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New Grad - Negotiating Your Starting Salary Successfully
Negotiating a starting salary can be a challenge for a new grad coming straight out of college.Many get so excited about getting their first job they forget to try to negotiate their salary and simply accept whatever is offered. Just because you have only had part time jobs while being a student and therefore you don't have any work experience in your chosen does not mean that you have to take the first salary offer. Just because you're not starting in an executive position right from the start it does not mean that your educational background and experience should not be taken into consideration in determining your starting pay scale. There may not be much room for salary negotiation since many grads just starting from scratch may have to accept an entry-level position and work diligently to get promoted from there up to the top according to some hiring and compensation experts. Although you may find that as an entry level applicant you are competing against other new graduates and those who have prior work experience but are looking to advance their career by working for a different company. Therefore it is possible that your rate of starting pay may be based on a pre-determined rate by the company but there are some that will have a broader range and base your offer somewhere on the scale based on how you rate compared to the other applicants. Usually a new grad that does not have substantial work experience in their field may also not be able to negotiate for a higher salary rate as compared to those applicants who have already worked for others in the same field. Although in some cases the salary range for new grads will be based on the applicants college curriculum instead of being compared to other people or potential hires. In a recent survey from new grads who responded it was found that many students who majored in the science field were more able to get a higher salary compared to other graduates who concentrated there studies in liberal arts programs. Here's a little tip that will help you in the new grad salary negotiation process. You need to know your true potential and not give in to easily and end up selling yourself short. While you may be eager to get to your rate of pay early in the interview you shouldn't bring it up too early before the interviewer really gets to know you and has had time to realize what you can bring to the company table. Without knowing much about what the job involves and what it will take to accomplish the work it's too easy to only focus on getting some dollars in your pocket to where you accept the offer immediately and simply reply “ok” which will end the negotiation process. If the interviewer is experienced and good the salary negotiation can wait until an actual job offer has been placed on the table. Before discussing your pay rate a new grad can then ask questions like what are the job responsibilities, if you will be working mostly by yourself or in a team, and the hours you would be required to work. You should also bring up what contributions you could bring immediately so that you would be an asset to the company and be perceived as someone that is more interested in their career and being a team player then what they will make in the beginning. In order for you as a new grad to negotiate the best salary you need to sell yourself first in order for the interviewer to determine your true worth. The whole process will also go much smoother if you do some research on how much other similar companies in the area are offering for the same entry level type job. From your research you will have an idea of how good of an offer they are making up front when you do get to the point of discussing the pay range that the company will usually give for someone in that position. Therefore by coming to the table already knowing that information you will know if there should be room to negotiate a higher salary or not before giving an answer regardless of the actual figure that you were given.
However as a new grad starting out on a life long career the starting salary should not be your only concern even though you want to start paying off your educational expenses.Remember a rewarding work experience won't always be based solely on how much money you will make. Not only does the pay scale need to be right it also needs to be a pleasant place to work to truly start a successful career. You also need to take into consideration the perks and benefits the company is willing to offer to its new employees. Once you have all of the facts and have thoroughly checked everything out you will then have the information to make an informed decision if the salary you have negotiated as a new grad applicant is worthy enough to accept their offer. Only then will you be starting your career from the very best position possible. Here's to your success!!!
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