When you get a job offer, you are usually excited and that’s because it is proof that your skills are in demand. The offer might be in-house from the same company or it can be an external one from another company. Whichever you put it, a new offer comes with excitement.
In external cases, people would immediately tender a resignation letter and move over to the new company. But before you jump over, you should consider how you can use the new offer to re-negotiate your new salary in the current company. Nice strategy, right?
Regardless of being nice, this strategy requires you to plan carefully with apt timing and tactness. To help you pull it off, this article will guide you through the steps of leveraging a new offer to negotiate a better salary. We’ll show you how to prepare with reasonable knowledge towards the end of maximizing your chances.
Let’s dive in!
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Understanding The Power You Hold: A New Offer
Before we go on to talk about how you can tip the scales in your favour, you need to understand the basic thing. First, you need to know the power you hold. Getting a new job offer makes your employer know that there are others who value you and having an external validation is key.
Most employers do not like losing their ace employees, especially to competitors in the same industry. This gives you a chance, however, you should not assume that they will staright-up issue a counteroffer. You will need to present your case effectively.
Beyond the new offer, you need to consider the value you bring to your current role and check if you have exceeded expectations. In the place of demonstrating your value and contributions, you’ll strengthen your negotiation position. Do not forget that it is not just about the newoffer; ti is about your value to your current company.
Preparing for the Main Conversation
Once you know where you stand, the next thing is to prepare for the actual conversation with your boss. Here’s what you need to do before going up to meet your boss:
#1. Research your market value. You can make use of websites like Glassdoor and Payscale to get an idea of what others in similar roles are earning. This will help you to know if there’s a significant difference that can make your case strong.
#2. After your research, plan your approach and timing. You should choose a time when your boss is likely to be receptive and not under stress. By considering this, you’ll avoid being sidelined or getting negative feedback.
#3. Choose your medium of communication and ensure to be straight-forward in communicating what you need.
#4. Be professional and direct in your expression. In pitching the re-negotiation, start by expressing your appreciation for your current role. Afterwards, present your offer. You should also emphasize how you’ve always enjoyed working with your current employer.
During the actual conversation;
- Stay calm and confident.
- Express your gratitude for the opportunities of your current role.
- Highlight your achievements and contributions before bringing up the offer of re-negotiation.
- Ensure to not sound threatening but clearly communicate your proposition.
- Be open to discussing other forms of compensation beyond salary, such as bonuses, benefits, or flexible working conditions.
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The Best Way to Handle Different Outcomes During Re-negotiation
You should know that not every re-negotiation will end in your favour. It is important to be prepared for various outcomes. In a case where your boss agrees, great! Good for you but what if he/she does not agree to the re-negotiation?
First, get the details in writing and continue to prove your worth to the company. Do not fuse up if your offer is rejected, stay professional. Ask for feedback on what it would take to get a raise in the future. When you do so, it shows that you are committed and work towards higher compensation.
On the other hand, if the counteroffer from your employer is not as high as you hoped, consider the full package. You can additional benefits that can make up for the lower salary. However, you should be prepared to move on if the offer doesn’t meet your needs. The new job offer might give you good money but how secure and familiar is it?
Read also: Does Getting Fired Leave a Mark?
Ethical Considerations That You Should not Forego
Making use of a new job offer to call for re-negotiation comes with ethical considerations that you need to keep to. Here are come considerations that you should not forego:
- Honesty and transparency: Do not falsify the job offer because it can be viewed as manipulative.
- Consider your relationship with the employer and if you value it, approach the conversation with care.
- Consider your long-term career goals and job satisfaction
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How to Use a New Job Offer to Re-Negotiate Your Current Salary: Common Pitfalls to Avoid
Here are some pitfalls that you should avoid while trying to re-negotiate your slary with your current employer:
#1. Avoid showing up unprepared without making research
#2. Do notmake use of ultimatums as it can backfire
#3. Avoid discussing personal financial needs and focus on professional value
#4. Avoid bad timing as it can hurt your chances of success.
#5. Do not overplay your hand and stay away from assumptions
Key Takeaways: How to Use a New Job Offer to Re-Negotiate Your Current Salary
- Know your worth by researching market salaries
- Be clear and confident in stating your case
- Stay professional and carry the conversation with a respectful tone
- Consider the whole package – look beyond the salary and evaluate the benefits
- Understand your employer’sperspective and be open to compromise
- Be ready to walk away
Wrapping Up: How to Use a New Job Offer to Re-Negotiate Your Current Salary
The act of re-negotiating your salary using your new job offer is a strong strategy, but it requires you to think and be careful. By understanding your leverage and preparing thoroughly, and approaching the conversation with tact, you can increase your chances.
Do not forget that it is not about the money entirely. It is about feeling valued and being recognized for your contributions. Whether you end with a raise or a new job, the most important thing is the stance you have taken for the future of your career.
