How to Negotiate Salary: 4 Essential Tips for College Grads

• Salary negotiation can be frightening and uncomfortable for many, especially recent grads.
• Historically underrepresented groups are less likely to negotiate their salaries.
• Tips for negotiating salary include researching similar salaries and assessing your value.

When an employer extends a job offer, a compensation and benefits package usually accompanies it, presented either in writing or verbally. Candidates should always negotiate at the time the job is offered — when they have the most competitive edge and leverage.

Studies show that a college degree significantly increases employment prospects and earning potential. Still, for many college graduates and entry-level candidates, negotiating a salary can be frightening. Many candidates believe that they have to accept the first offer or that initiating a conversation about increasing one's salary is inappropriate.

According to research, underrepresented groups are less likely to negotiate their salaries, with women negotiating less often than their male counterparts.

Additionally, biases and discrimination in the workplace serve as barriers for women of color and people with disabilities who try to negotiate their salaries, placing them at a disadvantage and negatively impacting their chances of promotions and advancement.

Knowing how to negotiate your salary is a skill, and many candidates report that they lack the know-how to do so properly. According to an Indeed survey, more than half (58%) of respondents claim to never negotiate their pay. Choosing not to negotiate your salary can significantly impact your earning potential and can lead to decreased job satisfaction, work-life balance, and overall happiness.

So how do you work with an employer to get the wage you want? Below, we introduce our top four tips for negotiating a salary offer.

Assess Your Value to the Company

An excellent salary negotiation pitch includes an assessment of your skills and qualifications, as well as what in your background makes you deserving of a higher salary. In your pitch, highlight how your skills and experience will benefit the employer, their organization's success, and, most importantly, their bottom line.

The easiest way to assess your skills is to compare them with the job requirements posted in the position's description. When you assess yourself, consider the following factors:

Practice, Practice, Practice

When offered a job, don't hesitate to request a few days to evaluate and think over the offer. It's also best not to negotiate over email; instead, ask to speak to the hiring manager over the phone or in person. Talking directly with this person should allow you to clearly communicate your needs.

Once you've secured the extra time to prepare, practice your talking points in front of a mirror or with a friend. Don't think of negotiation as being arrogant or rude — it's a completely normal part of the hiring process. Practice speaking confidently and articulating your points.

Show that you've done your research, that you understand the market value, and that you know how your skills and experience will benefit the company. And don't forget to convey why you're excited about the position.

Salary negotiation can be uncomfortable and even frightening for recent graduates just entering the workforce, but with a little practice and confidence, you'll set yourself up for success now and later in your career.

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