Graduating from college and landing your first full-time job is all great, but it's important to remember to negotiate your salary as well. According to CareerBuilder, 73% of employers expect candidates to negotiate their salary, but only 55% of them do.
Linda Babcock, professor of economics at Carnegie Mellon University, says, "No organization is simply going to provide you the maximum they may be inclined to pay. They're looking to get you as reasonably priced as they can. Nothing personal – it is simply business. There are three tactics you can use to approach a salary negotiation: research typical salaries, set the right tone, and emphasize your strengths."
Researching Typical Salaries
According to CNBC, going in with an understanding of the going rate for the job you're applying for is essential. While companies are posting salary ranges, it's important to do your research using job sites such as Glassdoor and Salary.com. Talking to a friend or mentor in the industry is also a good idea. If you know someone at the company, you're applying to; this is even better.
Setting the Right Tone
Think of the person you're negotiating with as a partner rather than an adversary. You want to pull them to your side of the table so that you're both working on a common objective. Professor Alexandra Carter says, "Here's what I'm bringing to the table, and here's what the company is bringing to the table. How are we able to make this package deal something that excites us both?
Emphasizing Your Strengths
Although you may not have a lot of work experience, you have a new degree. Being fresh out of college is an advantage because it means you've been trained on the latest technology and developments in your field. This can help you bring skills and competencies to the company that its existing employees don't have.
Answering "What is Your Salary Range?"
Everyone tries not to be the first to throw in a number, but then it happens: the recruiter or interviewer asks what salary range you're looking for. Professor Alexandra Carter recommends saying, "Thank you for asking. Tell me more about how the company is seeing that range and how a candidate fits within that. This allows you to understand the way the company is valuing various factors before you put out a number. For example, if they say $100,000 is for people with two years of experience, and $50,000 is for people who are right out of college, that gives you your answer right there. If they say that it's a case-by-case basis, then you should focus on your strengths.
Asking "How Much Does the Job Pay?"
It's best to wait until after the company has expressed interest in you before asking about salary. It's okay to ask what the salary range is for the position, but don't just blurt out, "How much does this job pay? Instead, wait until after you've had your interview, and the company is interested in hiring you.''