It's
More than Just the Salary
By: Tamara Baker, Associate Director
Graduation is right around the corner
and you finally got the job offer you’ve been waiting
for. Congratulations! The only thing left to do is sign
on the dotted line, right? While many graduates are
tempted to accept the initial offer (and understandably
so), it is important to realize that there is still
plenty of room to negotiate, even in this challenging
economic climate. In fact, now more than ever, employers
need to make sure they are bringing in the best talent
and must be willing to compensate accordingly. At the
same time, the pool of qualified candidates is flooded,
making negotiations a bit tricky. That said, realize
that negotiation is not only okay, but in many cases
an expectation of the employer.
Experts offer the following tips for negotiating in
these economic times:
- Do your homework! Research typical salaries for
someone with similar experience in your industry.
Websites like salary.com
can offer some guidance. Other research methods include
asking local professional associations and looking
at similar job postings.
- Tell
the employer that you're interested when they make
the offer, but don't commit (unless you truly are
comfortable with the initial offer). Give yourself
some time to reflect on the offer and think about
whether it will meet your needs.
- Ask if negotiation is possible. Some fields (education
and government) have little to no room for negotiation
as salary levels are predetermined. If you've done
your homework, you may already know this information
going in.
- It's more than salary, consider the entire package!
While the tips above are very important, the fourth
point is especially interesting considering our current
economy. As budgets tighten, work weeks are shortened,
furloughs become mandatory, and the number of qualified
applicants increase, entry-level candidates must understand
that negotiation may be less likely. If you are willing
to think outside of the box for possible alternatives,
hiring managers may be as well. Consider the following
negotiation point possibilities that many job seekers
may not be aware of:
- Time off: Paid vacation time is
an extra benefit that can be negotiated at the time
a job offer is made. You may be able to negotiate
a few more days or even weeks than you were originally
offered.
- Education and career enhancement:
Employers may be willing to cover expenses for graduate
school, workshops, seminars, etc. While this may require
the organization to spend additional money, the employer
will also benefit from what you learn.
- Flexible schedules: Flexible scheduling
may include condensed scheduling, work from home,
etc. Whether a worker wants to commute less or spend
more time with family, such a perk benefits the employee
at no extra cost to the employer.
- Wellness: Employee wellness is
an area that companies have begun to focus on more
in recent years. Paying for a portion of your gym
membership is just one example. In the long term,
a healthier workforce may cut down health care costs.
- Miscellaneous: Other areas that
are potentially negotiable include: start date, moving
expenses, travel allowances, geographic location,
performance and retention bonuses.
Finally, whether or not to negotiate a new job offer
is entirely up to you and what you feel comfortable
with. Many college graduates choose not to negotiate
due to the entry-level nature of the position or for
fear that the offer will be revoked; that is perfectly
understandable. But, keep in mind that if an employer
already thinks enough of you to offer a position, it
is unlikely that they will pull the offer simply because
you inquired a bit further about the compensation package.
Remember, you’ll never know unless you ask and always
consider the full package!
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