Salary negotiations can be a tricky game to play. If you’re currently very happy in your job, but an offer finds its way into your lap (say, through a headhunter reaching out, or a previous employer trying to win you back with an offer you can’t refuse), should you leverage this offer to negotiate a higher salary? The answer would really depend on your willingness to tarnish the relationship with your current organization, and your willingness to jump ship should a manager call your bluff. With those risks in mind, the end result could be positive and result in a healthy salary increase. Should you decide that leveraging an external opportunity is the route you want to take, here are some “Dos and Don’ts” to keep in mind when stepping into these kinds of negotiation talks.
You love your current job but you’re willing to leave and accept the external offer if your current organization is unwilling to match the salary.
Do: Only have the conversation if you’re 100% ready to take your new external offer. Assume you’re going into the conversation with the mentality that you would take the offer should your manager not be willing to match. If you’re not fully ready to accept the new offer, you could be left in a worse off position than before as you risk hurting the relationship you have with your current company.
Do: Take some time to objectively look at your own performance and position, as well as the relationship with your boss. If you know you’re a top performer on your team, and the organization would do whatever it takes to keep you, then you could be very successful with negotiating through an external offer. However, if you’re not leading the pack, your boss could have an easier time parting ways with you than expected. How long have you been with the organization? If you’ve just started, making high demands could likely reflect poorly on your professional brand.Hot Jobs That Pay $100,000+ at the Best Places to Work
Don’t: Be hostile in any way. Rather, highlight your loyalty to the organization, passion for the role, and desire to stay on board. Alan Zel, President and CEO of Aikinu staffing, cautions to be very moderate, and approach this conversation with a soft pedal, as it will reflect upon you negatively if you come across as exploitative or aggressive. In this situation, it’s important to highlight that you really want to stay within the organization.
You love your job, but you’re not willing to take the external offer should the conversation not go in your favor. Remember to think through if you’re willing to play the negotiation game.
Do: Gain data and confidence. If you’re not in a space where accepting the alternative offer is a realistic option for you, you can use this offer as data about your value within the market. With this data, and hopeful boost of confidence in mind, you can set up a meeting with your boss to review your role, your accomplishments, and discuss how your compensation lines.Get Your Personalized Salary Estimate Now
Don’t: Use your external offer as a negotiation bluff. If you’re not prepared to follow through with the offer, then going into negotiations will make yourself vulnerable and tell your boss that you’re looking for a new role and potentially checked out. This could create a hostile environment for you to be working in as it will leave a sour taste in your boss’ mouth. Unfortunately, in many situations, you might need to light some fire under your company in order to get the compensation you deserve. If you’re job seeking, and you want to leave for reasons beyond salary, then accepting any counter-offers won’t be worth your time as you’ll remain unhappy. However, if the salary is your main point of contention, then leveraging an external offer might not be a terrible move. While there are many associated risks, if you play your cards right, show your company that you’re still committed, and can build a case for your value, you could reap major rewards!
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.50% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.49% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.48% effective April 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.49% – 7.27%1||Undergrad & Graduate|
|2.49% – 6.65%3||Undergrad & Graduate|
|2.49% – 7.41%4||Undergrad & Graduate|
|2.50% – 6.65%2||Undergrad & Graduate|
|2.49% – 7.11%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|