Figuring Out Your Worth

How can you measure your worth in dollars and cents?

Salary negotiation is an art that many find difficult to grasp. Moreover, as a fresh graduate, you have nothing to lose when it comes to salary negotiation, so take the first step to discuss how much you should be paid for your services with your first employer.

Just be sure that you don’t broach the subject during your first interview. A preferable time would be in your second interview, and it’ll be even better if its face-to-face.

After all, you stand to gain, whether in monetary terms or newfound knowledge and experience for this act of necessary evil which may seem scary at first! Wait till you have an offer

Don’t bring up salary matters until you have an offer. You need to know that the employer is keen to hire you before you start revealing your cards on what you think you’re worth.

Timing your negotiation well is a big factor for success too.

State a range

Whether you’re at the entry level or any other level which you’ve progressed to in your career, always state a range when it comes to salary expectations. This gives you more wiggle room for negotiation instead of when you nail a single number.

By stating a range, you’re giving the employer the option of going for the lower or higher end of the range too, though you should also be prepared to accept the lower range of the offer.

In other words, the lower range figure will be your baseline for acceptance. Research market rates and industry standards

Make sure you make informed decisions even as a fresh graduate when it comes to evaluating job offers and benefits packages.

Do adequate homework and read up on graduate employment survey findings and market reports. Alternatively, you can also turn to your contacts in the industry and your personal network if they have any clue.

Use your research to come up with a range of figures on what you should be paid for each role you’ve applied to, and don’t forget to take the company size and current economic climate into consideration as well.

Ask if the company has a structure for increments and enquire about the norm for bonuses too. Work out the sums and decide if the overall amount of what you’re getting is considered fair for the offer at hand or not.

Be prepared to substantiate your request

This is the most interesting and fun part of the salary negotiation process, where the employer questions you on your deduction, and you get to win them over with your points.

Always back up your requests for a higher offer by showing your strengths, achievements and what you’re bringing to the table. Keep in mind that this is also about work load and the value which you’re generating for the company.

Show an appreciation for these aspects and your employer might be impressed and convinced as to your worth.

Decide on the offer at the end

You have to make up your mind if you want the offer or not at the end of the negotiation. While you have to be prepared to lower your expected salary figures, leave room for the employer to come back with another offer.