Throughout our lives as students, we strive to get a good education that will lead us to a solid job and successful career. But we weren’t prepared for what happened after graduation – responsibilities like finding a place to live, getting our first job, and paying rent and other bills.
You can’t just take the first job offer that comes along and assume it’ll all work out. It’s important to find the right job that pays enough so that you can cover your rent and bills – plus have enough left over to spend and save. And what a lot of college graduates don’t realize is that you can – and should – negotiate your first salary.
“I think many students are more interested in getting a job where they simply accept the offer,” says Anna Berrios, a licensed professional counselor at Ohio State University Buckeye Careers. first suggestion.
Only 38% of recent graduates negotiate with employers when they receive their first job offer, according to personal finance website nerdwallet. But meanwhile, most employers are really eager to negotiate a salary – even for the first job – so they build on that. That means, if you don’t even try, you can spend your money!
Mattathia Komla, a current MBA candidate at Fordham’s Gabelli School of Business, said that after receiving her undergraduate degree she was delighted to get a job.
Mattathia Komla, a current MBA candidate at Fordham’s Gabelli School of Business
Source: Koami Dzidzonu
“I don’t even know what the typical starting salary is,” says Komla. “I was naive to the fact that I could negotiate my salary.”
She realized that, because she had little experience, she had no leverage to decline or negotiate the offer. So she chose a proposal way lower than her required score.
Salary gap
Everyone should negotiate their salary but it is more important for women to advocate for themselves, when you consider the pay gap.
Women make 82 cents for every dollar a man earns, according to PayScale’s Payment gap by gender 2021 report. For women of color, that number drops to about 75 cents.
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“Some women feel uncomfortable discussing salaries and are hesitant to ask for more,” says Berrios.
It certainly doesn’t help that so many of us don’t have financial discussions in school or at home.
And, added Berrios – cultural conditioning and stereotypes may play a role. Some women may worry about coming off as pushy or rude if they ask for more – something most men don’t have to think about.
Instead, all women – especially marginalized women – need to be self-aware and assertive when communicating their values, says Berrios.
The pay gap has gotten a lot of attention in recent years, and we’re finally starting to see some progress.
“Women are negotiating more than they used to before, even though men continue to negotiate for pay,” says Gloria L. Blackwell, vice president of programs and scholarships for the American Association of College Women. better wages. “It is becoming more common for women to negotiate, especially younger women, between the ages of 18 and 34,” she said, citing research from global HR firm Robert Half.
Know your worth
Now, you can’t walk in and claim more money than they are offering just because you know that you are statistically likely to earn less. You have to do your research and arm yourself with the knowledge of your values.
First step: Know the starting salaries in your field.
Berrios advises students to always look for open positions, emphasizing the importance of building a personal network from chatting with other job seekers, reviewing business trade publications and using lists. job. You’ll learn a lot about salary from talking to people and regularly scanning job listings. And of course, there are specific tools on job sites like PayScale and Glassdoor that can help you determine salaries for jobs in your field.
Tiona Ryan, a University of Kentucky student who graduated in December this year, is very aware of the pay gap and knows she will be at a bigger disadvantage.
Ryan said: “Growing up in a single family, my mother advised me and my sister that people would have very low expectations of you. “So you should set those expectations for yourself and never be surprised by what you can deliver.”
That’s why she was always pushed to be in a competitive position when applying for jobs, which helped her get a job before graduation.
Tiona Ryan, a student at the University of Kentucky, graduated in December of this year.
Source: AJ Franklin
She did some research and found that the starting salary for a young professional in HR would be around $40,000 a year.
“I am very familiar with Glassdoor and LinkedIn Premium,” says Ryan. “They’re great tools for accessing salary ranges for any field.”
You also need to enter into a salary negotiation with a few bullet points about what you bring to the table. Why should they hire you instead of someone else? Why do you deserve what you are asking of them?
Call out whatever sets you apart and use the language from the job description. So if they’re looking for a self-starter who can multi-task, use those words to describe yourself and even give an example of when you showed up. those characteristics in a job, internship, or other project.
“You are the best ambassador for yourself! “, said Abisola Akinkuowo, Program Manager of AAUW’s START Smart program, which educates college students about wages.
Look for other benefits
Don’t play hard ball. Do your research and ask for what you want but realize when they are not willing to budge on salary.
What you can do, if your request for a higher salary is denied, is see if there are some other ways they might be willing to soften the offer.
“[S]Students must be aware that there are negotiable benefits, Berrios said.
You can explain that the offer is lower than you expected, but ask if they would be willing to include any other benefits with the offer. This can be anything from cost-of-living adjustments to education/training programs, expense accounts, time off, bonuses and relocation experience.
So how do you negotiate your first salary?
Know your strategy
It’s important to have a plan and know how this negotiation is going – don’t just give it wings.
Don’t launch salary negotiations first, until AFTER you’ve received a formal offer, advises Akinkuowo.
And if they ask you for your salary first, don’t just utter one sentence. Give them a scope based on your research.
And if you’re going to claim the top of the range – be prepared to back it up with why you deserve it. Cite your experience and qualities that make you a perfect fit for the job and the organization.
Practice! Practice! Practice!
This is one of the most important conversations you’ll ever have in your life – what you earn matters to everything else you do. So take the time to practice going through the bullet points of what you bring to the table and how you would approach a salary question. Address any stuttering and stuttering you may have so you feel comfortable and your answers flow when you start a conversation.
Think of it as a test: If you study for it, you’ll be a lot more confident! And confidence is what will get you the job — and the paycheck.
Akinkuowo is motivated to share this information with others to empower women around the world.
“It’s not just about us. It’s about the wealth of generations!” Akinkuowo said.
So when you negotiate, you’re raising the bar for yourself – and for those who follow in your footsteps.
For more information on how you can prepare to negotiate your salary, check out AAUW’s free program Work smart online, a resource for women to learn how to negotiate their salary online.
From CNBC”University voice″ is a series of articles written by CNBC interns from universities around the country about going to college, managing money, and growing their careers during these extraordinary times. Jennifer Iroh is a student at Ohio State University, pursuing a bachelor’s degree in health sciences, majoring in social psychology. She is currently an intern for CNBC’s human resources department. The series is edited by Cindy Perman.
