Don't be Afraid to Negotiate That Contract

You knocked your interview out the park and your future employer offered you a job. Now what? Now it's time to negotiate your contract. Just because the employer places a written offer in front of you, that doesn't mean those terms are set in stone. Before accepting a job, figure a few things out as you hammer out the details of your compensation package.

1. Know Your Industry

Each industry has prevailing wages, starting salaries and benefits packages that become the norm for employers. Research what people in your position typically make within your industry, and use that as a starting point as you negotiate your contract. Is the company's offer in line with your research, or is it too low or too high? Do similar companies or the employer's competition offer comparable compensation? Research the cost of living in your state, find average salaries in the Department of Labor's Occupational Outlook Handbook and research individual companies through job postings and Glassdoor.com.

2. Determine Your Bottom Line

What's the minimum you can accept in terms of pay versus hours worked? This figure also serves as a starting point to negotiate your contract. Figure your basic monthly bills, how much you want to save each month, your debt load and any extra spending money you want from every paycheck. If your future salary doesn't measure up, perhaps you might talk about bumping up your pay just a bit.

3. Think on It

Once you receive an offer, your first instinct might be to immediately accept the job. There's nothing wrong with asking your employer to think about it for a few days. Use this waiting period wisely as you examine the contract. Come back in a few days with your research as you begin to negotiate your contract. When you return with your printouts, that doesn't mean you should create a list of demands or else you walk away.

Instead of making demands, politely ask questions when you negotiate your contract. For example, relay your enthusiasm for the job ahead of asking about more benefits. "I'm very excited about this opportunity, but is there anything else we could do in terms of salary?" By saying "we," you instantly turn the negotiations into a team effort from both sides. You want to reassure your employer that you're both working towards the same goal.

Salary may not be your only consideration. Do you want more family leave time? What about a flexible schedule so you can spend more time with your kids throughout the week? How about looking into professional development opportunities that could lead to a promotion in a few years? If you don't see something in writing that should clearly have some kind of mention in the contract, gently point that out.

Your best weapon when you negotiate your contract is hard numbers. When you show your employer the facts, the company has no choice but to take you seriously or find the second-best person on the list. You already know your value; therefore, the company may not let you go easily by turning down your requests.

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