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Negotiating in Response to an Offer
Most employers make offers of employment in writing. Typically, a response in ten days or so is requested. If you need more time, ask and explain why. Once an employer has decided you are right for the job, he or she will wait a few days for your answer, especially if you explain why you need the additional time.
These days, most offers of employment are at will. There is no contract per se. The employee or the employer may terminate the arrangement at will, not requiring cause. Generally, it is thought that two weeks is reasonable notice if termination is necessary. Higher-level executives do often have contracts, which may include severance packages, stock options, etc. If severance pay is customary at your level or in your career field, ask about it up front. The time to do this is during the negotiation process.
As you consider an offer, keep the entire compensation package and terms of employment in mind: the scope of your responsibilities; salary, bonus, stock options, medical and dental benefits, life insurance, short and long-term disability, parking and commuting, computer, educational benefits, daycare, membership in clubs or professional associations, and employer contributions to 401k or 403b plans.
If and how you negotiate will depend on the circumstances. Are you the only candidate? Are you a superior candidate? Does the employer have any flexibility? Could you easily walk away from the opportunity? Negotiating tactics normally reflect a balance of power.
As a rule, neither side should push too hard. An ethical employer will pay employees fairly. A smart employee will want to be paid well but not overpaid. Salaries tend to seek their appropriate levels over time. Most large companies have salary bands and position categories, and a good hiring manager will keep the salary structure fair. If you are in a sales-driven business, then bonuses may be more important that salary. In any case, we suggest you take the long view: in considering an offer, consider the compensation you are likely to receive over the initial five years of your employment.
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