Tech & Analytics: Salary Negotiation Tips
March 17, 2021 – Upcoming Events, Opportunities & Resources
LETTER FROM THE ADVISOR:
‘Tis the time of year for salary negotiation for many of you. So do you attempt to negotiate a salary? Most often, sure. It can be more challenging as a new graduate because you may have less experience to justify the ask, and yet, many employers often see salary negotiation as a standard practice and provide a little wiggle room in the salary number for this reason. I recently spoke with a student who was told the company does not negotiate because they want everyone to start out with equal salaries. We still wondered if a bonus could be negotiated and he tried. What do you think happened? Did he get it? This time, no. Did he lose anything? No. In part, because he shared his excitement for the company and presented his request in a respectful manner. I met with another student who was pleased with her salary; however, she planned to relocate and hoped for relocation assistance. She felt deeply uncomfortable asking for more money. We spoke at length, practiced, and she overcame her nerves. She asked the company for $4k. Did she get it? Yes! Despite two different results, both students leaned into their discomfort, understood their worth, and gained a valuable life skill.
Salary negotiation is completely nerve-racking for most of us. Linda Babcock, author of the book, Ask For It, shares that women in particular do not feel they deserve to ask for things. Because of this, we don’t even think to ask. And if we do think to ask, we often don’t feel comfortable so we ultimately just don’t ask. This book offers many concrete, helpful strategies in asking for and negotiating all types of things in life. After all, only about 15% of those who negotiate get nothing for it, and for those who do, they get an average of 25% more than expected, per this video. Also in this 13-minute video, learn how to handle the salary expectation question from interviewers, factors to consider when negotiating beyond base salary, and tips on how to negotiate successfully.
Bringing data is a critical component to salary negotiation! To help with salary research, use glassdoor.com including this feature to analyze your offer. Also, check out the U.S. Bureau of Labor Statistics Wage Estimates, payscale.com, and NACE’s Salary Calculator.
Cawley has more tips on salary negotiation including sample phrasing to incorporate into your script. I am a huge fan of asking, “What do you think?” after sharing your hopes of X salary given Y reasons. Remember, the objective is for this conversation to feel like a two-way, win-win conversation vs. you making demands. Check out one last article below for more tips.
All the best,
Assistant Director, Employer Relations and Industry Advising | Health, Science, and Technology
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Article of the Week
Many students fall into the trap of accepting their first entry-level job offer without realizing what a bit of research can do to drastically change the concessions in their favor. Make your first salary negotiation a bit less awkward by knowing when and how to proceed with this comprehensive guide (new window).
Career Center Resources
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