Module 5: Salary Negotiation
Overview
Congratulations, you got an offer! Okay, so now what? One of the things you may want to consider is negotiating a salary and benefits package that reflects your needs and values.
Click play to learn more about interviewing and salary negotiation.
Knowing your Budget and Salary Needs
The first step to knowing how much money to ask for in salary negotiations is knowing how much you need to support the life you want. For example, do you have student loans that you need to account for? A car payment? How much is your rent? Are you sending money to family members? How much money do you want to have in savings to feel secure? What are the income taxes like where you will live? etc. It is a great idea to set out even a preliminary budget so you know what salary will support the life you want. Here are some resources:
Glassdoor for Salary Research
How do you know what is a fair salary to ask of an employer? As always, doing your research can help you answer that question! One resource that is useful in this case is Glassdoor Links to an external site.. Once you create an account, you can research what other people with similar job titles earn and the range of salaries reported by other users of the site. You can examine job titles across companies or salaries within organizations themselves. This information can help you know what salary averages are for other employees in similar roles to you.
Other Things You Can Negotiate
When you get an offer, you can also negotiate other forms of compensation or benefits including:
- Paid time off (PTO)
- Student loan repayment assistance
- Job title
- Licensure supervision
- Moving expenses
- Transit expenses
Do your research on the benefits offered by your future employer on their website and use sites like Glassdoor to learn what benefits are commonly available to you.
Techniques for Negotiation
There are a few tips to take with you when approaching a salary negotiation.
- Delay Salary Talk: Avoid discussing salary too early. Focus on understanding the job, team, and expectations first. Defer salary conversations until an offer is made.
- Value-Based Salary Discussion: Discuss salary based on your experience and the value you bring. Ask for the employer's range and see if it aligns with your expectations.
- Limit Negotiations: Avoid negotiating multiple times. Many companies only negotiate once, so communicate clearly and cautiously.
- Keep Negotiations Friendly: Ensure salary negotiations are non-contentious.
- Prioritize Your Values: Understand you may not get everything you want in a job offer. Consider what aspects are most important to you.
Practice Resources for Negotiating Offers
Your Career Centers Links to an external site. are also happy to work through salary offers with you!