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!
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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.
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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.
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