What is a counteroffer?
Congrats, you did it. You landed the job you’ve been interviewing for! You open up your email and see the company’s offer letter…only to find that you’ve been presented with a stunted number.
In this scenario, you have the option to send an email discussing the reconsideration of a counteroffer or a negotiation to your previous offer. Here are a few tips to consider before making a counteroffer to your future employer.
Know Your Value
Be honest with yourself, what type of skills do you bring to the table? How many years of experience do you have in your field? Like many companies, major corporations will generate offers based off of a candidate’s worth on paper. It is up to you to know your worth and to share with the company all that you have to offer.
Look into the Perks Outside of a Salary
Consider both sides. What kinds of benefits does the company offer outside of the set salary? Are there opportunities to gain a bonus? Extra holiday hours or vacation/sick days? Do you have the option to gain stocks with the company? Does the company pay for healthcare, a 401(k), or savings plan? Take note of the full spectrum of advantages you could have by accepting the position. Ask yourself if the benefits the company offers justify a slight pay cut.
Set Your Target
Take a look at similar positions in your field and at the company you’ve applied at. Set a reasonable targeted range for what you’re looking to receive. If there hasn’t been prior mention of a negotiation, begin by asking if there is any flexibility in the proposed compensation package. Continue by illustrating your strengths and how they will come to benefit the company. Use personal examples from the past, providing a high level of detail into the ways in which your skills could be used to advance the company.
Don’t Rush and Don’t Push
Take the time to collect your thoughts, resist the urge to prove that you’re a great negotiator, and DO NOT throw around ultimatums. Counteroffers take time and careful planning. When negotiating, bear in mind that the best practice is to state your previous experiences, describe how they will work in the company’s interest, and communicate what you are looking for in regard to compensation.