Exploration can be a good thing
Exploring other offers can be an opportunity for networking and a good way to measure your value in the open market. It is also a way to determine if there are other companies you would prefer to work for or to confirm your commitment and satisfaction with your current workplace. You should evaluate your opportunities every three years.
Do you want more money or feel undervalued at work?
The two questions are not the same. Do some deep thinking before you start looking elsewhere and ask yourself what is truly driving you to ask for more money. If money is the only reason, and you love your job tasks, the company culture, and your relationship with your supervisor, you should proceed with caution before going in with a competing offer.
Know your number and know your audience
Feeling like you’re underpaid is not the same as knowing that you’re being compensated based on your qualifications and experience. Go to sites like Glassdoor, PayScale, and Fairygodboss to get an idea of what other employers are paying for the same skills and experiences you have. Once you have a specific number in mind, you also need to know your supervisor’s personality.
Treat it like any other salary negotiation
If you are using a competing offer to negotiate a salary increase, the last thing you want to do is come to the table with the offer alone. Along with knowing your number and your audience, you should also come with evidence of your high-quality work. You need to know your worth and prove it. It may also help to prepare a list of all the things you have done for the company, whether they were good or not so good. When you are in front of your supervisor, review the things you believe were successful and then the things that did not go well, focusing on what you learned from them.
You should be prepared to leave
If you have a competing offer and are considering going to your employer to negotiate a raise, you should be prepared to accept that offer. Even if you want to stay and are just trying to use the offer as leverage, your employer can say they are sad to see you go and not make a counteroffer. So if you want to stay and also want a raise, try something like this: “I need to let you know that I have received another offer, but my preference is to stay here. How do you see my career path in this role, and what should I do from here? It’s not one or the other, but I wanted to let you know out of respect. It’s not personal; it’s business.”
This move works once for each employer
What happens when you succeed? Abernathy has explored several times throughout her career, received competing offers, and then received matching offers. However, she left in both cases after one year. “I think the reason I left is that I’m not sure there was trust [again] and the level of comfort wasn’t the same,” she said. “I remember a boss saying to me, ‘I’m surprised you went for a job interview; I thought you were happy here.’”
Frequently Asked Questions
How do I tell the company I have a competing offer? It is believed that using a straightforward and respectful approach will yield the best results, according to experts.
How do I negotiate my salary without a competing offer? There are several steps to negotiate your salary. Gather research and average salary increase data, along with your recent accomplishments. Have a clear idea of what you want, but be flexible regarding other offers. Then request a meeting with your supervisor to discuss salary.
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Source:
https://www.thebalancemoney.com/competing-offer-salary-negotiation-4104439
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