The end of 2022 brings on a huge shift in the tech workforce. Hundreds of tech companies, big and small, are laying off big chunks of their workforce while other companies are continuing to hire new talent. If you’ve recently been laid off, bring these strategies to your next job offer to ensure you’re paid what you are worth!
1. Be calm and confident
Don’t let your layoff bring you down. Layoffs are an unfortunate consequence of business decisions and practices that are out of your control. Make sure to bring your best to the table and do research to understand why your company made its layoffs. When talking about your previous employment, bring up your findings and reference the company’s decisions.
Preparation is essential to negotiate your salary with confidence. Entering negotiations, you want to prepare responses about expected talking points and the reasoning behind your counteroffer. Companies have to lay off some of their best talents in these times. Make sure to make a great first impression during your interview, and be a confident negotiator with justification and examples of why you are negotiating a higher salary.
2. Negotiate total compensation
Negotiating salary is only one aspect of your compensatory package going into a new job. Any misstep in this process could lead to your counteroffer getting rejected immediately. General compensation packages include:
Know the ins and outs of your offer letter before making any counteroffer. A higher base salary is always nice, but it is often better received when counteroffers include negotiations about other parts of your compensation as well. Employers are more likely to budge on one-time payments or other bonuses than a flat salary increase, and putting all your eggs in one basket is an unnecessary risk when negotiating salary.
Research pay ranges for comparable positions and see how your total compensation holds up, not just your base salary. You can use this data in your counteroffer if your total compensation is below the top band for similar positions. Like any counteroffer, make sure to tell them why you deserve to be paid at the high end of the salary range.
3. Prepare to hear a “no”
Rejections are very common in salary negotiation. Address their specific objections and let the hiring team give you a better offer. Your new company likely understands that layoffs mean there’s a ton of great talent looking for jobs, and negotiating with confidence lets your employer know that you are the top talent they are hoping to hire. You can negotiate salary without a competing offer after you’ve been laid off with the right preparation and attitude.
Negotiating a job offer after a layoff is not going to be easy, but it is worthwhile. There are a great number of companies hiring right now and engaging with them confidently and professionally will pay dividends. Don’t leave money on the table. Contact Pathrise for one-on-one consultations with negotiation experts. Book a free consultation today and prepare for the salary you deserve!