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You did it! You applied, got through the interview process, and now you’ve received your first full-time job offer. As exciting as this time is, you should pause before immediately accepting the offer the moment you see it. You can, and should, try to negotiate a better compensation package for yourself. Employers generally expect you to do so, but it can definitely be intimidating your first time, so here are some tips to help.
Do Your Research
Before you respond to the offer or try to negotiate, it’s important to research the market rate for the role you will be accepting. Use a few different sources, like LinkedIn or industry-specific websites in order to get a range or general idea of what the compensation is for this role across the country. Your counteroffer will be more powerful if it is backed by data.
Low Risk, High Reward
Don’t assume that negotiating will lead to a rescinded offer. This almost doesn’t happen—you’re much more likely to be told that the company can’t accommodate your salary request and that their offer stands as given—so coming in with a counteroffer comes with very little risk. And since the potential reward is higher pay for this job (and probably even your next), it’s worth making the effort.
The gap between what you're offered and what you could earn matters the most at the beginning of your career. Your starting salary is what every raise will be based on in the future. For example, if your starting salary is $40,000 and your annual raise will be 3%, you will earn $1,200 more after that raise. However, if your starting salary is $50,000 and the annual raise is still 3%, you will earn $1,500 more after that raise. This will continue to compound each year, so having a higher base salary really matters, even down the line.
Negotiating is Expected
It’s easy to think that you’re supposed to just accept what is offered, but that isn’t the case. The opposite is actually true. According to Indeed's salary negotiation research, 85 percent of employers have budget room beyond their initial offer and anticipate candidates will counter. By not negotiating, you’re leaving money on the table. This is part of the reason why employers typically give a timeframe for a response to their job offer, be it three days, a week, or even two weeks. They don’t expect you to say “yes” right away—they expect you to take a few days to think about it and come back with a counteroffer.
What to Say
In the same vein as the above, don’t try to counter the second you receive your offer. Instead, express your gratitude for the offer, and say you’ll take a little time to review the offer. You can assure them that you’ll get back to them well within the timeframe provided or, if they didn’t give you one, provide a short one (three days, for example). This gives you time to fully understand what your offer entails and plan for what you’d like to counter with.
During the negotiation process, there are a few things you should mention: the market rate you found through your research, your top skills that make you a great addition to the team, and the salary you are asking for. Be direct, clear, and of course, professional.
Negotiating your salary can be scary, but it doesn’t have to be. Know your worth as an employee, and advocate for what you deserve.
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