The power dynamic that exists between employers and recent college graduates makes it hard to be comfortable talking about money with your employer. Many college graduates don’t have an understanding of their personal salary expectations nor how to bring them up. Take the following tips to heart and learn what you can do to take control of your salary and your future.
**Disclaimer: Always talk to your employer with respect. You will not be in a position to make demands, but you are always in a position to communicate and potentially negotiate with your employer. Make sure the employer knows you are interviewing because you want a career and a job, not a salary.
Know your career
Looking into the typical salaries of your future career can help give you a realistic idea of what you can expect to make throughout your life. Check out online resources like Glassdoor and Indeed where you can find the typical salaries for people working for the specific companies and positions you’re considering. Also, take a look at the Bureau of Labor Statistics’ Occupational Outlook Handbook (https://www.bls.gov/ooh/home.htm?view_full). The handbook will tell you the median salary for your desired occupation during the past year. These resources can help you discover the range you’d expect to make.
Know your worth
Just because you’re starting out doesn’t mean you will make the minimum of your career’s range. If you have relevant classroom experience or internship experience, sell it! If you know that you will be great at a job that you’ve done everything you can to prepare for, be prepared to talk like it. There is a fine line between confidence and perceived overconfidence, but make sure your employer knows your full value before you negotiate any compensation. It will help your odds. When your employer asks what you expect to make, tell them a range (within which you wouldn’t be unhappy earning the minimum) or even a specific number that you have prepared ahead of time by carefully researching the job market.
Know the timing
An interview is not a time for negotiating salary. You will come across as a money grabber who is not interested in the employer, but instead what they can do for you. An interviewer may ask to discuss salary. If they do, you may talk about it, but you may also avoid discussing it, preferring to talk about the job itself and if it’s a good fit for you. After your employer gives you a job offer, they will begin to discuss compensation. This is when you can start negotiating. Now that they know what you bring to the table, remind them, and ask for what you think you are worth. Keeping these tips in mind while negotiating will help you secure the financial future you deserve.
Calvin NEXUS Financial Coaching 