1.) Know your number – We all have bills to pay and financial goals, and an offer needs to support those real-world considerations.
2.) Know your flex points – Is a shorter commute or greater work-flex opportunity worth a little less on the base?  Go in with clarity on where you are willing to make trade-offs that will work for you.
3.) Understand the total compensation package – Salary is one piece, but benefits play a huge role.  Go in knowing where your priorities are (medical coverage, time off, education / development support, retirement support, stock ownership etc.) and look holistically at the offer on the table.  And don’t get sold on bonus – a 20% annual bonus might look good on an offer letter, but what if average payout is 50% of target?
4.) Be respectful of the company’s position – Budget / internal equity considerations may not allow for base salary flexibility up front, and some policies may not allow for negotiation (e.g. – PTO).  A sign-on bonus can be a good option to bridge the gap.

Daniel Hildebrandt

“Know your worth and the value of that position in your specific location & job sector. Just because the average salary in a given metro is XXXX, the industry hiring for it can significantly be impacted. Be prepared to negotiate on everything: salary, PTO, severance, wellness benefits, continued education, a one-time or annual bonus, relocation allotment, travel expenses, etc. You are in your most powerful position in your first position at the company. Make sure that you wholly lean into it.”

Sarah Halby

“Do your homework ahead of time. Look to BLS.gov and various job boards to understand what you should expect for salary ranges. Most firms slot people into salary scale that provides consistency and fairness across the company. You should be willing to make a counteroffer to see if there is any room for improvement (employers expect this). In your counteroffer, you might also seek additional PTO (days off), as it is sometimes easier for hiring managers to negotiate non-salary items. At the end of the day, if you are not thrilled with the financial package, but you want to work for the firm, request a performance and salary review in six months.

Bottom line: it’s not all about money. Make sure you are being treated fairly, but it is just as important to have a job you enjoy.“

Tom Fischer

“Know what people in your field with similar levels of experience are getting paid. Don’t sell yourself short. You’ve worked hard to get where you are and you deserve to be compensated fairly, even at an entry level position. If they want to start you at salary lower than you’d like (and you’re okay with it), make sure there is a plan, in writing, that outlines a timeline and amount for your next raise. Know your boundaries and what you’re willing to be flexible with (for example, maybe you’re okay with an extra week of PTO vs an extra $1000-$2000 added to your salary). And lastly, don’t be afraid to say no to a position if they’re not being straight with you about what they can provide. There will be more opportunities out there.” 

Anne Michael

“Be aware of what is competitive for your position by doing your pre-game research. If you have an educational or experiential background that plays in your favor, don‘t hesitate to tactfully make this known. Try to have a good awareness of your employer‘s personal disposition. Some are more open to negotiation than others, and in certain instances, attempting to negotiate may play against you. You want to be assertive and confident but express your competency in a prudent way.”

B. Kim Dolan