Job Search - Negotiating your remuneration
If you’re at the end of a job search process, the final step is often agreeing on your remuneration package. Finding the right number can be challenging because several factors come into play. Let’s look at what they are so you can find the best approach.
From the perspective of the hiring firm, there are a number of considerations that will influence the offer they make. These include:
Their perception of the value you’ll bring to the firm or team.
The prevailing culture around compensation compared to the market. Some firms are known to be poor payers. If the firm has this kind of culture, what does it suggest about future bonuses, promotions, and progression?
How long they’ve been recruiting for the position, and how plentiful or scarce your skills and experience are in the market.
The hiring team—Talent Acquisition and HR professionals—who generally want to close the process efficiently, as it reflects their own success.
The cost of restarting the search if you decline the offer, including the opportunity cost of you not being in the role.
Instances where a firm made a weak offer that was rejected, restarted the search, and ultimately had to pay significantly more.
Internal pay bands they may need to adhere to, ensuring you join at a level comparable to your future peers.
What competing firms are paying for similar skills and experience.
Expectations you’ve already set by communicating the salary range you’re looking for.
With all these factors in mind, the firm will eventually present you with an offer.
In return, you’ll have your own considerations, many of which may apply:
Are you currently happily employed and, therefore, able to decline a weak offer with ease?
Does the firm, role, level of responsibility, prestige, or client access represent a meaningful step forward in your career, with potential for continued advancement?
If you’re unemployed, how long have you been looking, and what is the state of the market? If the market is tough and your search has been lengthy, you may choose to be more flexible on compensation.
Do you have other active, advanced interview processes underway? If so, you may feel more confident rejecting a weak offer or negotiating for a higher number.
How well do you understand the current market rate for someone with your skills and experience? Speaking with recruiters and trusted colleagues can help you determine whether the offer is fair.
Remember that you’re not only negotiating your salary but also the wider package—holiday entitlement, remote-working days, medical cover, pension contributions, and more.
Depending on the expectations for the role, you may also need to negotiate for team members or additional resources.
You must make an honest evaluation of the value you bring. Are you a strong performer who can reliably deliver, or are you well above average—or even among the exceptional candidates available? This assessment should inform your approach when discussing the offer.
Finally, it’s crucial that you’ve used every opportunity during the interview process to demonstrate the value you bring, ensuring the hiring team has a favourable and realistic understanding of your contribution.
Negotiating the offer is a pivotal moment in the job search process and a test for both you and the hiring team to find a fair and mutually acceptable number. Of course, this can be made easier if a competent and experienced recruiter is involved.
I hope you’ve found this blog useful. If you’d like to discuss this topic, your job search, or your career more broadly, please do get in touch. You can use this link to book a free, no-strings-attached call.