How to Make the Most Money in You
One of the most exciting parts of being a young professional is finding new professional opportunities and getting a job offer. Since salary negotiations usually take place before both sides shake hands, the assumption is that those terms won’t change even though no paperwork has been signed yet. Trying to renegotiate after agreeing to an offer is considered bad taste and could even cost you the job. However, there are certain instances where you could pull it off without any bad feelings.
Acceptable Scenarios: There are really only two acceptable scenarios to renegotiate an offer. The first is if your current boss offers you a raise to keep you with the company. The second is if you accept the offer, and then go back and crunch the numbers to realize that the offer would keep your net income static, or even lower it (in the case where the cost of living and moving to a new city are much higher than you thought).
First Scenario: In the first scenario, politely let your new employer know that your current boss made you a new offer. This is the best place to be because you’re essentially in a bidding war. More likely than not, the new job will match or outbid your boss.
Second Scenario: Tread lightly here. Let your new employer know as politely and frankly as possible that you made a mistake, and ask if there is some wiggle room. List your concerns while still letting them know that you’re very grateful and excited for the new opportunity. They may be reluctant, but don’t back down. Let them know exactly what kind of value and skills you’re bringing, and that you feel your valuation is fair. Hopefully, they’ll come back with an acceptable offer somewhere in the middle.
Final Thoughts: If a company is giving you an offer that is far below what you are looking for and what you know you’re capable of making, it may be a good idea to consider turning down the position. Also, always remember to be polite and honest. Do your homework on standard salaries for your position and industry. Don’t be afraid to take a stand, but realize that it’s a negotiation – so you’ll have to give and take. Most companies are willing to negotiate but most employees never try, so boldly go where few have gone!