By playing the game correctly, you may end up with exactly what you want. We worked with one grad who ended up with $6,000 more and a new truck (needed for his job!) than what he expected. He ended up with one of the highest compensation packages out of his entire class.
There are some simple rules to keep in mind when the salary issue comes up in the job search.
Rule #1 Don’t talk about money prior to the job offer when confirming the range of what the employer says is budgeted for this position.
Rule #2 Understand what your offer includes so that you can do a correct evaluation. What is the value of the health insurance? Is it 100% or partially paid? Is there an expense account? What will it cost you to commute or park? Does the company offer a savings plan? Are there discounts or reimbursements on health club memberships or other clubs? Do you need to wear a suit (= new clothes and dry cleaning bills!) or can you dress more casually?
Rule #3 Know what the going rate is in that industry and for that position as well as what your worth is. Do your homework. There are several tools that you can utilize to check:
Online:
Salary.com
Salaryexpert.com
Vault.com
Salary Survey’s
Check trade associations by industry
Magazine surveys
Recruiters/Headhunters
These can be excellent resources not only for getting job interviews, but also to gain valuable information. Try to locate a recruiter that specializes in the industry that you have chosen.
Valuing your worth: What do you really need to live on? Have a realistic budget of what you need to live. What is your rent, college or car loans, food, insurance, gas, utilities and entertainment? Think about living with a few roommates versus a place of your own.
Rule #4 Once you have agreed upon a figure, don’t go back on it. Be a person of your word.
Rule #5 Don’t be a diva! Most companies are watching every dollar, don’t request expensive perks.
Rule #6 Ask for incentives and performance based perks. Any company should be thrilled to offer incentives for delivering. They will feel that you have a strong desire to win and will put in the extra effort to do so.
Rule #7 If the offer is less than you want, evaluate what it can do for your career. A recent example is a new grad that got offered 2 jobs 2 days apart. One was for $38,000 in A VERY expensive city to live and one was for $50,000 where the cost of living was lower. The lower one was her dream job. Even though it was in an expensive city to live, she knows it will make her happier and help her on her desired career path so she took the lower offer.
Many recent grads don’t yet have the experience to heavily negotiate. Understand that this first job may offer you a wealth of information to help you better negotiate in the future.
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