Students strive for an excellent education to secure a successful career. However, new responsibilities emerge, like finding a place to live, securing a job, and managing expenses after graduating, and it's crucial not to hastily accept the first job offer but seek the right job with a good-paying salary that covers rent, bills, and allows for spending and saving instead.
What is a Starting Salary?
A starting salary is your pay when you begin a new job mentioned in the job description, interview, or employment contract. While some starting salaries aren't negotiable, you can potentially use effective strategies to secure a higher one.
The Wage Negotiation Gap
The class of 2024 is seeking jobs and financial security, but negotiating their starting pay may pose a challenge. According to Handshake's survey of 1,148 students, 3 in 4 graduating college seniors are uncertain about negotiating their initial salary, depending on the offer, or not planning to discuss it for fear of the employer withdrawing the offer and creating a negative impression. The remaining 1 in 4 students express definite plans to negotiate.
Seniors' worries are not surprising given the high-inflation economy and an uncertain job market, with workers still anticipating surprise layoffs, according to Monne Williams, chief impact officer at Handshake. However, the fear of negotiating contradicts many students' financial security needs. Over half of the class of 2024 has student debt, and some plan to work a side job alongside their full-time job to cover bills and debt payments. Williams acknowledges these concerns but encourages soon-to-be graduates to recognize that negotiation should always be considered. She advises them to approach negotiations with the mindset that employers expect it, even in today's job market and economic conditions. Williams suggests thorough research, being prepared, understanding personal skills and experience, evaluating the job offer, and finding ways to negotiate based on individual priorities.
Recent graduates can still negotiate, even with limited professional experience, by talking to someone with a similar skill set and asking about the job offers they are receiving. This helps ensure that the salary you're considering is fair and consistent, as advised by Williams.
Negotiating Your First Salary
Salary Negotiation as a college senior is crucial in setting your financial future's foundation. Here are some insightful tips to start negotiating professionally:
Do Your Research
Understand the industry standards and average salaries for the position you're applying for in your location.
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Know Your Value
Evaluate your skills and clearly express how your qualifications match the job requirements and contribute to the company.
Consider the Entire Package
Instead of focusing on the salary alone, consider other benefits and professional development opportunities like health insurance, retirement plans, and bonuses.
Be Positive and Professional
Have a positive attitude going into the negotiation and highlight your excitement for the position and desire to help the company succeed.
Express Openness to Negotiation
Showcase your adaptability and optimistic attitude while expressing your willingness to work with others and be open to suggestions for a win-win solution.
Salary negotiation is about setting the right tone for your career and ensuring you are appropriately compensated for your skills and contributions.
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