects and key results prepared, using the STAR framework.
3. Leverage Another Offer
If you have another existing offer, you can mention that you are keen on the company and culture but have been presented with a more competitive offer. Express interest upfront in joining the company and this will maximize the possibility of them offering you a better package.
Tip: If a salary increase is not in the picture, ask about promotional opportunities and if there is the opportunity to renegotiate during an informal promotion cycle.
Underlying Rule: Manage Your Recruiters Well
Recruiters are eager to close recruitment cycles and hire you on board as soon as the offer is extended. If you require more time, you need to manage them during the offer stage. The key is to keep them invested.
Acknowledge their job offer and extend appreciation, this will buy you some time to evaluate the job offer and wait for alternative offers to come in.
Now, venture out of your comfort zone and don't settle for any less.