Using Data to Help First Job Salary Negotiations
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The document emphasizes the importance of salary negotiation for students, highlighting that early negotiation can significantly impact future earnings. It reveals that many millennials, particularly women, are reluctant to negotiate due to various factors, including fear of damaging their image. The document provides actionable advice on negotiation techniques, resources for salary research, and encourages individuals to understand their worth in the job market.
![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?”](https://image.slidesharecdn.com/nacepresentation-150602221407-lva1-app6892/85/Using-Data-to-Help-First-Job-Salary-Negotiations-22-320.jpg)
![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](https://image.slidesharecdn.com/nacepresentation-150602221407-lva1-app6892/85/Using-Data-to-Help-First-Job-Salary-Negotiations-23-320.jpg)
Using Data to Help First Job Salary Negotiations
- 1. Yes They Can! Teaching Salary Negotiation Techniques to Students Aubrey Bach, Senior Manager of Editorial and Marketing, PayScale.com
- 2. Graduation!
- 3. 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
- 4. "... 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
- 5. 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
- 6. 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
- 7. “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
- 8. Underemployment means holding a job that doesn’t put all of your education, experience and ability to work
- 9. 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
- 10. #WorthIt of people who told us they asked for raises reported receiving an increase in pay. 75%
- 13. 1. What you are worth 2. What they are willing to pay you Negotiation 101
- 14. 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
- 15. Take the PayScale Survey Determine How Much YOU Should Earn in That Role
- 16. The PayScale Salary Calculator • Free! • Easy to embed • Research career options quickly and easily on your site www.payscale.com/salary- calculator
- 17. A FREE way to track how alumni fare after graduation Alumni Analytics
- 18. Don’t Be Scared • Employers expect you to negotiate. • Data will set you free.
- 19. Slow Your Roll • Always give yourself time to review the offer, even if you love it • 1-4 business days is standard
- 20. Negotiate Everything • Salary • Bonuses • Equity • PTO • Flex time • Retirement plans • Health insurance • Review schedule • Education opportunities
- 21. Be Logical
- 22. 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?”
- 23. 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
- 24. Practice. A Lot.
- 26. Thank You! Don’t be a stranger. aubreyb@payscale.com Twitter: @aubreybach