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How to Negotiate a Counter Offer
by Emma • Mon, 20 Jun 2022 10:23AM
Does the salary or benefit stated in a job offer feel not enough for you? There is always a room for you to negotiate a counter offer! A counter offer, as the term suggests, is a type of request made by candidates in response to an unsatisfactory job offer. When candidates think the given salary does not match their needs, level of skill, or industry average, they often request an adjustment during the offering phase. Clueless on where to start? Here is how to negotiate a counter offer.
Acknowledge Your Worth
Prior to actually making a counteroffer, do a self-evaluation of your skills and qualifications. If you are a recent graduate with little experience, you should not expect to get paid in the range of an experienced professional. If you are an expert with the appropriate skills for the job, be aware of the bare minimum offer. Skills and experience, as well as professional qualifications when needed, will have a long-term impact on your overall performance. When determining a candidate's compensation, HR managers will take these factors into account. If you believe your prospective employer does not appropriately handle this issue and makes you an unfair offer, you may have to write a counteroffer.
Research Your Industry
To make sure you are not underpaid for the job you are about to take, it is important to research your industry and job position standard salary. You must give reasons for your plan and explain why it is suitable. Avoid making a request without additional evidence since it will be unclear and confusing. You might ask relatives or friends who work in the same sector about the average compensation for that job. The internet is also a good place to start researching this.
If you believe the HR manager will not renegotiate your pay, ask about the potential of receiving a rise after a set period of employment. Different regions usually have different minimum wage standards, take into account the regional wage standard, as employers may use that as a benchmark. When remote working is not a possibility, conduct research on the cost of living to ensure that your salary meets your living costs. These pieces of information can help you decide what kind of compensation is best for you.
Read Also: Guide to Temporary Staffing for Job Seekers
Check Other Benefits
Aside from the salary, you should carefully consider the benefit package. These benefits may include insurance coverage, paid time off, a lunch allowance, and the ability to work remotely if necessary. You can also consider the leave policy and take it into consideration as benefits. There are cases where an offer meets one's qualifications and the average wage, but the benefits are inadequate or the working hours are excessive. You must plan ahead of time since burnout is not something you want to suffer for the sake of earning a paycheck. Explain this in your counteroffer if you believe the advantages are inadequate. While there is no guarantee that the HR manager will accept your demand outright, these considerations are worth considering for your counter offer.
Prepare Back-up Plans
Prepare alternative counter-offers as a backup plan. You can, for example, create counter offers in which each tries to negotiate income, benefits, and leave policy. This will be useful if the company rejects your initial offer while waiting for another counter offer in order to hire you. When you do this, it shows flexibility while you also learn about the company's interests. Remember that a negotiation should be fair for both parties, so you need to provide flexibility rather than sticking with one fixated counter offer.
Anticipate Employer’s Response
After you have completed the counteroffer and the employer has answered, you must decide whether to accept or reject their choice. It will be easier to make a decision if you can agree on conditions that meet everyone's demands. Nonetheless, despite your best efforts, you may find the offer still not enough. Your response may differ depending on your circumstance, such as whether or not you are currently employed. If you are unemployed, you may still consider taking the job despite the lack of an offer. If you refuse to take the job, you want to make a good impression in case other better chances emerge in the future. Whatever option you choose, show your appreciation to the employer by thanking them for their time and thoughtfulness.
A well-planned counter offer strategy might avoid you from making an unprepared and impulsive decision. Although there is no guarantee that the employer will accept your counteroffer, it is still worth trying. follow your intuition, know what you deserve and be considerate towards any negotiation attempt from your employer. Good luck!
Read Also: How to Prepare for a Mock Interview
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