You’ve got the job—congratulations!—but what you don’t have is a salary offer that makes you want to shout from the rooftops with joy. Luckily, you don’t have to take the first salary offer you’re given—and we’re not talking about rejecting the job entirely. Instead, you can negotiate up to $15,000 more per year with these insider secrets from Josh Doody, salary negotiation coach and author of Fearless Salary Negotiation. So let’s get down to haggling.
Oh, and if you’re nervous, don’t be—the pluses of negotiating a starting salary significantly outweigh any perceived negatives. As Doody points out, negotiating “literally pays off in terms of a bigger paycheck, which means you can take that extra vacation, get out of debt faster, or save up for your new house. It also sends a signal to potential employers and to yourself that you are a business-savvy person who thinks about more than the day-to-day responsibilities of your job; you think about value to the business, and that’s appealing.”
Don’t divulge too much
Your potential employer may ask you to share what you earn in your current position, but Doody warns against it. He says, “do not disclose your current or expected salary. You will very likely cost yourself money and make it difficult to negotiate your offer later on.” Also, if you live in New York, California, Oregon or cities like New Orleans, it’s illegal for a company to ask you what you make; if they do, it may be a warning sign that this is not the best company to work for.
According to Doody, a lot of companies will low-ball an offer, leaving money in the company coffer in case you’re the kind of candidate who is unafraid to negotiate. With that in mind, “my rule of thumb is that you should counteroffer between 10 percent and 20 percent above the initial offer,” says Doody. “You will often end up somewhere under your counter but over your initial offer.” And 20 percent could very well mean another $15,000.
Don’t stop too soon
“Counter offering … will be your biggest tool for negotiating a better job offer,” says Doody. “But even after you counter offer, there may be opportunities to improve non-salary aspects of your offer if you keep negotiating.” If the potential employer doesn’t give you a firm “yes” to your salary request, “then the door is still open to negotiate things like vacation time, signing bonuses, or equity,” Doody points out. Not all of these are cold, hard cash—but they have value that can quickly add up over time at the company.
Know your worth
One of the biggest keys to salary negotiating success is knowing what you are worth, both at the company and in the marketplace. To determine your worth, you must find your market value for your skill set and experience in your industry, geographic location, and at the specific company to which you’re applying, says Doody. “I recommend salary research tools like Glassdoor’s to get a ballpark of your market value,” he says. “And you can also learn more about what other folks with a similar skill set and experience are making through conversations with professional colleagues—at a conference, for example.”
Negotiating may not come naturally to you—but there’s no reason to say you’re sorry for going after a more sizeable salary. “Negotiating is uncomfortable, and our natural tendency is to try to smooth the edges on a difficult conversation,” Doody says. But, “saying ‘sorry’ could signal to the recruiter or hiring manager that you might be willing to back down, and that could be expensive. Don’t apologize for negotiating.” Be confident!
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
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2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.47% – 5.87%1||Undergrad & Graduate|
|2.47% – 8.03%4||Undergrad & Graduate|
|2.95% – 6.37%2||Undergrad & Graduate|
|2.48% – 6.25%5||Undergrad & Graduate|
|2.72% – 8.32%6||Undergrad & Graduate|