Truth: Corporate America isn’t going away. You better know how to get the most out of it.
I am going to share some tips and tricks on how to advance your career and get more out of your benefits package as a new employee. Keep in mind that these tips and tricks can be used each time you are given a raise or promotion.
Let me first start by saying that you need to be realistic to ensure you set yourself up for success. Being realistic throughout this entire process will make all the difference in the outcome.
Let’s dig in…
Did you know that when you get an offer from an employer, they typically anticipate that you will come back and negotiate for a slightly higher salary? Yup. They purposefully lowball your first offer. Most employers are honest if they are not willing to negotiate, at least in my experience. If they aren’t willing to negotiate when they give you your offer, they will tell you something along the lines of “this is our very best offer and we won’t go any higher…take it or leave it”.
So, when you can, how do you negotiate? Where do you even start? Is it worth it?
Absolutely worth it and expected.
I want to be very clear - what I am not telling you to do is ask for a salary that is unthinkable for the position you are applying for or demanding benefits that your potential employer just cannot provide. I have heard countless horror stories of friends that have gone back during the negotiation process and asked for way too much and because they were uninformed and honestly a little greedy, their offer was pulled back on the spot. They lost their dream job because they pushed too hard.
What I am telling you is that you need to approach your career negotiation like a conversation to get the maximum benefits possible.
If you do nothing else, my three biggest pieces of advice are:
- Let them talk first (you are not obligated to give them a number when it comes to salary range – let them tell you what you are worth).
- Get it in writing – ask for a contract to review and make sure all changes get updated in the contract.
- Do not verbally accept anything (this gives you some leverage to take your time and focus on where you are going to ask for more and get the most from the benefits that are the most important to you).
When I got my first job, I was thrilled that I was going to have a consistent source of income. I went from freelance writing which paid about $22 per story to $32,000 a year. I went into my salary negotiations like a true novice because no one told me what to do. They called and offered me a number and I excitedly verbally agreed on the spot and let them know that I was “delighted” to start as soon as possible. I didn't even ask about benefits.
I felt like I didn’t have any real experience, or at least I thought I didn’t. I was wrong. While I was young AND a straight-up newbie, I had worked incredibly hard in college and what I thought was invaluable experience was the exact experience I needed to do this specific role. I had waitressed since I was 14, I had been a member of a sorority and held a big leadership position, I had an internship at a radio station doing handling big music names and public relations, and I was the senior editor for our college newspaper. None of that felt like it mattered because I was getting my first “big girl job”…but it did. I just didn’t know it. I found out later those other kids coming into that same role out of college were making up to $10k more than me because they were advised to negotiate.
No one told me that I could ask for a higher salary. To me that felt greedy but it’s normal and expected.
The worst thing that can happen if you ask at the right time and the right way is that you get told no. Then it’s up to you to take the role or leave it.
Most employers anticipate that you will respond and request a higher salary and they make room for that when they provide you with the first number. Don’t leave cash on the table.
Let me make sure I am clear about this – there are right ways and wrong ways to approach salary negotiations. You do not just automatically deserve more money.
Let me break it down for you from the beginning of the interview process.
When asked how much money you want to make you are not required to give an answer. You are not LEGALLY required to provide any context to how much you think you should be making or how much you currently make. My response to this question is always “I am willing to negotiate because I am passionate about the position and would hate for a salary to dictate my career path. I would like to make something comparable to the market value. I’m interested in the role and would like your team to determine what you feel my skillset it worth.” Most employers will push you on this and it is so damn uncomfortable. It makes my skin crawl. What you need to do ahead of time is research…and a lot of it. You need to find out what “market” value is. There are a lot of resources online where you can find this kind of information. What are other men and women in the role you are looking to be placed in making? Know the high-end and low-end of the spectrum. If they continue to force you on this, you can say something like “based on my research a {enter job title here} with {enter number here} years of experience makes {enter low-end salary} to {enter high-end salary}”. Then wait to see what they come back with. Just wait.
If you are happy with the number that they give you and you want to accept that is awesome. On the flip side it is fairly common when an offer is presented for the potential employee (aka you) to say something along the lines of “I appreciate the offer and need some time to think it over. When do you need my final answer?” This gives you some time to sit down with the salary and the benefits and make sure they are truly aligned with your expectations. It gives you time to ask questions and read through the full contract and analyze all the details. Personally, it always makes me nervous when someone accepts an offer on the spot because it worries me that they do not take time to digest the material and might make rash decisions – but then again, it might be their dream job and they do not care what they get paid (even though they should).
When accepting a job, I recommend that you never accept on the spot. Always ask to see the paperwork. This is another big opportunity for negotiation. When reviewing a benefits package, you should look for the following items, if they are not included, I would recommend asking if it is possible for them to get added to your contract. Again, the worst thing that can happen is you get told no.
When I receive the benefits package in my email, I always respond with something positive like “Thanks for sending this over. I am excited about the opportunity and will get back to you with my questions by {enter date here}.” This creates a dialog and turns what could seem like a list of demands into a conversation.
Make sure you understand all of your benefits. Here are a few of the most common that I check every contract for to understand what I am getting and what I might want to ask for or get clarification on.
- Base Salary
- Commission
- 401k/Retirement Plan
- Bonus Packages
- Cell Phone
- Company Car (also investigate parking and travel)
- Dental Insurance
- Existing Bonuses (if you have a bonus payout that you would lose by leaving your current job you can ask them to include it as a starting bonus)
- Flexible Spending Account
- Healthcare Savings Account
- Long Term Insurance
- Maternity / Paternity Leave (check to make sure it’s paid and if it’s not you need to make sure you have short term insurance to cover a portion of your salary)
- Medical Insurance
- Optical (vision) Insurance
- Paid Time Off
- Parental Benefits – meaning childcare or flexible hours (if that’s important to you – some places have negotiated rates or have company daycares these days)
- Signing Bonus
- Short Term Insurance
- Stock Options
- Tech Reimbursement (internet, cell phone, computer supplies if working from home)
- Travel
- Tuition Reimbursement (or opportunities for personal development from seminars to courses to mentorship)
- Work from Home Opportunities
When I go back to the company with my questions, I always try to get to them a day or two before their deadline and I avoid sending my email on a Friday. I had a previous employer tell me once that HR was closed for the weekend, and it was the last day for me to accept and that there was no time for HR to make a counteroffer. They had to fill the position by a certain date to keep work moving and I waited until the last second. I’m pretty sure they just used the weekend to their advantage but none the less I learned my lesson.
I like to list out all my questions in a very friendly email. I make sure it looks like I am just inquisitive about the policies. Then I approach the salary. I let them know that it would be great if they could do a little better (again, I never give a number and I am very polite about it). I then list out a few of my biggest accomplishments that I did not share in my interview that help to make me the perfect candidate and strengthen the reason why I feel like I am the exact person that they need in this role (always hold a few things back for leverage).
Then, you wait. Waiting is the hardest part. You never know if they will email or call you back and its pure torture. PURE TORTURE.
You need to be prepared for them to reach out via phone or email.
If they email you that is the easiest. It gives you time to review and think through everything. Before you send off your final email, decide if you are willing to accept the compensation and benefits that they provided so that if they do call to discuss your questions you are prepared to accept, decline or let them know that you need to process the updates they provide and will get back to them.
The hard one is when they call. If they call you then you should be prepared to discuss all of this over the phone. Practice your speech for why you think they can pay you a little more out loud a few times and have someone ask you why after every reason. Be prepared to defend your reasoning. You need to sound so sure of yourself that they believe you. Sometimes you must convince yourself first that you deserve more money so that you can convince them. Provide them with reasons that you didn’t mention in your interview that showcase you are truly qualified and the right person for the position.
Never accept a job because they push you for an answer. It’s your career and your life. If you need time to think after you talk to them it’s always okay to ask for time to think it through. Just remember you have a deadline and so do they.
The next advice I’m going to give you is so important. Before you accept, be sure you have all revisions in writing. Your final contract should always reflect all updates. If they are not willing to update it then print it out, write in the updates you discussed and sign that copy. I had a friend that accepted a position without getting the updated bonus structure included in his contract. After a few short months at the company, they revamped the program, and he lost all the bonuses that previously had doubled his salary. A simple mistake that could have easily been avoided.
Once you have secured your position in the company, the next piece of the puzzle is your career growth. I dedicated a whole chapter to this very topic because it’s one of the only levers you have once you are in the company to continue to grow your salary.