Negotiate Now! Effective Negotiation Strategies for Your First Job
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Early salary negotiations make a huge impact on lifetime earnings. Learn how to negotiate your first job effectively from PayScale, the world's largest online compensation database.
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Negotiate Now! Effective Negotiation Strategies for Your First Job
- 1. Negotiate Now! Effective Negotiation Strategies for Your First Job Aubrey Bach, Senior Manager of Editorial and Marketing, PayScale.com
- 2. Graduation!
- 3. Underemployment means holding a job that doesn’t put all of your education, experience and ability to work
- 4. Who is Underemployed? • 46% of millennials tell PayScale they are underemployed • Women are more likely than men to identify as
- 5. Understand Your Worth • 83% of people who say they are underemployed say it is because they are underpaid • 55% of people who say they are underpaid are actually paid fairly for their
- 6. Use the PayScale Research Center to find out how much different jobs pay, and how salaries are affected by • Experience • Skills • Location • Employer Use PayScale to Research Salaries
- 7. Early Salary Negotiations Are Crucial • Salary plateaus after age 40, often earlier for women. • Negotiating your salary early has a HUGE impact on future earnings
- 8. "... a 25-year-old who negotiated a starting salary of $55,000 will earn $634,000 more than a non- negotiator who accepted an initial offer of $50,000.” Oh snap. - Fast Company
- 9. But Millennials Aren’t Negotiating • Only 37% of millennials have asked for a raise • 69% of those that did ask for a raise got a pay increase – 43% got the raise they asked for! • 31% of female millennials say they have never negotiated because they are
- 10. It’s Even Harder for Women • The gender wage gap is real, but it may not be what you think it is • In general, men earn 3% to 7% more than women doing the same job with the same experience. • The gap grows as job titles increase
- 11. 1. What you are worth 2. What they are willing to pay you Negotiation 101
- 13. Take the PayScale Survey Determine How Much YOU Should Earn in That Role
- 14. • The salary negotiation process starts as soon as you fill out the first application • Never give a number or preferred salary range on an application You Start Negotiating As Soon As You Apply
- 15. Don’t Be Scared • Employers expect you to negotiate. • Data will set you free.
- 16. Don’t Take The First Offer • Recruiters expect you to negotiate. • If the number they offer doesn’t meet the compensation package you researched, come back with a specific counter offer.
- 17. What is Compensation? • Salary • Bonuses • Equity • PTO • Flex time • Retirement plans • Health insurance • Education opportunities
- 18. Be Logical
- 19. Stick to a Script “Not only do I have [all the standard requirements that everyone else has] + but I also possess [the following unique traits that make me a better candidate and worth more money].” - Jim Hopkinson (author of Salary Tutor), PayScale Salary Negotiation Guide contributor
- 20. Practice. A Lot.
- 23. Thank You! Don’t be a stranger. aubreyb@payscale.com Twitter: @aubreybach