By Jenna Rakes, associate director for university talent acquisition at the University of Oregon

You’ve made it through the application process, survived your interviews, connected your potential new manager with your references, and at the end of this gauntlet they like you, they really like you! The race is not over when you receive an offer, though, as now you’re entering the negotiation process.

Don’t just say yes!

As exciting as it can be to get the call with an offer, some of the best advice I can give you is, “Don’t just say yes!” It’s important to evaluate any job offer, even if it seems great on the surface. It’s not uncommon for candidates to ask for a day or two to consider the offer, discuss with others if needed, and make a well-informed choice.

Define what is valuable to you

A key first step to making that well-informed choice is to consider what adds the most value to you in a job offer. This is a personal decision and varies for everyone. Sometimes, or at some points in our careers, money may be the biggest motivator. As you grow in your career, however, you may start to discover that other factors matter as much as, if not more than, your base salary.   
Does the ability to work from home matter and fit your lifestyle? Are you the type of person who needs vacation days to recharge? Do you have circumstances in your life that mean you need good health insurance? Specific benefits packages may matter more to someone with an ongoing health condition, whereas for others a high deductible plan is not an issue. Consider things like the amount of vacation time you will receive, the flexibility you have in work hours, and the potential that is available for growth. If the salary offered is below what you were hoping for, what is the annual merit or performance increase plan? Depending on the employer, you may end up well above what you were seeking in two to three years. Or, on the flip side, they may be offering a lot of money now but your salary could be stagnant for years if that employer doesn’t guarantee annual increases.

What is “Total Rewards?”

Total rewards is a common phrase in human resources that describes all of the things that employers have to offer to attract, retain, and motivate their employees. This covers salary, leave time, benefits coverage, retirement plans, pay-for-performance, salary increases, bonuses and incentive programs, professional development and training opportunities, and perks such as meals provided, transportation reimbursement, or company discounts. As you can see from this list, total rewards covers a lot. As an applicant it can be difficult to get the full picture, so use resources like the company’s website to do research and don’t be afraid to ask for a summary of benefits and incentives as a part of evaluating your offer. Some aspects, like vacation time or benefits, can have monetary values associated with them; use that to add to or deduct from the salary offered to get a true picture of what is being presented.

Define what you need

Now that you have a picture of the total rewards offered, it will be easier to see any gaps.  Often candidates think offer negotiation is an exercise in having your new employer give you more money, but that may not be what adds the most value.  If the salary offer is lower than you were hoping, are there other tangible aspects you can negotiate? Maybe being able to work from home, or additional money to support professional development or a certification you want to obtain, would make up the difference. Consider what matters most to you and ask for those items. It’s often easier for employers to add “perks” than it is to add base salary.

Make the case for your value

Unless you are applying for a position that reports to the top leader, whomever you are negotiating with likely has to seek approval to offer more to you. If you choose to counteroffer, it benefits you to make their job easier. Don’t simply ask for more salary or some of the “perks” covered here; go to them with a case of why you are worth more. Do you exceed the qualifications they posted for the position? Do you bring extra years of experience, additional skills or competencies, or professional certifications or training to the table? Outline these items, clearly articulate how you surpass the minimum bar, and then tie that to the request for additional compensation. You’re essentially helping your new manager make the case for what you are asking for, rather than hoping they make that case on their own.

Know where you are willing to compromise

Sometimes we ask for things we don’t get. As you enter this negotiation process, and as you make the case for why you are worth more, be sure to also be considering what you are willing to accept. If your new employer meets you halfway, is that enough? Would you be willing to compromise on salary if other conditions are met? It’s important to think about this as you plan your negotiation. This process is not about “winning,” but it can be easy to slip into that mentality. If you know what you are willing to accept, it’s easier in the negotiation process to understand when to stand firm or when to give a little. The true “win” in an offer negotiation is an offer you are comfortable with that is a successful move in your career, which may not always be the counteroffer you initially presented.