Mistakes people make in a job offer negotiation

When it comes to negotiating a job offer, many people make mistakes that can cost them a significant amount of money and opportunities. In this article, we'll discuss common mistakes people make during job offer negotiations, allowing you to recognise them and more importantly learn how to avoid them.

Not doing enough research beforehand

One of the biggest mistakes people make when negotiating a job offer is not doing enough research beforehand. It's essential to understand the industry standard and the company's salary range for the role you're applying for. You can research salary data using websites like Glassdoor or Payscale.

Every industry has a salary range based on experience, education, and location. Failing to understand the industry standard can put you in a weak negotiating position, and you may end up accepting an offer that is below the average for your field.

Moreover, understanding the industry standard can also help you determine your worth as an employee. If you have more experience or education than the average person in your field, you may be able to negotiate for a higher salary.

However, research is not just limited to salary data. It's also important to research the company culture, values, and mission. This information can help you determine if the company is a good fit for you and can also give you leverage during negotiations.

Overlooking the importance of location and cost of living

Cost of living varies from one city to another, and it's essential to consider when negotiating a job offer. A salary that is reasonable in one city may be inadequate in another. Similarly, the cost of living in a large city will always be higher than that in a small town.

Furthermore, location can also affect your job satisfaction. If you're moving to a new city for the job, you may want to research the city's amenities, transportation options, and overall quality of life. This information can help you determine if the job offer is worth relocating for.

Undervaluing your worth

Many people settle for less than they deserve when negotiating a job offer. This can happen for several reasons, such as lack of confidence, fear of rejection, or lack of knowledge about the job market.

Undervaluing yourself can have long-term consequences, such as lower salary and fewer opportunities for advancement.

The research you have conducted along with insights from recruiters and trusted contacts will help you determine your real value and allow you to go into any negotiation with a firmer idea in mind of what you need to see.

Settling for the initial offer

Many people feel pressured to accept the initial offer, but that's not always the best strategy. It's okay to negotiate, and the company may have room to offer you a better package. Negotiating shows that you're confident in your abilities and that you value yourself.

When negotiating, be polite but firm. State your case clearly and provide evidence to support your request. Remember that negotiation is a two-way street, and the goal is to reach a mutually beneficial agreement.

Focusing solely on salary

While salary is an essential factor to consider during a job offer negotiation, it's not the only one. Focusing solely on salary can cause you to overlook other essential benefits like health insurance, pension matching, and flexible working hours.

Consider the entire compensation package when negotiating. Think about what benefits are most important to you and how they'll impact your overall quality of life. For example, if you have a family, health insurance may be a top priority.

Benefits and perks can be easy to overlook when negotiating a job offer, but they can make a significant difference in your overall compensation package. In addition to health insurance and stock options, some companies offer unique perks like free meals, on-site day-care, or even pet-friendly offices. These benefits can make a job offer more attractive, particularly if you have specific needs or interests.

It's also important to consider the company culture and work environment. Will you be happy and fulfilled in this job? Will you have opportunities for growth and development? These are all factors to consider when negotiating a job offer.

Poor communication during negotiations

Negotiating a job offer can be scary, but it is important to remember that it is a two-way conversation. Both parties should have a clear understanding of each other's expectations and goals.

When negotiating, it's important to be clear about your expectations. This includes not only your salary expectations but also other benefits such as flexible working hours, more vacation time, or the option to work remotely. Be upfront about what is important to you so that the employer can consider your requests.

Overlooking the importance of body language and tone

Body language and tone can convey your level of confidence and influence the negotiation process. It's important to be aware of your body language and tone to ensure that you are sending the right message.

Some tips for maintaining good body language during negotiations include:

·         Maintain eye contact.

·         Sit up straight.

·         Use hand gestures to emphasize your points.

·         Avoid crossing your arms or legs.

It's also important to be mindful of your tone. Speaking clearly and confidently can help you convey your message effectively. Avoid using filler words like "um" or "uh" and speak at a pace that is easy to follow.

Negotiating a job offer can be intimidating, but if you do your research, communicate effectively, and consider the entire compensation package, you'll be in an excellent position to receive the best offer possible. Don't undervalue your worth or settle for less than you deserve.

Be clear what you need and want from the outset, this will allow you to cover the full compensation negotiation in one go instead of back and forth over time.

Peritus Partners is a next generation recruitment team that focuses on blending education, business and community together. Interested to see how we can help find the best talent for your team or interested in finding a new job? Reach out today 😎