Research to Inform Offer Negotiations
Before you start negotiating, it is imperative to be well informed to effectively negotiate the best offer. Researching and recognizing your priorities prepares you for the process of negotiation.
What to Research
Before you receive an offer from an employer, prepare yourself for success. Through researching the financial norms within your field, you can set realistic expectations and priorities within the negotiation process.
- Typical Salary Range: Researching the typical salary range for the role you are applying for will allow you to negotiate in an informed manner, which will help you set realistic expectations, avoid underpayment, and assess your current market value according to your experience skills and expectations. Researching the typical salary range also allows you to effectively budget, ensuring that your position meets your financial needs within the location you are set to live in.
- Cost of Living: Cost of living is the amount of money required to cover expenses such as housing, healthcare, taxes, food and other necessities in different locations. Knowing the cost of living is useful information when considering an offer or even when comparing multiple offers in different cities or states.
- Value of Other Benefits: When you are assessing an offer, make sure to evaluate the entire compensation package in addition to the dollar figure. Benefits can offset medical costs, parking costs, and other fees which can help you save a lot of money.
When your research is complete, you should have identified both a minimum salary that you could accept and still meet all your expenses/live comfortably and a target or ideal salary you would like to be making. These two numbers will help you set your negotiation goals moving forward and ultimately accept or decline any offers you receive.
Salary Resources
With salary assessment resources, you will be able to search for salaries with similar titles across numerous geographic areas to further support your assessment of offers.
Cost of Living Resources
Depending on your location, the cost of living can vary widely. And if you are living in an area with a high cost of living, consider whether your salary covers all necessary costs. These resources will help you assess the cost of living in different locations.
Personal Budgeting Resources
In addition to the cost of living in an area, it is helpful to consider your ideal lifestyle and budget for it. To further prepare for the cost of living, it is beneficial to use resources to further inform your decision-making.
The only person who will ultimately be able to determine your negotiation priorities is you, but if you would like to assistance navigating the research phase of the negotiating process, consider scheduling an appointment with a career coach.
