You strategically prepare for your job interviews by researching companies, updating your resume, and reaching out to your network. Have you also prepared your compensation strategy?
Define what you need: What do I need to leave my current job?
Analyze your current base salary, bonus, review process, retirement plans, equity package, commission, benefits, commute time and perks against any offer you’ve received. What are you looking to improve upon? What are you willing to give up?
Research the market: What do I think I should be paid?
It is very easy to under or overvalue your skills in today’s market. Do your research so you know who can afford to pay you what you need. If you are working with a reputable recruiting firm, they can guide you through this market data to find your sweet spot.
Make a plan
If a company has made you an offer, the have confirmed that they want you to join their team. You are asking a company to bend to your counteroffer, not break. Failing to plan a serious counteroffer could lead the company to rescind their offer and move on to the next qualified candidate.
Be prepared to spell out your counteroffer
Be honest and be clear. Understand that unless you are negotiating directly with the CEO or owner of the business, the person you are talking to will likely have to take your counteroffer to someone else for approval. Make their job easier by clearly expressing your specific requests in writing.
Prepare to Commit
If the company accepts your counteroffer, you should also be prepared to commit and start within a reasonable time. Turning down the counteroffer (that you proposed) can be detrimental to any future work with that organization or even possibly within the industry. And of course, never accept a counteroffer from your current company. You’re on the market for a reason!