Congratulations! You've interviewed for a great position, impressed the employer with your experience and knowledge, and now you are the primary candidate! The offer is on its way. Are you ready to negotiate?

It is important to maintain soft control upon receiving an offer. It’s good to be happy and excited about the opportunity, but don't rush into a "yes" answer. Be completely sure you are not leaving something on the table.

A compensation package is a combination of salary, benefits, and perks. All of this is negotiable.

Here are the 5 components of the negotiation process and some tips for each one:

  • Preparation - Know what the job is and how much time it will take for you to do the job well. Consider growth opportunities, travel, and time working inside and outside the office.
  • Proposal - Whoever mentions a number first loses. Ask what the budget is for the salary of the position.
  • Counter proposal - Know your minimum. Be realistic and logical about how much compensation you need to take the job.
  • Bargaining - Know your actual resistance point and your ideal salary. Be willing to walk away.
  • Agreement and closing - Your psychological contract is what you expect when you go to work for them, while the explicit contract is what you sign with them. Don't be afraid to move something from the psychological side to the explicit side.

Get more information on this subject by watching our archived webinar, "Compensation and Negotiation" presented by Dr. Bruce Gillies. He is the author of "21st Century Career Search System" and a faculty member at the Glenn R. Jones College of Business at Trident.