Page 85 - Carlson School GBCC Career Guide

Offer Evaluation and Negotiation
Before you negotiate, it is important that you prioritize the elements of your offer package. What is most important to you? Consider short and long term career goals, advancement opportunities, location, and company culture in addition to overall compensation. Make sure you have all the information needed to fully evaluate the offer.
OFFER EVALUATION & NEGOTIATION
What May Be Negotiable? Financial
When most people think about the negotiation process, they usually think about monetary compensation first. However, your overall monetary compensation consists of a number of different elements. First, there is your base salary. Many offers will also come with an additional sign-on bonus, which may be negotiable in some cases. In addition to a sign-on bonus, many graduate-level roles are eligible to receive annual performance bonuses, which can add an additional five to ten percent of your salary to your overall compensation. Some companies also offer compensation in the form of stock options, and many companies will help pay for relocation costs. You may even be able to negotiate when your next merit review occurs, so that you are eligible for a merit increase before the annual review process takes place.
Many companies offer their employees the option of participating in 401K and other savings and retirement plans. Be sure to think about the quality and cost of your health benefits, as these can vary greatly from one company to the next. Some companies also offer assistance with tuition and student loans should you decide to pursue further education. Typically these are not negotiable in terms of what the company can offer, but you need to consider the financial impact for your future.
Lifestyle
Another thing to think about when evaluating your offer is your lifestyle. You may be able to negotiate additional vacation time, for example, or a flexible start date. More and more companies are offering their employees greater flexibility in working arrangements. Some companies may even provide assistance for spouses and domestic partners in finding employment in a new city. Finally, don’t forget to think about the importance of the overall working environment. You’ll be spending at least
40 hours per week at your job, so these are all important things to consider.
Career Path and Responsibilities
You also want to think about the offer in terms of the impact that it can have on your career. Be sure that you’re comfortable with the level of responsibility that you’ll be taking on in your new position, as well as the types of projects that you’ll be assigned. You should also think about the different opportunities that will be available for your own training and professional development down the road. Geographic location is also something to consider, as cost of living and career opportunities can vary
by region. Finally, travel requirements should be evaluated. Understand upfront how much travel will be expected in your new role, and carefully consider the impact for your life and career goals.
Other Perks to Consider
Don’t forget to gather information on all of the other perks that go into the final offer. For example, many larger companies have onsite services such as daycare and workout facilities that are designed to help employees achieve greater work-life balance. Some companies have an onsite cafeteria, where team members can take advantage of reduced prices on meals. Finally, many companies may offer employee discounts and other perks that can really add up over the long term.
Guidelines for Negotiating Your Offer Step 1: Receiving the Offer
Whenever an offer is extended, you want to show sincere gratitude for the opportunity and reiterate your interest in
the company and position. Second, request any additional information that may be missing. Did they mention a signing bonus? Who is covering the relocation costs, if that applies to your situation? Finally, make sure you receive the offer in writing. Often, there are additional details regarding the offer included in the formal letter.
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