Salary Negotiation Tips for Fresh Graduates: Negotiating your salary can be difficult to do as new grads. However, with proper approach and strategies, you can earn a good salary to prepare for your future. Below are the tips you need to negotiate like a pro:
Negotiation Tips for New Grads When it Comes to Salary
Do Your Homework as Fresh Graduates:
- Check Industry Benchmarks: Find out your new role average salary with research and industry. Perfect platforms like Glassdoor, Payscale and of course LinkedIn.
- Wealth of the Firm: Know where company sits on finances, so you can gauge your level of negotiation.
- Your Value Proposition: What will set you apart, what skills do you have that are unique or any experience that makes you uniquely qualified for the job to be able to offer them?
Rehearse Your Pitch:
- Tip: Create a simple and clear Elevator pitch. An elevator pitch is where you sell yourself. You tell about your strengths, achievements and what value do you bring to the company.
- Expect Questions: Prepare for questions the employer may pose and be prepared to provide good answers.
- Be an Active Listener: Listen to what the employer is asking you and respond appropriately.
Be Realistic:
- Salary Range: Use your research and the lifestyle you want to determine a salary range.
- Flexibility: Be ready to negotiate and give something up here (e.g., benefits or working from home vs office).
Timing is Everything:
- When Best: The best time to negotiate salary is typically after the offer but before you sign.
- Do Not Rush: Take your time, consider the offer, and research before replying.
Be Bold:
- Speak clearly with eye-contact and confidence.
- Speak With Value: Be assertive, and say what you expect but not conceited or demanding.
Use the low-hanging fruits (not cash):
- Full Package: Negotiate for more than just salary, including things such as health insurance, retirement plans, flexible work arrangements or professional development opportunities.
- Long-Term Focus: Consider the entire package and how it relates to your overall career aspirations.
Be Ready to Walk Away:
- Your Solution: Be willing to walk away, if the employer cannot give you what you want.
- Stronger: When you know what you are worth, knowing that, and ready to leave if it goes lower than that, you have a stronger position in negotiation.
Get Help and Support:
- Mentorship: Seek guidance from professionals or career counselors with experience.
- Appeal to Peers: Talk about your strategy for negotiating with friends or peers who have recently undergone the process.
Popular Negotiation Tactics
- Silence as a Technique: Do not say anything after the employer gives you an offer. This puts some pressure on them to sweeten the deal.
- Conditional Contingent Negotiation: negotiate on more than one dimension of the offer by leveraging if-then statements about pay, benefits and other work conditions at once.
- Boil the Frog: set your initial ask a bit higher, since you expect the final offer will be lower but still in range.
And finally, salary negotiation is a skill that can be developed and honed with time. With these tips and some effective negotiation strategies under your belt, you can improve the odds of getting a fair and solid salary package.
