How to Negotiate Equitable Compensation
Updated: Sep 28, 2022
You’ve made it through the interview and got to the offer stage -- great work! You’re almost at the finish line here are some tips on how to negotiate so the compensation values your experience, is equitable and in line with the market.
1. Do your research & look for market data online
Most companies have internal leveling and define a comp range for each role prior to starting the hiring process. Some of them even include comp ranges in the job description -- this will give candidates insight into what they’re signing up for and avoid discrepancies for candidates who may have the experience but haven’t been valued similarly before. It encourages fairness and transparency.
A data point you can include in your evaluation is Glassdoor -- Glassdoor often shares a range for different roles inclusive of geography, management experience etc.
Some data points:
2. Ask for a range prior to interviewing
Set expectations around what you’re looking for based on the scope of the role prior to interviewing. You can also ask the company the range they have in mind. If they ask you what you’re currently making you can always say you’re new to the country or not comfortable sharing but this is what you’re looking to make in your next role.
As recruiters we often see discrepancies in compensation for women identifying folx and newcomers so we recommend sharing what you’re looking for vs sharing your current comp.
3. Check in with your network
Have conversations with people in your network that are in a similar position to get a sense of what is realistic and what the market looks like.
The more conversations you have the more you will learn about the market and what to expect.
Talk to recruiters and ask them for intel so you can arrive at an equitable comp package.
Compensation is often made up of a base + variables (bonus and stock options), different companies value these differently so reflect on what kind of base makes the most for you or what kind of scenarios you’re open to - higher base, less options or more options, lower base.
Companies also have benefits and perks which are important when you consider the holistic package -- as a working parent maybe you value more vacation time and a lower base etc.