Getting a new job offer is the best time to negotiate for exactly what you want — for one, companies expect you to negotiate, and two, different aspects of your compensation package, from your base salary to your PTO and beyond, are on the table.
You'll want to prioritize the benefits that mean the most to you and strategize how to get as many of them as possible.
That's when it helps to look to how seasoned executives negotiate, says Tessa White, a career coach with 20 years of HR experience and founder of The Job Doctor.
The key is to come up with multiple configurations of a compensation package that you'd be willing to accept, and then pitch them to the company so they have multiple ways to meet in the middle, White says. "Companies love choices, so when you offer up two separate proposals of what would be acceptable to you, it puts the company between a 'yes' and a 'yes' rather than a 'yes' and a 'no.'"
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Another key strategy is to pitch an "if-then" proposal, White says, which says that if you hit a certain goal or are successful in your performance, then you'll be compensated for it at an agreed-upon time.
DON'T MISS: The ultimate guide to negotiating a higher salary
It's a common sales tactic and lot like how CEOs negotiate their stock-based pay, where their compensation is determined based on the financial performance of the company under their leadership, White says.
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Here's an example of how to work these strategies into your own negotiation, White says.
Say you ultimately want a $60,000 base salary with a 20% annual bonus, but the company makes an offer of $60,000 with a 10% bonus. You could counter with a few options:
- You take the $60,000 base with a 10% bonus but negotiate for a one-time $5,000 sign-on to make up some lost ground
- You take the $60,000 base with a 10% bonus but ask for a review of your performance in six months, and if you hit a pre-determined benchmark, you move up to that 20% bonus range
To set up your own if-then proposal, "ask: What would [it look like to] be knocking it out of the park for you?" White says. "If I did that, could we then give me a second raise six months from now? Or would you be willing to give me a performance-based bonus if I get that done?"
"Companies love to have you perform first [and] pay later," she adds.
Negotiating these proposals can also show your commitment to doing well in the role, she adds.
As a new hire, you "can have the company go dream a little about what would be a huge win, what would be a massive goal," which gives you direction in the first few months on the job and can "build some pay into your future efforts as well."
Remember that "the hardest thing for the company to do is give you money upfront in base pay," White says. But they may be able to negotiate for one-time pay, something that's a delayed cost, or non-salary perks like adjusting your job title or figuring out a flexible-work agreement.
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