You could learn from your own salary negotiation mistakes—but wouldn’t it be much easier to learn from the mistakes of other employees? That’s why we asked nine hiring managers to share the some of the most memorable salary negotiations they can remember, describing exactly what the employees did wrong so that you can do better. Here’s how nine employers’ recall employees and candidates ruining their chances for better salary.
1. Using a personal financial situation as a negotiating tool.
“One of my employees requested a meeting to negotiate their salary. They came into the meeting and right off the bat started to discuss their personal financial situation at home: She was getting married and the wedding was costing more than she and her fiancé had anticipated. She used the wedding as a bargaining tool to ask for a raise. At the risk of sounding less compassionate than I really am, I must express the importance of leaving personal issues out of the conversation when asking for a raise. As much as I empathize with financial struggles, an employee can create a more compelling argument for a raise by providing evidence of his or her hard work.” —Lori Bizzoco, cofounder of NV Media, Inc.
2. Lacking confidence.
“I remember one employee who failed to be confident in what she had to offer. She failed to outline what her unique accomplishments were and how well they stacked up to the job description and therefore lacked the ammunition she needed to make a logical argument as to why deserved the compensation. Confidence is key. You should know what you’re worth and be able to list the reasons why.” —Jason Hill, founder of Sound Advice
3. Lying about a current salary.
“After a long recruitment search for the perfect candidate, I finally found someone who passed my interviews with flying colors. He had great experience, said all the right things during the interview, and was an interesting person to boot. But as we were going back and forth through salary negotiations, he made a fatal mistake: he lied about his current salary. He threw out a number higher than what was indicated in his initial paperwork. With such an amazing candidate, it was hard to believe he would lie. Giving him the benefit of the doubt, we directly asked him about the discrepancy. He admitted he was mistaken at that the lower number was his actual salary. This immediate sent red flags. Knowing that a lie already crept up even before he joined the team, I questioned his integrity. For the hope of earning a few more dollars, he blew his chances to join the team.” —Mary Grace Gardner, career strategist at The Young Professionista
4. Asking for a raise when performance doesn’t merit it.
“The biggest mistake I’ve seen from employees over the years is asking for a raise when their performance is average or sub-par. For example, I’ve had sales people asking for raises when they are in the red and not able to close—or worse, people who take frequent vacations, use all their sick days … who have a general sense of entitlement and an attitude of ‘I deserve a raise because I’m just awesome.’ If these employees had shown they’re really worth their salt, by showing up to work on time and working as hard as they could, I would have given a them a raise.” —Joanna Buickians, vice president of operations for JBA
5. Getting defensive.
“I negotiated with a candidate who really ruined his chances of moving forward. When I presented my offer, he got defensive immediately. He negotiated a higher amount, and I returned with a salary that still did not meet his expectations—and that is when things went from defensive to downright rude. I asked that we remain amicable and keep the door open so that I could return if things changed with the salary. But the candidate reminded me I would not find anyone of his caliber who would take the offer I presented him, and he went on to bad mouth the assessment tool that the organization used for his role. His tone continued to be very combative. When you are negotiating … be polite and don’t take an offer personally. Being anything less than that can ruin your chances of getting hired even if you are a top tier candidate.” —Devay Campbell, career coach
6. Using scorched earth tactics.
“We were trying to hire a business director—someone well-connected to other businesses to help establish relationships. We took a chance on someone who knew the right people but had little experience working for a small company, and his negotiating strategy was scorched earth right off the bat, demanding almost twice what we had effectively agreed on in his previous interview. Playing that style of hardball might have been effective in larger companies, but in an open workspace with your new colleagues casually eavesdropping, it was off-putting for them to hear, embarrassing for my business partner and me to talk through, and made for such an untenable start that we ended up not hiring him.” —Mike Catania, chief technology officer of Promotion Code
7. Asking for a raise before meeting performance review goals.
“A particular employee hadn’t received a raise in about a year, and although we’d had a performance review detailing what he needed to do to be eligible for one—goals that he’d help set previously—he told me that he deserved a raise. My first reaction was that he didn’t quite yet, but after the meeting the conversation stuck in my head. My issue was that it is my job to determine who deserves a raise. One of my responsibilities is observing my team, evaluating their work, and acknowledging those who’ve performed well. I like to think I’m fairly good at it. The implication of my employee’s demand that he deserved a raise is that I was unaware of his performance—that I wasn’t doing my job. And while he certainly had no ill intentions—he just wanted more money—I found it off-putting. As such, I was less inclined to offer him higher pay. Eventually, he did get a raise, but only after we’d talked about it, and he had also reached the goals we’d set. My advice: avoid telling your manager what you deserve, and instead prove that you are deserving.” —Lauren McAdams, career advisor and hiring manager at Resume Companion
8. Making threats to quit.
“I remember an employee long ago who was interested in a salary raise and was very open about the fact that he was willing to leave the organization—right away!—if he wasn’t granted a pay increase. While [we were] interested in keeping him, the fact was that this employee’s skill set wasn’t particularly rare or otherwise ‘in demand,’ and as a result, his threats to leave the organization really didn’t hold much weight, and there really was no incentive for the organization to give him a higher salary. In this situation, I would recommend a softer approach. Instead of threatening to leave, an employee should make a reasoned, well-thought out case for a raise or promotion. However, if this is the route you choose to take, be very certain of the value of your professional skill set within your industry. It’s no use to threaten to leave an employer if what do for a living can be done by hundreds of other people.” —An employer at Pennsylvania College of Health Sciences
9. Negotiating every. last. detail.
“I had a candidate who received a verbal offer but chose to negotiate his title and responsibilities before negotiating salary. In most employment offers, there are three main negotiating points: salary, title, and responsibilities. It’s tough to negotiate all three after the initial offer is made. This candidate first asked that his VP title be bumped to an SVP title—that was approved. Then the candidate asked that his future sales region also include the Florida area—and the company agreed, so that was included also. Lastly, the candidate decided that the salary and bonus needed to be increased. But by the time we were discussing salary, the firm already thought he was high maintenance and dropped the offer. This individual should have negotiated his compensation first.” —Peter Keseric, managing consultant with Korn Ferry
Interested in refinancing student loans?Here are the top 5 lenders of 2020!
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1 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
ANNUAL PERCENTAGE RATE (“APR”)
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.
For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.
The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.
POSTPONING OR REDUCING PAYMENTS
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.
We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.
If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of March 4, 2020 and is subject to change.
2 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member.
The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website.
You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 1, 2020.
Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).
Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
3 Important Disclosures for SoFi.
4 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 3.21% APR (with Auto Pay) to 6.67% APR (with Auto Pay). Variable rate loan rates range from 3.21% APR (with Auto Pay) to 6.67% 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 May 22, 2020, 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 5/022/2020. 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 [email protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.8100000000000002% effective April 10, 2020.
|1.99% – 6.65%1||Undergrad & Graduate|
|1.99% – 7.10%2||Undergrad & Graduate|
|3.21% – 6.67%3||Undergrad & Graduate|
|3.21% – 6.67%4||Undergrad & Graduate|
|3.22% – 6.25%5||Undergrad & Graduate|