Can You Ask for More Money Before Accepting an Offer?

Have you received a job offer? Congratulations! You impressed your future employer enough during the interview process that they want you on their team. This is an exciting time, but before signing on the dotted line and committing yourself, it’s natural to have some reservations. One common question that arises is: can I ask for more money before accepting the offer? The short answer is yes. You can and should negotiate salary or compensation, especially if the initial number is lower than you expected. Companies often lowball candidates, leaving room for negotiation.

Asking for more before accepting demonstrates self-advocacy and confidence. Done right, it shouldn’t damage your reputation or negatively impact your chances of getting the job. Instead, negotiating salary shows you understand your value.

In this comprehensive guide, we’ll cover when and how to negotiate pay, typical responses from employers, strategies to use, mistakes to avoid, and more. Read on to learn everything you need to know about requesting higher compensation before taking a position.

Table of Contents

When Should You Negotiate Salary?

First, determine if the timing is right to begin salary discussions. The best time is after the company makes an official offer, verbal or written. This shows they want you and are willing to compensate you fairly.

Trying to negotiate before getting an offer looks presumptuous like you expect them to hire you. Wait until they extend the opportunity, then negotiate in good faith.

That said, some discussions might occur earlier in the interview process. For example, if a recruiter asks about your salary requirements or expectations, you can respond with a range slightly above what you’d accept. This plants a seed that you know your value.

When the formal offer arrives, you can begin serious negotiations if the number is lower than your range. At this crucial juncture, the offer letter marks the ideal time to request higher pay. This is when you should assertively communicate your value and, if necessary, ask for more money job offer to ensure that your compensation aligns with your skills and the market standards. It’s essential to approach this conversation professionally and highlight the reasons why you believe an adjustment is warranted.

Should You Always Negotiate Salary?

Just because you can negotiate salary doesn’t mean you always should. Consider the following factors:

The Type of Job

Entry-level and lower-skilled positions often have little flexibility. The pay is standard for all hires. Mid-level jobs tend to have more wiggle room, while upper management and executive salaries are almost always negotiable.

Your Previous Salary

If the offer is already higher than you expected based on your experience level, negotiating could seem petty. Get a sense of typical pay for similar roles so you know what’s fair.

The Company Culture

Some companies maintain rigid pay scales and won’t exceed set limits. Government and nonprofit roles usually can’t pay above certain pre-determined brackets. Research the organization’s culture to determine if negotiating seems appropriate.

Your Enthusiasm for the Job

Don’t negotiate just for the sake of it. If you’re thrilled about the role and offer, quibbling over a few thousand dollars may not make sense. Evaluate your excitement level before asking for more.

The Job Market

When hiring demand exceeds candidate availability, like today’s market, you have more leverage to negotiate. With abundant labor supply and scarce jobs, you risk losing offers by countering.

Your Financial Needs

If the initial number barely pays the bills, you must negotiate a higher rate. But if you can live comfortably on the proposed salary, think carefully before requesting more.

Consider the above factors before deciding to negotiate. The time may not be right in certain circumstances.

How Much of a Raise Should You Ask For?

This depends on your research and the initial offer. As a rule of thumb, aim for a 5-20% increase from the proposed base salary. Anything over 20% is aggressive unless you’re drastically underpaid.

To set your target:

Research typical pay for similar roles at the company and in your wider industry. Sites like Glassdoor and Pay scale can help.
Consider your experience level. If you’re light on directly related work, keep requests modest. Those with ample relevant experience can push for larger increases.
Factor in the cost of living if relocating for the job. Ask for adjustments to offset higher rents or home prices.
Assess your willingness to walk away. If you won’t accept less than a certain number, it becomes your floor.
Weigh the offer’s other perks like bonus potential, equity, benefits, and work-life balance. The total compensation matters too.

Set your desired salary based on these elements before countering. And remember, the first number is simply their opening offer, not necessarily their limit.

How to Negotiate Salary Over Email

If the initial offer arrives via email, here are some tips for negotiating politely and professionally:

Thank them for the offer first and express your interest in the role. Start positive.
Say you are excited to share their vision and make meaningful contributions. Show enthusiasm.
If you have any concerns about pay, state them politely. For example, “While I appreciate and am grateful for your offer, I was hoping for a base salary closer to $XX,000 based on my experience, skills, and research on comparable roles. Would you be willing to reconsider the starting salary?”
Offer to provide a few salary data points from Glassdoor or Pay scale to support your request. Don’t accuse them of lowballing you.
Ask if the proposed pay is flexible or if there are ways to revisit it in the future through raises or bonuses.
Suggest a phone call to discuss further and answer any questions on their end.
Thank them again for considering your request and reiterate your interest in the company and position.

Politely ask for what you want while showing you did your homework. Provide helpful data and suggest ways to find common ground, like incentives down the road.

How to Negotiate Salary Over the Phone

If they prefer a call instead of email, use these phone tips:

Mirror the positive start from the email by thanking them and expressing enthusiasm. Find common ground first.
As above, state your case politely using supporting data. Say something like, “After reviewing typical salaries on Pay scale for similar roles in the area, I was hoping for compensation closer to $XX,XXX. I know this position and company are a great fit for me, and I’d love for us to find a number that works for both parties.”
If they repeat that the initial number is fixed, ask if it’s possible to revisit base pay in the future after demonstrating your value. Suggest milestones like 90 days or 6 months.
Inquire about bonus structures or performance incentives that allow you to increase earnings over time.
Consider asking for a bump in other areas like vacation days, work-from-home flexibility, professional development funding, etc. There are often trade-offs to explore.
Express your enthusiasm for the company and desire to accept the offer, pending a salary you both feel comfortable with.

Stay cool, calm, and collected on the call. Have facts ready, but listen carefully and interact professionally. The conversation is your chance to find creative win-wins.

What if The Employer Won’t Budge on Salary?

If your attempts to negotiate fail and the employer holds firm, don’t take it personally. Some companies have inflexible pay brackets. Others have policies against negotiating. With certain positions like teaching, nursing and government work, salaries are set in stone.

Before walking away from an otherwise promising opportunity, consider the following:

Ask if pay is open to review after a set period, like 3-6 months. Use that initial period to prove your worth.
Request performance bonuses or profit sharing that allow you to boost total compensation through stellar work.
See if there are other perks on the table like extra vacation, work from home days, reimbursements, or covered training/education.
Determine if their benefits package adds substantial value beyond the base pay, like generous insurance contributions, equity offers, retirement savings matches, or tuition reimbursement. Factor the total.
Assess if you can reasonably live on the proposed salary in that region even if it’s below your goal. Don’t immediately decline an offer if other elements are promising. Weigh the total picture.
Consider negotiating incentive stock options or bonuses tied to specific goals or milestones to expand the overall value. Propose creative alternatives.

If you hit a wall, take time to carefully evaluate the full offer, role, and company. Unless the compensation is egregiously low, don’t reject it outright before exploring different avenues to get closer to your needs.

What if They Rescind the Offer?

This is rare, but some employers may retract an offer if they’re offended by the negotiation process or amount requested. To avoid this:

Keep requests reasonable and use fair market data. Don’t make extreme demands.
Demonstrate flexibility on the number and offer compromises.
Use polite language and emphasize your interest in the company. Avoid confrontation.
Share the enthusiasm and energy you’ll bring to the role. Make them remember why they want you.
Suggest creative alternatives like performance pay, incentives, or future reviews to revisit compensation.

With a courteous approach, most employers will work to find an agreement or just say the initial amount can’t change. Only in very unusual cases would an offer actually get revoked.

Mistakes to Avoid When Negotiating

While negotiating salary can benefit you, some approaches may backfire. Avoid these errors:

Neglecting to research typical pay rates for the role in that region. Know the norms before setting expectations.
Making unreasonable demands well outside the expected range. Stretch some, but stay realistic.
Issuing threats or ultimatums about accepting offers elsewhere if they don’t meet your request.
Making it strictly about the money rather than your passion for the company and role. Dwelling on compensation alone looks greedy.
Refusing to consider alternatives like performance bonuses or equity offers. Successful negotiations often involve trade-offs.
Dragging out negotiations excessively instead of reaching a mutually acceptable number. At some point, you need to compromise.
Accepting an offer only to renege later and ask for more. Reneging burns bridges and damages your reputation.
Taking a confrontational tone instead of framing it as a respectful discussion. Civility and graciousness are key.

Prepare thoroughly and make reasonable requests. But avoid overly blunt tactics and threats that may erode goodwill.

What to Do After Negotiating Salary

Once you reach an accepted offer with satisfactory pay, a few next steps will set you up for success:

Express genuine excitement for the new opportunity, both the role and compensation. Thank the employer again for working with you. No hard feelings.
Add key dates like start date, benefits enrollment, etc. to your calendar. Ensure you complete any new hire paperwork right away.
Mark your last day at your current job if you’re leaving one. Announce the news professionally and offer to train your replacement.
Make lifestyle adjustments as needed, like budgeting if moving to a higher cost of living area for the new role. Line up pet care, transportation, etc.
Buy any needed attire like work-approved clothes or safety gear. Get up to speed on dress code.
Brush up on skills you’ll need for the job by reviewing past training or taking quick online courses. Prepare to hit the ground running.
Collect key documents you’ll need on day one like IDs, banking info, tax forms, licenses, resumes, etc.
Announce it on social media proudly if you want. Just be sure not to violate any confidentiality agreements.

After sealing the deal on fair compensation, switch your focus to preparing for new job success. The hard work of negotiating pays off.

Key Takeaways for Negotiating Salary

To recap, keep these tips in mind when seeking higher pay:

Wait for a formal job offer before negotiating salary.
Research typical pay for the role and have fair data ready.
Make polite requests and suggest compromises. Avoid ultimatums.
Be flexible on the number and creative on alternatives like bonuses.
Emphasize your passion for the company and role. Don’t make it just about money.
Compromise at some point if you want the job. At a certain stage, take it or leave it.
Express appreciation for their time and effort after successfully negotiating.

With preparation and graciousness, you can negotiate pay without risking the opportunity. Just remember, not every company or role allows it. Do your homework first.

Now that you know whether and how to negotiate salary, you can pursue exciting new job prospects with confidence. A reasonable raise or incentive package is often achievable by following the steps above. Just stay flexible, do your research, and sell yourself and your skills.

With the right approach, asking for more money before accepting an offer can give your income and career a powerful boost. You know your value. Negotiate accordingly and enjoy the benefits.

Good luck as you move forward in your career journey!

Frequently Asked Questions

How do you respond to “What are your salary expectations?”

Give a range slightly above what you’d happily accept, based on market data. Say you’re flexible depending on the total compensation and opportunities. Don’t lock yourself into a low number prematurely. Politely ask about their range later.

Can you negotiate a salary increase soon after starting a job?

It’s very unlikely. Most companies want to see you prove your value for 6-12 months first. Build a track record, then make a data-driven case at your review. Promises were just made, so honor them.

Is it a red flag if the company won’t negotiate salary?

Not necessarily. Some employers have set compensation bands by policy. Others may increase base pay but improve bonuses or equity. Explore creative ways to sweeten the deal before walking away.

Should you negotiate salary for your first job out of school?

It depends on the field and role. For many entry-level jobs, pay is standardized with less flexibility. But it never hurts to politely ask or inquire about performance reviews to boost pay over time.

Can you still negotiate if you already said you accept the offer?

It’s riskier but you can politely ask if there’s any flexibility on base pay moving forward. However, going back on an already accepted offer looks poor. Weigh options carefully first.

Conclusion

Negotiating a higher salary before accepting a job offer is possible in many circumstances if handled professionally. While not all companies or roles allow negotiation, with the right approach, you can often increase base pay or find alternative incentives.

Exploring a career in commercial banking can be a rewarding endeavor, and the key to success lies in conducting thorough market research, making reasonable requests, stressing your qualifications, showing flexibility, and maintaining polite persistence combined with patience—an approach that reframes the job pursuit as an open dialogue rather than a confrontation or ultimatum.

With preparation and creativity, you can negotiate improved compensation without damaging the opportunity. Just remember your priorities and walk away if an employer refuses common ground. When done correctly and with realistic expectations, asking for more money leads to fair pay and satisfying job opportunities.