Hands holding ice creams of different flavors
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If you’re doing a job search, you may be lucky enough to have a choice of several job offers, assuming you’ve been able to manage the timing of these job offers to arrive within a reasonable period of time (ideally within a period of two weeks). window). If you plan to take advantage of these offers to get the best possible deal for yourself, be sure to employ the following strategies, some of which apply whether you receive one offer or several.
Before receiving any offer
Give a general guide. When the hiring manager or recruiter tells you that they are preparing an offer for you, be sure to provide some general guidance on what is most important to you so that any negotiations get off to a more advanced starting point. You can indicate that you prefer your compensation to have a higher weight in your base salary, rather than bonus or equity, or perhaps vacation time is especially important to you, etc.
Determine your package “Yes”. Know in advance what the package looks like so you’re excited enough to say ‘yes’ on the spot (which you really shouldn’t, always bargain!). This exercise is for benchmarking purposes so that you can evaluate each offer against this internal benchmark and against each other. This ideal package should also include non-financial components that may be important to you. For example, you may value being able to work remotely, career development opportunities, etc. Think holistically about the various components of an opportunity.
When you get each offer
Express emotion but maintain a poker face. When hearing the news of the offer and its various elements, it is good to express appreciation and enthusiasm for having received the offer. After all, it’s good to be loved! However, don’t say anything that indicates your evaluation of how good the offer is or your inclination to accept it. You might say, “Thanks so much for the offer! I am very excited to have this opportunity. Let me take some time to digest this. I’m sure I’ll have some questions and I’ll get back to you so we can set up a time to discuss then.”
Sign that they are not the only ones. Just as you previously competed to receive an offer for the position, once you’ve been made the offer, your potential employer now competes for your acceptance of that offer. The hiring manager or recruiter may pressure you to get your initial impressions of the offer. Without making any evaluative statements, you can say, “Sounds like a credible offer. I really appreciate the time you have put into putting this package together. As you know I’m looking at other opportunities so I’ll see how this compares and get back to you with my questions soon.” This is a gentle reminder to them that they are now competing for you. This is enough of a sign to encourage them to come back and prepare what else they could offer to sweeten the deal.
After receiving offers
Determine your preference. Other things being equal (if the offers were identical), where would you rather work for the next several years? Much of it can come down to your values and company culture. Where will you be happiest in your daily work? Do your best to tune out what other people think you should be doing and identify what is most attractive or interesting to you.
Identify leverage points and prepare open ended questions. Suppose you have received offers at Company A and Company B for comparable positions. Company A’s base salary offer is 10% higher than Company B’s. Other things being equal, assume that you would prefer to work at Company B. Instead of asking Company B, a closed-ended question such as ” Can you match Company A’s offer?”, opt for “What else can you do in terms of salary?” to help make this an easy decision for me?” once you have let them know that another company has offered 10% more. Open-ended questions don’t limit the other person to what you might share or offer in return. They are asked to play one hand. They can outbid the other offer, not just match it. Or, they may provide other sweeteners or perks to the package that you didn’t order to entice you even more.
Note: It doesn’t matter at all if you don’t want to work at Company A, nor are you under any obligation to disclose Company A’s name to your contact at Company B. If pressed, you can say something like: “It’s a company similar size in an adjacent industry” or other similar high-level description.
Practice. There are several effective trading strategies that you can and should employ. Practice with them. Negotiations can be anxiety-provoking, multifaceted, and quite nuanced. Practicing with a coach or friend can help you prepare for various employer responses and different scenarios that may arise. Helpful feedback can help you pick the right tone and word. Take notes of the specific points you want to make and the language you want to use.
In negotiation talks
Don’t waste people’s time.. Don’t negotiate with a potential employer if you’re not interested in the job and have no intention of accepting an offer there, no matter how much they sugarcoat it. It is a waste of everyone’s time and you will create ill will. As mentioned above, this doesn’t mean you can’t use the terms of an offer from a company you’re not interested in as leverage in your negotiation. It is a valid data point of how much another company values your contribution.
Start with your first choice. Negotiating a job offer can take a few rounds of discussions. Start the actual negotiation process with your preferred employer to give you more time to get to the finish line (ideally your “Yes” package or as close as possible) in case you need time to get additional internal approvals to increase items . of the offer
Be patient. Recognize that requests for additional compensation and benefits may require additional approvals. Alright. By saying something like, “I fully understand that you may need to have additional internal conversations to get approved,” you’re indicating that you’re not in a rush (i.e., you’re in a position of power now that you’ve got the offer) and this will also give you something. of time during which you will be able to chat with the other potential employers you are considering.
keep your mood. It’s very possible that one of the parties you’re talking to will be offended, or even take it personally, that you’re talking to more than one company and aren’t responding with an unequivocal “yes” to your offer. Don’t react to his reaction or take it personally. Stay calm and help them see your perspective. Evoke empathy by saying something like, “I’m sure you can appreciate that this is an important choice for me, as it affects my career, my livelihood, and my family. I want to be careful to get this right, and I’m sure you would too if you were in my position.
After you have made a decision
Decline the other offer(s) gracefully. Once you’ve made your decision and have the final offer in writing, it’s better to decline the other live offers than by email or text message, which are passive and impersonal means, given the nature and scope of the discussions. I have had for now. You can share: “It was a difficult decision that I thought about a lot. Ultimately, I felt another opportunity was a better fit for me at this stage in my career. I really appreciate the time you’ve spent with me, and I’m glad I connected with you and others at the company, and I look forward to our paths crossing again in the future.”
While the luxury of competitive job offers can create additional stress, it’s always nice to have options. By following the strategies above, you can make the process more manageable and less anxious, while achieving optimal results.
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