Evaluating & Negotiating a Job Offer

Presented by: Kim Arrindell

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1. The Research

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2. Before You Get an Offer

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3.

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TODAY’S AGENDA

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3. Evaluating Your Offer

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4. The Negotiation

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5. Q & A

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The Research

Negotiating could help you earn a lot more over time

These are just some of the reasons negotiations are so important

$634K

Expected additional earnings, over your working years if you negotiate early

(Harvard, Program on Negotiation)

The Research

5-10%

The amount most hiring managers have to adjust their offer -- in many cases it’s more (Nerd Wallet)

$7,500

The amount the avg. American is underpaid

(Glassdoor)

Quick Poll

“Thinking of your last job offer, how many of you tried to negotiate for higher pay?”

Not negotiating is hurting you now, and in the future

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Not asking for what you’re worth has big implications

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60%

Of women say they’ve never negotiated their salary (Randstad US)

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The Research

The ask gap

measures the extent to which women/minorities ask for lower salaries than men. This has compounding impact to your earning potential.

$1M

The amount you could be leaving on the table by not negotiating your salary over your career (Glassdoor)

The ask gap is real and could have major financial impacts

Final Offer

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Original Offer

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$87,000

This was my base pay

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$95,700

Annual bonus was 10%, but could go higher based on performance.

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$91,350

New Base Salary after 1 year (5% merit increase)

$113,300

Annual bonus was 10%, but could go higher based on performance.

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$108,150

New Base Salary after 1 year (5% merit increase)

$103,000

This was my base pay

This is what the “ask gap” looks like in just 1 year of earnings $17,600

Asking for raises is critical as well

You need to take any opportunity you can to ask for what you’re worth

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The Research

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Sample Client Scenario

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Client making $16K in 30 minutes

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First offer came in $87K

-- Client excited, asked to check in the next day

Spoke with 2-3 people at the company, and did some research -- found some interesting info!

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Finished pre-negotiation call w/HR -- “I doubt we have wiggle room, but I’ll check.”

Revised offer comes in

$95K -- I was very appreciative, but asked to get closer to my ask of 105K

Sent HR rep my personal factbase -- included my research on market rate, impact statements, etc.

Final offer in -- 103K, with a $10K sign on bonus, and additional $$ for trainings.

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So why don’t more people just negotiate their first offer?

Don’t let these reasons stand in your way

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Most Common Reasons Why People Don’t Negotiate

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• Never negotiated before
• Don’t want to offend
• Afraid they will take away the offer
• I don’t think I deserve it
• Inconsistent with my cultural background
• What about other people?
• I can’t live up to these standards

• In 40 minutes you can cross this off!
• You won’t. They expect this.
• Nearly impossible.
• You 100% deserve this.
• Maybe so, but this can help push you!
• Okay to think about yourself
• Yes, yes, you can.

Before you get an offer

“Things will shift quickly. You need to know yourself.”

Power dynamics will shift

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During the recruitment process

• The company decides who they want to hire
• They have all of the leverage
• You have very little

When you’re made an offer

• YOU decide if you WANT to take this job
• The company wants YOU, and they don’t want their second or third choice
• The thing they don’t want most is to start this whole process over again
• You have all the leverage

You have three primary items to complete before the offer

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The three Rs before you get your offer are critical to complete so you’re prepared to get what you’re worth!

Research

• Don’t save this until you have an offer.
• Don’t rely exclusively on Glassdoor -- these numbers can skew all over the place.
• You need to determine a range for the role you’re applying for, and your market value.

Reflection

• What are your top 1-2 must haves for the role (e.g. earning, mentorship, etc.)
• What are your walk away conditions? (e.g. lots of travel, etc.)
• Get clear on your singles, doubles, tripples, home runs!

Reach Out

• As you begin to interview, you need to start connecting w/folks
• Your network is your best source of info/validate your research
• Stress test your range/numbers with at least 2-3 people

Before the offer

Before the Offer

You have several options to complete your research

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Most common places - most variable

Glassdoor

Payscale

Comparably

Quora

These can be okay places to start, but take with a grain of salt.

Least common places - more/most accurate

• Mentors/people you know -- these people will know well what the market rate is, how much they are paid, etc.
• Levels.fyi -- okay for tech, and big companies
• Blind -- okay, again skews tech
• Angel List -- provides data on start ups
• H-1B Visa Filings -- only have base, but are excellent starting points
• Triplebyte -- good for technical roles
• HR professionals -- BEST source of info

Before you get an offer playbook

Before you even get an offer, make sure you review the below checklist:

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Remember, you don’t need to tell them a figure early on. DON’T just think about the $$$, think about the job itself

Have you connected w/at least 1 other person in the org? Have you stress tested your research numbers, etc.?

Have you connected w/mentors/guides on your information?

What are your walk away conditions? Clear, Single, Doubles, Triples

What are your MUST haves for this next role?

What is the market rate for your role in this industry? Learn more about the job specifics (e.g. team, management) What is the range for the role/title/location?

Bonus

Reach Out

Reflection

Research

Receiving and Evaluating Your Offer

“Now is the time to do some introspection”

Congratulations on your job offer!

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How it happens

• 9/10 times they will call you on the phone
• Typically they will share high level numbers over the phone
• You may not get a written offer, UNTIL you verbally commit

Do

• Be appreciative and excited
• See the recruiter/HM as a partner
• Ask for time to digest the offer & benefit details
• Ask for bullet points of the offer details over email

Don’t

• Say YES, immediately
• Be overly excited/commit w/o knowing you have
• React to the numbers shared -- even if they are low/high

Offer extended phone call

A typical offer call dialogue

We are so thrilled you’re excited. So what do you think of our offer?

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OFFER

CALL

YOU

Wow, thank you so much. This is very exciting news!

Please share my excitement back to the team.

YOU

Not a problem, let’s plan on connecting on X date

THEM

THEM

We are so thrilled you’re excited. So what do you think of our offer?

Your answer will depend -- if you have other offers, OR if you need more time

Your answer will depend -- if you have other offers, OR if you need more time

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You only have one goal at this stage

Additional guidance for this stage:

• Don’t be afraid to ask for more time
• If you have an additional offer, or likely will get one, say so
• Don’t be afraid to accelerate your timelines
• Remember your goal for the offer call: Collect some info, and retreat to a place where you can analyze the details of the offer.

Let’s breakdown the different levers of compensation*

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• Base salary — the money you’re paid every pay period.
• Equity — ownership stake in the company. These are usually set to bands as well.
• Benefits — in the US, health insurance alone is very costly. Benefit packages also includes things like wellness days.
• Annual bonus — percentage bonus on top of your salary based on performance, common only with public companies.
• Signing bonus — one-time bonus paid out either when you sign or the day you start. Might come with a clause that you must pay it back if you leave after X months. Highly negotiable.
• Other perks — a whole suite of one-time or ongoing cash perks, like relocation package, phone stipend, commuter benefits, car allowance, etc.

*Not all of these categories will be applicable to every role

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Offers are often complex, and multi-dimensional

The base salary is just the tip of the iceberg

Things to consider beyond a single number

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• Value alignment w/company
• Who your manager is
• Growth potential
• Insurance
• Learning allowances
• Time off
• Location
• Travel expectations
• Perks

Evaluating your offer

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Evaluating your offer

Questions to ask yourself

• How many of my must haves does this check off?
• Are there any walk aways here?
• Is this offer a single, double, triple, or home-run?
• Is the current offer within range for what I researched?
• How aligned is this offer with my earlier reflections?

• Review your goals/objectives for this stage of your life
• Check in with your family/advisors
• Stack rank your priorities, and use this as your north star.

• Focus on JUST the $$$
• Ignore your values, the

$$ can be exciting

• Let other people decide for you
• Neglect your walkaways!
• Ignore red flags

Do

Don’t

Evaluating your offer playbook

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Before you schedule your pre-negotiation call, make sure you’ve considered the following:

Reflection

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Do you have all of the offer details?

Do you understand the offer terms?

(e.g. base salary, etc)

What are the two things that matter most to you? ‘’

Does this offer get me closer to these items?

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Go back to your reflection exercise -- how close is this?

Remind yourself of your non-negotiables

Break It Down

Reflection

Prioritize

Getting Ready to Negotiate

“It’s time to gather more data, and plan your approach”

You have three primary items to complete before the negotiation

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By completing each of these steps, you’ll be prepared, confident, and convincing

• You will use this as an opportunity to gather more intel
• This is NOT the actual negotiation
• Should be scheduled within 48 hours of offer extended

Pre-Negotiation Call

Complete your 1-pager

Plan your approach

• You’ll want to practice your call with a friend or in the mirror
• Spend time thinking through the tough questions that might be thrown at you
• From your Pre-negotiation, and your research, where will you push?

• This is essentially your cheat sheet

• You’ll draft all of your because statements in this central place

• This has all of your key info in one place so you stay organized, and remain confident

Before the negotiation

Before the Negotiation

Determining what to push on in your negotiation

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What is a pre-negotiation call*?

• This is a discovery meeting where you are trying to determine what IS, and what IS NOT negotiable.
• You are NOT actually negotiating here, but getting intel for what IS on the table.

How do I conduct a PNC?

1. Email your contact -- “I have some questions about the offer”
2. Ask to go through the offer, line by line + your misc questions
3. For each section, ask, “Do you have any flexibility around [insert offer component, e.g. Base]”
4. Note their responses
5. DO NOT BEGIN YOUR NEGOTIATION HERE

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Flat, “No” = No, and move on.

Qualifiers, such as, “Well we likely don’t have flexibility there” =

YES

Any, “Yes” = Probably the most flexibility here.

*Adapted from Steve Dalton’s (2 hour job search)

Your one pager keeps you focused & organized

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What is your one pager?

It’s a central place to keep all of your research, your guiding priorities, and your areas to push, in one place so you can feel as prepared as possible to negotiate

What are the components of a 1-pager?

1. Your top 3 must haves (could include comp)
2. Your top 3 walk aways (e.g. travel, etc.)
3. Your target comp range, and specific comp elements
4. Areas of your offer that have the most movement vs. flat no
5. Your [because] for each salary element you want to negotiate
6. Your responses to the tough questions (e.g. if we can get you X$, will you immediately sign?)

Essentially, you need to answer WHY

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Building your [Because]

• For every offer element that you want to negotiate (e.g. base), you need your because [x], and that needs to be tied to merit, metrics, markets, or meaning.
• For example, “For base salary, the offer was $90K, but I’m really looking to be closer to the range of

$105-110k, because [based on my research, a

Marketing Manager, with my years of experience is closer to the 105-107 range]

• For example, “For equity, the offer was $50K, but I’m really looking to be closer to $75k, because [I want to join a company that is looking to invest in their talent over time. I want to be an owner.]

Planning your approach & general guidance

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Remember, you are partners, not opponents

1. Practice your 1 pager responses with a friend, or practice in the mirror.
2. From your pre-negotiation call, which areas will you push on most vs. stay away from?
3. Remember, you are speaking with someone who more often than not is genuinely interested in having you join the company
4. Remember to not underestimate the importance of likeability here -- people will fight for you if they A.) Like you, and B.) think you will actually join.
5. Open the conversation with enthusiasm
6. Arrogance, “playing hardball” will not serve you here

The Negotiation

“Everyone wants this deal to happen”

Conducting your negotiation call

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General guidance for your call

1. Make sure you convey appreciation -- open with enthusiasm
2. DO NOT negotiate over email -- over the phone or video is best
3. Make sure they know they could actually land you
4. Negotiate for everything you want, all at once -- not one thing, wait, and then the next thing. However, start with your priorities.
5. Remember you’re speaking to a HUMAN, who cares about the outcome of the negotiation
6. Arrogance/Ultimatums will not serve you here

Best words & phrases to use during your call

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• "I am excited by the opportunity to work together."
• "Based on my research..."
• "Market"
• "Value"
• "Similarly situated employees"
• "Is that number flexible at all?"
• "I would be more comfortable if..."
• "If you can do that, I'm on board."

Having the actual conversation

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Opening the conversation:

• Show that you’re excited, and thankful for the work they have put into the offer.
• If you actually have questions other than salary, you can start there as a softball to warm you up
• “I’d love to spend a little more time with the people on the team I’d be working most closely with, so could we set up a 30 min coffee chat with them?”

General Guidance:

• If they start with small talk, GREAT, meet them there, that will make everyone feel a bit more comfortable.
• They are NOT your personal assistant
• Don’t be thrown off, if they push on you, and get right down to business
• “Okay, so what do we need to do to have you join us?”

Having the actual conversation

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Asking for more salary

• Could we talk about the salary being offered? Again, I’m so grateful to receive the offer, but wanted to discuss this because:
• I have another offer / I am interviewing for a role that is $XX more
• The offer is actually lower than what I’m currently making when you take into account the 401K matching, vacation days, etc.
• It’s a little lower than I was hoping for given my experience

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General Guidance:

• Remember this is a conversation -- know you’re main points, but don’t read a script!
• This is someone who MAY become your co-worker, be a velvet hammer.
• You want to “stay at the table” for as long as possible
• Don’t lie. This is obvious, but worth stating.
• Don’t say you’re less interested in the role, and that’s why you want more $$$

Having the actual conversation

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How they will likely respond

• More often than not, they will listen, and take notes, and say, “great, give me until X to get back to you.”
• It’s unlikely, but they could counter in the conversation -- be prepared for this.
• They mask ask some clarifying questions -- which you’ll be prepared for!
• They may ask you what you need to sign -- again, you’ll know!
• They could ask you have any sensitive timelines

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General Guidance:

• Don’t reject an offer until you’ve actually signed another one
• Don’t be thrown off if they have questions, or seem disappointed
• Be kind and respectful during the back and forth -- especially if they push on you for more reasoning, or have a difference of opinion

The negotiation call

Negotiation Call Debrief

What went well? What didn’t?

The response to your initial counter

Counter Call Debrief

What went well? Thoughts?

Bringing it all together

“The most important thing is to keep things in perspective”

• Keep it all in perspective -- you can do this!
• The right job > the right offer package
• Know what you want, and ASK
• Be kind & respectful
• Be (selectively) communicative
• Shoot for the moon. Your final number should make you nervous.
• Things will move fast -- return to your three Rs-- Research, Reflection, Reach Out
• Take about money more!

Wrap Up & Takeaways

Thank you!

LinkedIn Kimberly (Geddings) Arrindell

kim.arrindell@gmail.com