New grads, here’s how to negotiate your job offer!
As a recent graduate, you’re probably familiar with budgeting and managing your money quite tightly. But when it comes to ensuring you have a bit of spare cash each month, it’s best to look at how much you earn, rather than how many happy hour cocktails you’ve been buying…
That’s why it’s important to master the art of negotiating.
When you’re job-hunting, and especially when you’ve been offered a role, negotiating on salary, benefits, hours and even your job title, can all help boost your career and help you land that little extra in your bank account each month.
Here are a few ways in which you can negotiate a new role…
Know your worth
As a graduate, a company may have already paid up to £5,000 to recruit you, so they wouldn’t want to risk losing you for the sake of a few thousand pounds. Remember, they need you as much as you need them, so know your worth and stand your ground – many companies respect young, driven grads who negotiate their pay.
It’s all in the semantics
Sounds silly, but the wording of your job title is key for your future progression and success in the working world. If you feel it’s appropriate, speak to your potential employer about changing your job title if you don’t feel that it reflects your role or experience.
Do your research
Websites like glassdoor.com and payscale.com are great resources to use if you want to check you’re being paid correctly for your future role. Before you start any negotiations, make sure you have some backing and facts to prove that other companies are offering more for the same role.
Meet in the middle
A good way to make sure your company is happy with the potential to pay you more is to find out what they are willing to offer, then try to meet in the middle. If you begin negotiations slightly above what you desire, then you have some wiggle room for them to go in lower and feel like they have the upper hand in the negotiation.
It’s all incremental
Another way to ask for a better work package is to offer the option of incremental increases. Based on performance, you can request a salary review at 3 months, 6 months, or at whatever time increment you see fit. If your boss is pleased with the work you are doing, then negotiate some targets for small pay increases as time goes on.
The full Monty
When it comes to negotiations, put more than just your salary on the table. Think about other benefits like pensions, bonuses and training budgets, too – all of which have their own monetary value. Some companies, for example, not-for-profits, don’t have much room to move on salary, but they can offer these alternatives. Rank the importance of these extras to you, so you know which ones you should agree on.
Don’t lose me!
When negotiating a new role, one of the best methods to secure an increase is to let the company know your other offers (true, or otherwise!) By saying “You are my top choice, but I have two other offers on the table. If we can work this to a fair number, I am willing to sign today.” – putting this element of fear to your potential employer will make them re-think if a few more thousand is worth losing you or not!