How to Negotiate Your Offer
Negotiating your salary could score you an extra million dollars over the span of your career. Don’t know where to start the conversation? We've outlined the do's and don'ts of negotiating your offer.
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Do your research
What’s the average salary for someone in your industry? Know your market value and find out how your offer stacks up against similar roles in your city. Compensation varies based on education, years of experience, and location, so it’s important to dig deep. Check out online resources like Glassdoor and Payscale, or download Vettery’s tech salary report. Have friends in a comparable job? You can also gauge your worth by asking your peers what they make. Remember that it’s 100% legal to discuss pay with your coworkers as well.
If you’re relocating to a new city, consider the moving expenses you will incur and how the cost of living differs in the new location. Find out the average price tag for housing, taxes, education and childcare, food, healthcare, and entertainment. As a starting point, review SmartAsset’s cost of living calculator.
Do pick a strategic starting number
Choose a number on the high end of the range. After all, you’re worth top dollar! You should also leave yourself some wiggle room because your future employer will most likely want to negotiate down. However, this number should still be realistic and grounded in research. If you ask for a number way out of line, you run the risk of having the recruiter lose interest altogether. In order to make it clear that you did your due diligence, studies show that you should pick an exact number initially (think: $183,750 instead of $180,000).
Do decide when you'd walk away
Determine the lowest salary you’d accept and under what circumstances you’d need to decline the offer. You may want to say no to the opportunity if the final offer is less than what you’re currently earning or if you have a competing offer for more. Consider your living expenses, industry standards, and the number you need to feel satisfied with your paycheck.
Read full article on the Vettery blog