Written by: Amanda Ashley
The first workshop of the conference was the Salary Negotiation workshop presented by Victoria Schroeder from the Questrom UDC. Overall, the workshop was informative, engaging, and extremely useful. It began with a discussion about why salary negotiation was important, how the wage gap affects it, and what some of the typical excuses are to avoid salary negotiation. Most people avoid negotiating salary because they are just grateful to have an offer, they do not want to start a new job off by asking for more, or they want to avoid an awkward situation. But good news! If you are prepared for the negotiation it does not have to be awkward. Here are seven steps Vicky shared with us to help with negotiating salary:
- When you get an offer, don’t accept right away. Ask them how long you have before you must respond with your decision. This gives you time to do any necessary research and to think about what you need.
- Benchmark your offer. Use websites like salary.com and comparably.com to research what market value is for this job. Decide if your offer fits.
- Evaluate the offer. Spend some time figuring out what the lowest salary you can accept is. Keep in mind that it is not always necessary or appropriate to try to negotiate salary (i.e., unpaid internships).
- Consider more than just salary. They may not be able to give you a salary raise or a larger signing bonus so consider other elements, such as vacation/sick days, stock options, and tuition assistance.
- Develop a leverage list. Identify your strengths and why they may help you argue for a higher salary.
- Negotiate over the phone. NEVER negotiate by email.
- Remember: it’s okay to decline an offer if it just doesn’t work for you!
We hope you enjoyed the workshop!