It’s about that time that many of us are having to go through the arduous process of interview after interview to secure that summer internship or post-grad job. While I’m sure we’ve all gone through numerous websites finding out the best tips to nail our interviews, there’s often a piece of information that is missing: salary negotiations. Many college students probably don’t realize that’s something we might have to do this early in our careers. That is true for a lot of companies who provide more of a fixed salary for internships and starting positions, however not all. And regardless, it’s an important skill we should all have under our belts.
Where to Start
You first want to do your research and know what the going rate for the position is in general, and the company. Glassdoor is a great resource that not only provides these ranges of numbers, but also allows you to calculate your personal estimated salary based on your experiences. Once you’re well-versed on the options, you’ll want to pick a number towards the higher end of that range. It’s important to negotiate a higher number than you’re expecting to take because the employer will almost certainly negotiate down. Using an exact number also shows that you’re confident and have done the proper research and is therefore less likely to be turned down. Know your worth and what you are and are not willing to settle for. Timing is also everything when it comes to bringing up the topic– make sure it’s appropriate. A good time is usually at the end of the actual interview and the interview towards the end of the whole process. It should not be the first question you bring up. When you do bring it up, make sure you exude confidence, but with a good balance of politeness and kindness. You’ll also need to back up any request with proof of your abilities so there’s some credibility and incentive to agree. Understand that there’s probably going to be a “no” at least once throughout the negotiation, so don’t be afraid of it, that’s how negotiations work. Just ask questions and learn more about what makes up the numbers so you can continue to work on your part.
Understanding Discrepancies
I also want to highlight the importance of anti-discrimination laws when it comes to pay. One of the most well-known is probably the Equal Pay Act of 1963. Basically, this ensures that all employees are free from any discrimination based on sex, race, disability, etc. when it comes to their compensation. However, equal pay is still an issue today that affects underrepresented groups. For instance, the current gender wage gap is 82 percent. This means that, generally, women make $0.82 for every $1 men make. Historically, women and BIPOC have been treated as lesser than their male counterparts and not given the same opportunities for jobs and salaries. In turn, this has created a lack of confidence over the years to negotiate more fair deals. This is why it’s so important to do research and make sure you’re adequately getting paid. That leads me to a topic that has been usually thought of as taboo: discussing your salary with your coworkers. As scary and rude as it might seem, it’s actually imperative for identifying biases in the workplace. The conversation doesn’t have to be as tough as you think it is, though. As long as it’s open and sincere, and you emphasize the benefits to both parties engaged, the conversation can be as seamless as possible. Just make sure not to make it about the person in a way that comes off as gossip– that’s not fun for anyone.
Thinking Forward
The last few notes I want to make revolve around later negotiations and how to accept/decline. If you don’t have to negotiate your salary in the beginning of your job, there will always be that chance where you’ll have to, say, after a year of working there. You’ll have to make the initiative yourself, since your boss can’t exactly read your mind, and schedule a proper meeting to discuss. Again, you’ll need to make sure that the proposed salary is in the appropriate range of the job. Tell your boss why it’s worth investing more money into you: your strengths, accomplishments, etc. Also consider alternatives for a salary increase, like vacation days or other benefits. When it does come time to accept or decline the offer, make sure first that it’s in writing, but also that you’re sure you want to accept it. The prospective employer will probably give you a deadline to accept/decline and should also give you directions on how. If you’re waiting for another company’s offer and are unsure when you’ll receive it, you should communicate with both companies and let them know (it won’t hurt you).
Talking about money is often a sensitive and uncomfortable topic for many people. But, there are so many resources at Syracuse to help people begin to increase their confidence about their personal finances. If you ever find yourself wanting to learn more, you can always make an appointment with a Smart Money Coach on Orange Success, or email us at finlit@syr.edu.
Written by Stella Miller ’21, Whitman School of Management, Smart Money Coach