The negotiation process for offer letters and bonuses can come with their own set of challenges. When it comes to offer letters, it is important for candidates to acknowledge that companies are taking the time to organize and mediate these letters with the goal of hiring them. For bonuses, candidates should recognize that a bonus’ purpose is for a company to recognize their value.
I had a candidate that deliberated with a client five times to get the perfect offer letter, only to use it as leverage for a position at a different company. This candidate asked for specific requests such as certain days off, unique thresholds to achieve more bonus potential, a large benefits package, and even more definitive asks. The client accommodated the needs of the candidate and went through five iterations because they believed the candidate was negotiating with the intention of building a mutually beneficial partnership. When the candidate decided to abandon the offer with the company, they damaged relationships with individuals in the industry and tarnished their own reputation. Negotiating in good faith is crucial for building trust and respect between companies and employees. I advise candidates to be open and communicate with potential employers if they are exploring other job opportunities for the sake of respecting the company’s time.
With the year coming to a close, many individuals are finding themselves negotiating internally with their employer regarding bonuses. Similar to offer letters, these conversations should be conducted with purpose and display the justification for certain requests or amounts. Showcasing your performance from the past year demonstrates that you are making a conscious effort to work hard to earn the full bonus amount.
Andrew Reising serves as a Director at RETS Associates, a national real estate executive search firm. He can be reached at: firstname.lastname@example.org