How to Get the Most Out of a New Job Offer
MILWAUKEE, March 13, 2023 (Newswire.com) - Northwestern Mutual: A new job offer is exciting. Hopefully this new path means career growth. While many tend to focus just on the salary, there are other aspects to consider as well. Here are several key considerations to get the most out of a new job.
Negotiating the salary
The most significant part of an employee's compensation, salary, is almost always the most important part of any job offer. At this point, prior research can pay off-being aware of how similar positions are compensated across the industry can help employees negotiate their salary confidently. It's also important for employees to be aware of the value of their work; jobs requiring a specialized skill set or with broad, varied responsibilities will likely offer higher compensation rates. Employees who enter a negotiation knowing what their role is worth will be able to shape terms from a stronger position.
Ask about the benefits
Salary may be at the forefront in many negotiations, but it's only part of the total compensation package. It's important for employees to consider whether a job's benefits are adequate for their needs and goals. Younger jobseekers might be more interested in 401(k) matching programs, while those with families may prioritize good health and life insurance policies. (Remember, when it comes to life insurance, employer-sponsored group life policies are different from individual policies like whole life insurance.) Again, different benefits will appeal to different people, and total compensation is a balancing act between benefits and salary. So, employees should approach the negotiation with a clear set of priorities.
Consider other perks
Budget constraints or workplace policy can mean that salary or benefits are largely non-negotiable. However, it still may be possible to negotiate other perks. Smart negotiators will see if there is room for stipends or if the workplace offers opportunities for things like business travel, tuition reimbursement, or volunteer days. Employees may also ask about flexible time off, additional vacation days, or a work-from-home policy—these are all additional perks that can add value.
Investigate company culture and work-life balance
Before signing with a new employer, it's worth seeing if the company culture is a good fit. Depending on how interviews are structured, getting a complete picture of the culture can be difficult—here, speaking to prospective colleagues can provide good context. Do the people working at the company seem to feel their time and effort are valued? Do you mesh well with the people you've met? Does communication come easily? Being on the same wavelength as one's colleagues will make the job easier and the work more efficient.
The bottom line
Job negotiations don't have to be awkward or adversarial. When employees understand the industry and what they can offer a prospective employer, the negotiation stage can be the smoothest part of the interview process.
Source: Northwestern Mutual