The following suggestions and resources can help you negotiate an offer that is fair, realistic and the basis for a good working relationship between you and your employer.
Careers
Negotiating
Preparation is key to a successful negotiation. The tips and questions below are designed to let you know what to expect from the process and to help you plan your approach.
What You Need to Know
While you should be prepared to discuss compensation at any time, your position will improve if you are able to delay the negotiation. If an interviewer brings up compensation early in the process, you might say "I'd like to get a better sense of my fit with the position and company before discussing finances." When it's time to talk, the offer should come from the hiring manager or your HR contact.
Prioritizing & Negotiating
- +–Prioritize
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Remember that the negotiation is about more than money! Evaluate all aspects of an offer and prioritize those that are most important to you. These include:
- Organizational culture and values
- Paid vacation time
- Maternity/paternity leave
- Growth opportunities
- Career progression flexibility
- Frequency of performance reviews, performance standards/goals
- Geographic flexibility
- Office space
- Paid travel
- Ownership options
- Professional training
- +–Negotiate
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The following tactics can help you conduct productive negotiations.
- Speak with the hiring manager, if possible
- Express enthusiasm for job and company
- Don't negotiate at the time the initial job offer is made
- Know your bottom line in terms of salary, benefits, etc...
- Negotiate base pay first, then other points the employer would likely agree to
- Save other issues of conflict for last
- Seek to understand ("Is there any flexibility in...")
- Use a collaborative tone ("Can you think of anything else we can do to bring us closer together?")
- Share your professional and/or financial goals
- Keep a calm, business-like tone
- Avoid getting into a discussion of market rates with knowledgeable employers
- Keep HR informed
- NEVER STOP SELLING YOURSELF
Acceptance Letter
If you have received a verbal offer, you may want to consider sending an acceptance letter to ensure you and the organization are on the same page.
Salary Data & Statistics
We have full-time compensation data from over 1700 alumni.
Additional Resources
The following websites can help you research salary data and negotiate from a position of strength. You should also research company salary grades through employees and human resources. Contact the Baker Library | Bloomberg Center, for further assistance.
Jobstar.org
Use this site to find more than 300 industry-specific and general salary surveys. Test your salary savvy with the "Salary I.Q." test, and find tips and strategies for salary negotiation.
Salary.com
Devoted to all aspects of salary and compensation, this site offers a "Salary Wizard" that provides a benchmark for salaries by industry and zip code. The site also offers substantive advice on compensation and negotiation, current news affecting the labor market as well as a job and resume database.
Homefair
A comprehensive guide to relocation resources, including a salary calculator, moving calculator, mortgage information, lifestyle guides to many cities, and crime statistics.
Paysa
A website dedicated to knowing your worth, with data sourced from employees, companies and recruiters. Search salaries across companies, jobs and locations.
“[Equity] is on the checklist of things in the compensation toolkit. It's perfectly okay to ask a potential employer, 'Is equity part of your package?”
Kevin Mohan
Senior Lecturer at HBS, Senior Advisior at Summit Partners
“[Equity] is on the checklist of things in the compensation toolkit. It's perfectly okay to ask a potential employer, 'Is equity part of your package?”
Kevin Mohan
Senior Lecturer at HBS, Senior Advisior at Summit Partners