Firstly, congratulations on your job offer! Do not feel like you need to accept or negotiate immediately. Instead, thank them for the offer, get more information on their decision timeline and deadline, and enjoy this exciting moment!
If you do not have an immediate yes/no response, reflect on your values, position fit, and what is important to you in the external context. Start with the following:
Negotiation is expected and keep in mind, it is not a conflict; it is a conversation. One thing to be aware of, in the U.S. the negotiation process is not meant to be drawn out into a series of back-and-forth communications. Ideally, it is a collaborative, problem-solving endeavor between you and your potential employer that comes to an agreement after one or two exchanges following the verbal offer.
Many advanced degree professionals are concerned about negotiating their first non-academic roles. Rest assured, you can negotiate with confidence regardless of your most recent position (and your PhD candidacy/fellowship are professional positions). One of the most important things to keep in mind is the base salary is not the only thing on the table. It tends to get the most attention, as subsequent salary increases within an organization are based on that number, but there are other things that can be discussed.
As you reflect and prepare for a negotiation conversation, consider the below:
Typically Non-Negotiable Terms
Less Frequently Negotiated Terms
Frequently Negotiated Terms
Location (though there may be some flexibility on hybrid work arrangements)
Performance and Salary Review
Additional compensation (e.g., signing bonus)
Benefits coverage effective date
Organizational financial stability