This is the twenty-first in a series of blogs supporting the College to Career Calendar available for downloading at interview2work.com. Today’s blog discusses strategies for preparing for salary and benefit negotiations. We have developed tip sheet on salary negotiation you might want to check out.
In future blogs, we will discuss how to determine the salary and benefits you want and how to ask for them. Our focus today will be on why you should negotiate. Why start with a discussion of why to negotiate? Almost no one questions the need to develop a resume and interview skills to secure a job but many questions the wisdom to negotiate for a salary/benefit increase when they get an offer. My goal is to share the reason it is important to prepare to negotiate your salary/benefits and other job details.
5 Reasons you should negotiate:
- Most employers expect you to negotiate salary/benefits so they often offer less than they are willing to pay/provide.
- Successfully conducting a salary/benefit negotiation showcases skills many companies value; the ability to handle difficult conversations, ask for the resources you need to be successful, and understand the value of your contribution.
- It is easier to negotiate a higher salary before you start work than in the months after you start.
- Most companies offer yearly raises as a percent of salary; the higher your salary the larger the yearly increase.
- Future employers may base salary offers on what your previous employer paid you.
Still questioning the value of negotiating? Research has shown an individual who fails to negotiate a first salary stands to miss out on more than $500,000 by age 60.
In my next blogs we will discuss overcoming the barriers to negotiation: fear, lack of negotiating skills, and not knowing what to ask for.