When you’re trying to negotiate a salary with multiple offers, the first thing you need to do is be realistic about what you’re worth.
If you have a college degree, make sure that you’ve looked at the data on salaries for people in your field of study, and then make sure that you know what the market rate is for your experience level.
You should also consider whether or not the company itself is paying above-average salaries in your area, or if they’re just matching what other companies are offering.
Once you’ve done that research, it’s time to get down to business! Here are some tips for negotiating salary when you have multiple offers:
1) Be prepared before you talk about money. Know exactly how much each offer is worth (including benefits). Find out what the range of salaries is for people in your position and experience level so that when someone asks how much money would make it worth it for you to switch jobs, you’ll be ready with an answer. And don’t forget to include overtime pay and bonuses if applicable!
2) Keep calm when talking about compensation packages; this is one of those times when it’s okay to get emotional! As long as it doesn’t come across as
How To Negotiate Salary With Multiple Offers
While it’s exciting to receive multiple job offers, it can feel overwhelming and stressful when you have to make a decision. Knowing how to negotiate your salary when dealing with multiple job offers can help you reach your financial goals and make the right employment decision.
In this article, we explain what to consider before accepting a job offer and list the steps for negotiating a salary when you have multiple job offers.
Related: 10 Tips To Negotiate Your Salary (With Examples)
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What you should consider before accepting a job offer
Before you accept a job offer, consider what’s most important to you and your future career goals. Apart from salary, think of other factors that may sway your decision regarding your impending employment. Consider the following factors before accepting a job offer:
Salary
Consider whether you’re OK with the salary a prospective employer offers you. Make sure it’s enough to afford your daily living expenses and your family’s needs. While you can always negotiate your salary, make sure they offer you an amount that’s commensurate with your experience, skills and the position itself.
Benefits and perks
Not only does a compensation plan include your salary, but it also includes employee benefits such as health insurance and sick leave. Take time to consider the benefits and perks a prospective employer offers you and what you and your family needs. If the compensation plan as a whole and these particular benefits exceed your expectations, it may be worthwhile to accept the offer.
Retirement plan
While it’s nice to have a retirement plan, some are better than others. Consider employer match and your various investment options before accepting a job offer.
Stock options
When a prospective employer includes stock options in your compensation package, it gives you the ability to buy shares of the company stock at a set price and within a certain timeframe. Make sure you know how stock options work and their future worth.
Company culture
When you start a job, it’s important to feel comfortable in your new work environment. While some people may enjoy an open layout, others may prefer a cubicle with greater isolation. If you haven’t already, consider asking for a tour of the workplace during the interview process.
When you get a job offer, consider the physical space, the noise level and the behavior of your prospective coworkers. Determine whether you’d blend in and if you can ultimately see yourself working in that environment.
Opportunities for advancement
Before you accept a new job, make sure the position helps you meet your future career goals. In other words, consider whether this new opportunity allows you to gain extra experience, knowledge and skills that can help you advance in your career. In addition, it helps to know if your prospective employer offers opportunities for advancement or training opportunities where you can improve your skills in the workforce.
Consider the company’s financial stability
Do your research on every company you receive a job offer from. If the company is public, you can refer to public filings and reports to determine its financial standing and overall stability. You can also look up the company online and via social media. Make sure to consider only objective sources as you gather your research. Knowing whether a company is financially sound can help you feel more confident about its future and your future employment.
Related: 6 Tips For Your Next Salary Negotiation
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How to negotiate salary for multiple job offers
When considering multiple job offers, it’s important to consider what they’re offering you in terms of salary. If they don’t offer a figure you’re hoping for or if one job offer offers you a significantly higher salary, you can use that as leverage to get an offer that’s more to your liking. Use these steps to negotiate salary for multiple job offers at the same time:
1. Know the salary range you’re looking for
Prior to negotiating a salary when you have multiple job offers, make sure you know what salary range you’re looking for. While you may feel OK accepting an offer with salary out of this range, having an estimate of what you’re looking for can help you determine whether you want to negotiate your salary.
2. Make sure you have a written job offer
Before you start to compare your job offers, make sure you have a written offer from each prospective employer instead of a verbal one. Not only does having a written offer often give you more time to make a decision, it ensures you have a valid offer to go off of. You can tell the interviewer something like, “This sounds great. I look forward to reviewing all of the job details. When can I expect a written offer?”
3. Know the facts about each job offer
Before you start the negotiation process, consider the facts about each job. Moreover, know exactly what they’re offering you in terms of salary. Knowing their initial offer helps you determine whether it’s worth negotiating a higher salary and can also help you compare their offer to other job offers you’ve received. If you need more clarification about any of the offers, speak with your interviewer or the hiring manager.
4. Express your enthusiasm
Once you receive various job offers, make sure to express your enthusiasm without accepting any of them. It’s important for your prospective employers to know that even though you’re not accepting their offer right away, you’re still interested in their company and the position in particular.
5. Know how much time you have
Determine when each employer needs to know your decision by. Since you have other options to consider, it’s important to avoid accepting any offers until you’ve had time to look over the details of each.
6. Be honest and line up your timeframes
When you have multiple job offers, it helps to bring all of the decision-making time windows together. Ask for more time to better line up the decision-making timeframes for all of your job offers. Make sure that when you ask for more time that you’re not creating any doubt regarding your interest in working for any of the companies.
Make them aware that you have other offers, but continue to express your interest in working for them. Consider telling them something like, “I’m so grateful and excited about the opportunity to work at your company. I know you want my response by Friday. I have one other company that’s interested in me and I believe they may make an offer soon. Though I’m more inclined to accept the offer you’ve given me, I’d feel more comfortable if I could have more time to review both job offers. Would it be possible to have one to three extra days to give you my final decision?”
7. Compare the job offers
Now that you have about the same amount of time to evaluate your multiple job offers, consider the salaries and benefits that each provides. Determine what’s more important to you when it comes to employment. Based on your findings and job offer evaluation, consider whether it’s worth it to ask for a second offer.
8. Try to get a second offer
If one job offer has a higher salary and better benefits, you can ask the other to increase the salary or provide you with better benefits. Instead of demanding this, start it as a conversation with the recruiter or hiring manager. Make sure you don’t start a bidding war between your various job suitors.
You can say something like, “Thank you so much for the generous offer. I’m excited about this employment opportunity and especially the chance to work with the team we previously discussed. I was wondering if there was any flexibility with the compensation package? I received another offer with a $50,000 salary, health insurance and the option of a retirement savings account. I’m excited to joining your company and I truly believe I’d be a great fit. I’m hopeful we can find a way to close this gap.”
Even if they don’t want to negotiate, you don’t know this until you ask. If you receive any changes in your job offer, make sure to get another written offer. Getting a higher salary or improved benefits can help you make a more confident decision regarding the job offer you want to accept.
Related: How To Negotiate Your Starting Salary (With Tips and Examples)
9. Consider their new offers
Now that you know each company’s final offers, take the time to review each of them. Consider factors beyond salary such as the company, your daily duties and the various benefits offered to you. Determine what’s most important to you when it comes to a job offer and what best aligns with your interests and future career goals.
10. Accept an offer
Once you’ve made your final decision, reach out to the company whose offer you want to accept. In addition, reach out to the other companies that made you a job offer and thank them for their time and their interest in hiring you.
