Your Starting Salary, What's the Million Dollar Difference?
How did you negotiate for your first job salary? Did you even negotiate the starting salary for your first job? I did not. I was happy with the offer and thrilled to have a job. Looking back, if I had known better, that conversation would have been different.
Why should you negotiate? Why not? If your fear is that your offer may be declined, then remember the answer is always NO if you don’t ask. If you feel you lack the confidence to negotiate, it might help to consider approaching the negotiation as if you were negotiating for your best friend. This changes your mindset and breaks the emotional pressure.
More importantly, the best reason to negotiate is that in most cases your counterpart is expecting you will. When you are prepared, follow a process, and negotiate respectfully, you can expect a successful outcome.
The Million Dollar Difference
Did you know most hiring managers expect you to negotiate? In fact, they may question their decision to offer the position if you do not negotiate. Once a manager has decided you are the ideal candidate for a position, the starting salary is up for discussion, and there are consequences to failing to negotiate.
“Negotiating your starting salary – and continuing to negotiate every few years or when you start a new job – could make a $1 million difference in your lifetime earnings.” (Business Insider Tanza Loundenback and Sky Gould Sept 22 2017 ) The diagram found in the link provided demonstrates that the starting salary you negotiate can make a difference in your lifetime earnings.
https://www.businessinsider.com/how-to-negotiate-salary-earn-more-2017-9
Preparing for Your Next Job Offer:
If you expect an offer will be extended soon, here are a few simple steps to consider before you accept or reject the offer.
Thank them for the offer.
Show polite enthusiasm.
Remind them why the offer is appealing.
Request additional information if needed.
Clarify the details as you understand them.
Request the offer in writing.
Ask for time to review the details.
Setting up a time at a later day to discuss the proposed offer gives you adequate time to review the offer and prepare to negotiate with confidence.
Preparing for Salary Negotiations:
The very best time to prepare for the salary negotiation is BEFORE you interview for the job. For most of us it’s not justabout the money. There are a number of items that influence a decision to accept or reject an offer and they are negotiable. Check out this Guide to Job Negotiations for an extensive list of negotiable considerations beyond salary and wage benefits, such as:
Professional Expenses
Career path
Time off
Moving Expenses
Health & Wellness Considerations
Education & Training
Assignment Consideration
Community Focus