It is recommended you consider your personal job satisfaction criteria as well as market research prior to receiving an offer to better evaluate, negotiate, and decide on your offer.
JOB SATISFACTION CRITERIA
Financial Stability: Salary, benefits, potential bonuses, and job security
Work-life balance: Determine your desired work-life balance and how the job offer aligns with it. Items such as typical working hours, flexibility in scheduling, overtime, remote work.
Career Growth: Assess the opportunities for advancement, professional development, or skill enhancement. Inquire about these items during your interview process
Company Culture: Do the organization's values, work environment, or management style align with your personal beliefs or preferences?
Commute/Location: How does the work location impact my personal situation, for example, time, energy, money, or quality of life commuting or relocating.
MARKET RESEARCH
You'll want to know your value in terms of industry standard salaries, benefits, and other job perks.
ACTION:
In the first column below, list your first, second, and third choice job functions of interest.
In the second row of columns under "Location" list your preferences of where you'd like to live and work. If you are tied to a certain area you do not need to benchmark other cities. While it is recommended to limit your search to ~3 locations, you can research other applicable locations.
Use the resources below, research the average salary (low to high end) for each position in each geographic location. List each salary range in the corresponding boxes.
a. Payscale
b. Glassdoor
c. Salary.com
d. Fishbowl
Now that you've researched industry standards, your next step is to determine what part of the range your experience and expertise aligns. Early in the interview process you will be asked your salary requirements, and depending on the context you may want to spin it back to them to ask them for the role's budgeted range, or provide your salary expectation. Work with your coach or trusted mentor on best ways to handle this question.
Tip: Check out this article that highlights pay transparency laws by state.
Good news, your hard work in preparing and crushing your interviews got you an offer!
1. Show your appreciation and reiterate interest. Responding in a positive and upbeat manner helps them understand your gratitude and makes them feel they made the right choice in selecting you for the job.
2. Make sure you fully understand all aspects of the offer and take time to consider before providing a response.
This includes expectations of the position, performance evaluation, and all other aspects of the package offerings. At this point, you should explain how important this career decision is to you and that you'd like to take some time to think it over and evaluate all aspects of the offer. If it is a verbal offer, then you should ask an estimated time that you will receive the written offer.
3. Match the offer to your personal job satisfaction assessment from earlier and evaluate the fulfillment of each preference to determine if you will accept, decline, or negotiate.
4. Determine your response
If the offer is fair, meets your requirements, and is something you are interested in, you are probably ready to accept. You should not negotiate for sake of negotiating. There may be reason to negotiate if you feel there are aspects of your personal needs that are not met, or if you aren't getting fair market value for what you bring to the organization. It is in the best interest of both parties to come to a mutually beneficial agreement.
What if the employer requires verbal acceptance before receiving a written offer?
It is somewhat common and fully legal for an employer to ask for verbal acceptance before sending a written offer. In this case, you should still get a full understanding and take time to evaluate the information they are able to provide before verbally accepting. While it is unacceptable to accept an offer and keep "shopping around" for something better, in these cases it does not mean you cannot decline the offer or negotiate further after receiving the written offer. This is a preferred opportunity to negotiate if something critical about your job criteria and offer is significantly off.
ACCEPT, NEGOTIATE, OR DECLINE AN OFFER
If you decide you would like to negotiate the offer it is important to determine what you are negotiating, develop a case, and communicate it tactfully. Using your job satisfaction criteria, make a list of the aspects of the offer package that need to be improved. Be exact in what you are asking for. Use the data collected and your personal value to make a case for each aspect of the offer you are trying to negotiate.
If you are able to come to a mutual agreement, you should get the new agreement in writing and accept the new offer. Make sure you read all paperwork, contracts, and official letter before signing. Once you are ready, sign the official offer letter, make a copy for your records, and return to the employer per their instructions. After accepting, it is recommended you send a job acceptance email or call, reiterating your excitement and confirming next steps in terms of pre-employment screening, start date, etc.
If you are not able to come to a mutual agreement and you feel strongly that what you are asking for is fair and reasonable, you may decide to decline. It is unacceptable to accept an offer and keep "shopping around" for something better. This can be a difficult decision, but if you are displeased with the offer it is best to move on to other opportunities. If you decide to decline or accept another opportunity, then you should respectfully withdraw your candidacy in writing. Make sure to thank the hiring team for their time and opportunity to learn more about the opportunity.
Under CMU's hiring and offer policy, all offers that are made as result of campus recruiting efforts should give students sufficient time to consider offers of employment. If the employer is not giving you enough time, then you should meet with your career services to discuss your next steps.