using data to help first job salary negotiations
TRANSCRIPT
Yes They Can!Teaching Salary
Negotiation Techniques to Students
Aubrey Bach, Senior Manager of Editorial and Marketing, PayScale.com
Graduation!
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
"... 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
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 uncomfortable talking about salary
The Gender Wage Job Gap
• 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 in rank
“Women worry that pushing for more money will damage their image. Research shows they're right to be concerned: Both male and female managers are less likely to want to work with women who negotiate during a job interview.”
- Ashley Milne-Tyte, Planet Money
#TheStruggleIsReal
Underemployment means holding a job that doesn’t
put all of your education,
experience and ability to work
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 work
#WorthIt
of people who told us they asked for raises reported receiving an increase in pay.
75%
1. What you are worth2. What they are willing to pay you
Negotiation 101
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
Take the PayScale Survey
Determine How Much YOU Should Earn in That Role
The PayScale Salary Calculator
• Free!
• Easy to embed
• Research career options quickly and easily on your site
www.payscale.com/salary-calculator
A FREE way to track how alumni fare after graduation
Alumni Analytics
Don’t Be Scared
• Employers expect you to negotiate.
• Data will set you free.
Slow Your Roll
• Always give yourself time to review the offer, even if you love it
• 1-4 business days is standard
Negotiate Everything
• Salary• Bonuses • Equity• PTO• Flex time• Retirement plans• Health insurance• Review schedule• Education
opportunities
Be Logical
Stick to a Script: How to Ask
“Thank you so much – I am excited about the prospect of joining the [Company Name] team. However, I’ve done some research and feel that with my qualifications, I should be earning [$xxx] in this role. Can you come up with a package that meets this number?”
Stick to a Script: Explain Why You’re Awesome
“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
Practice. A Lot.
Want More?
payscale.com/guides/career-success-guide
