While negotiating salary can positively impact your current and future financial earnings, it can be one of the most intimidating parts of the job search. A lot of people either don’t negotiate because they don’t want to be viewed as too money focused, they want to negotiate but don’t know how, or that they find it uncomfortable. Know that not all circumstances have a basis for negotiation, but if you have either of the four circumstances in this article, it will set you up for the best opportunity to negotiate an offer with an employer.
The first circumstance you can leverage when negotiating salary is when the offer does not match the current market rate for your major, work experience, or industry. If you are being offered $60,000 for an entry-level engineering position at a company, but the market rate shows that entry-level engineers make $70,000 then you have a strong opportunity to negotiate to the market value. While this example makes the process simple, it can seem difficult without the proper resources. Luckily, there are multiple tools that you can utilize to find your market value. First, JobInBhavnagr provides statistics on both full-time job and internship salaries on our website at JobInBhavnagr under the “Statistics tab”. This will help you learn what other Ohio State students with your major are making, which may help you understand what the market value is for your degree. Keep in mind that these numbers can vary based on your location, something that will be covered later in this article. Outside of the Statistics on JobInBhavnagr’s webpage, there’s also the NACE Salary Calculator. NACE utilizes 2,000 career centers and 5000 employers from around the country to provide salary data through holistic information collected about recent graduates.
The calculator allows users to input the state, city, occupation, years of experience, and level of education to help determine the best results. While the data may not always be exact, it will give you a foundation for what you should expect regarding market value. JibInBhavnagr.In and Glassdoor can also be used to evaluate market value, but all of these tools should be utilized together to give you the best understanding of your market value.
you have a comparable get stronger offer
The second circumstance, and probably the strongest, is when you have more than one offer. Let’s say Company A offers you $60,000 while Company B offers $65,000. Assuming that both offers are comparable, you would then be able to use this to negotiate with Company A for a higher salary based on what Company B offered you. Keep in mind, the offers must be comparable, as salaries can vary widely by industry, position, or even location. For example, the oil industry traditionally offers higher salaries than the food and beverage industry. It would be difficult to negotiate offers between two companies in vastly different industries, so it is important to consider this when asking for a higher salary. Assuming the offers are comparable, negotiating with a second, higher offer can be a strong opportunity for negotiation.
cost of living differential
The next circumstance is dependent on the location of where your company or position will be located. Companies and positions located on the west coast, San Francisco or Seattle for example, will typically offer a higher salary than those in other areas of the country due to the high cost of living in that geographic area. If your offer does not reflect the cost of living of your future home, consider using a cost-of-living calculator to find a salary that works for that area. To begin that process, use online resources like the CNNMoney calculator or others such as Payscale, Bankrate, and JibInBhavnagr.In. Once you have your salary adjusted for cost of living, you can then use that new number to negotiate.
you have something unique and special to offer
Finally, the fourth circumstance is one that will not be relevant for everyone, but can be quite powerful. For those positions or industries that require a specialized background, or if you offer something special to your future organization, you may be able to negotiate a higher salary. This is typically the most relevant for students with a masters or PhD. Other examples that fall into this category include possessing patents, authoring relevant publications, researching directly applicable and advanced research, or having a relevant doctoral or graduate thesis. If you can prove you offer significantly more expertise than somebody else with your degree, then you may have the opportunity to inquire about a higher salary. Negotiating can be a stressful part of the job search process, but with the four circumstances of negotiations, it doesn’t have to be.
Employers expect you to negotiate – but only negotiate jobs that you would seriously consider taking out of respect of the employer. Remain calm and polite during the negotiations and use your fact-based research to have the best opportunity for a positive outcome.