When it comes to the actual price negotiation, there are certain rules that you can follow to achieve an optimal result. The negotiation itself is rather simple. You just have to decide what is your price ceiling, the maximum salary, and benefits that you can offer. After reaching this limit, you should be willing to risk losing a qualified candidate.
First of all, do not start the negotiation from too low. Make a competitive offer. Otherwise, your candidate will feel uncomfortable asking for a much higher salary and will simply move on to the next position. If you want to leave some room for negotiation, you can make an offer that is slightly below your maximum offer. Many people are satisfied if they feel like they have negotiated their salary. Their counteroffer is also likely to be reasonable and within your budget.
Keep in mind that if you decide to accept your candidate’s counteroffer, it means that your negotiation is over. You have just hired a qualified new employee to your team. It’s better to avoid over-negotiating, especially if the requested increase is small. Your primary goal should be to get a signed offer from a highly qualified candidate as quickly and efficiently as possible.
People tend to look at salaries in tiers, and we have a preference for even numbers. Keep this in mind when making an offer. It’s the responsibility of you and your candidate to know the range of competitive salaries. If your candidate’s counteroffer is outside the market range, you should proceed with caution. This could happen if your candidate is inexperienced. You can then use this opportunity to explain your side of the offer.