So you’ve just had a successful job interview, and it looks like an offer will be forthcoming. You’re excited to finally have the opportunity to work in the field that you’ve been studying for the past four years. As you prepare to receive your first job offer, what are the types of things you should be considering?
Before You Walk in the Door
The first thing you should do prior to even walking in the door for an interview is to know what you’re worth. Do your research. Having access to as much information as possible will put you in a stronger position to negotiate. Sites like Salary, Payscale, Glassdoor, and the Bureau of Labor Statistics can give you a detailed breakdown of the average starting salary for the position you are interviewing for while taking into account a wide variety of other factors, including location, certifications, and education level.
Talk to the people you know who work at the company or in the industry. ASK is a great resource that can connect you with DePaul alumni working in your field of study. Have a firm idea of what you are worth before you even schedule your first interview.
Conduct a Self-Assessment
As a fresh grad, you may be wondering if you even have the right to negotiate a job offer. This is where a self-assessment can come in handy. Ask yourself: What can you offer this employer that other candidates cannot? Do you have any certifications? Are you intimately familiar with their products or services because you’ve worked for one of their customers in the past? Are the skills you obtained in school unique to the location of the employer? If you have a sense of your value in the marketplace you will have the confidence to negotiate successfully.
If you have a sense of your value in the marketplace you will have the confidence to negotiate successfully.
Find out what’s important to the company; ask the hiring manager what he or she considers the most urgent business needs. If you really want to impress your future employer, type up a plan for what you believe you can accomplish in the first 90 days and hand it to them. This can increase your value immensely and can be used as leverage if you decide to negotiate.
When to Start Negotiating
Remember to hold off the salary discussion for as long as possible. Your job is to make them fall in love with you throughout the interview process, so that when you do get to the offer stage, they’re already feeling like they can’t live without you.
When the employer does ask your salary requirements, you should first try to deflect and tell them that your larger concerns are things like job stability, growth opportunities, and culture fit. If they continue to press, avoid giving a specific number. Instead, give them a range and reference your source (i.e. one of the websites listed above) so they know you aren’t pulling those numbers from thin air. Be comfortable with an offer anywhere in that range, and make sure you have a bottom line number that you’re willing to accept.
The Whole Package
There are many things to take into account when negotiating other than just your base salary. You want to look at the entire compensation package, which includes your benefits. Benefits can comprise insurance, vacation time, tuition reimbursement, stock options, relocation expenses, professional membership fees, gym memberships, flexible work options, and unpaid leave time.
Some or all of these things may be negotiable, but as a fresh grad, you may want to focus on things that will allow you to be a better performer. For example, it may not necessarily be wise to try to ask for more vacation time up front; you haven’t necessarily earned that yet. Instead, you may want to ask for a new laptop or smartphone if you know you’ll be working outside of the office. Remember, you want to backup whatever you ask for with a reason for why you think you need or deserve it.
Now, just because you can negotiate your job offer doesn’t mean that you necessarily should. Some industries are also more conducive to salary negotiation than others. For example, highly structured sectors like the government or military will not have negotiable salaries.
If you’ve received what you perceive to be a fair offer at a company that has a clear path for advancement and where you will be working on projects that excite you, it’s ok to accept the offer as is. However, even if you plan to do this, it’s always wise to give yourself at least 24 hours to review the offer and talk about it with a family member or trusted advisor. No legitimate company will force you to give your acceptance on the spot. You should take that time granted to you to really make sure this is an offer you’re happy with.
…it’s always wise to give yourself at least 24 hours to review the offer…
If you would like to speak in detail about how to negotiate your own job offer, be sure to schedule an appointment with your career advisor!