For some new graduates, the prospect of negotiating a job offer is even scarier than final exams.
Banking app Chime conducted a survey of 2,000 recent higher education graduates in April to determine their biggest career and financial concerns.
According to the survey, 54% of new grads said that they find negotiating a salary to be “more painful than breaking up with a partner.”
There are a couple reasons that new grads find salary negotiations so formidable, says Janelle Sallenave, Chime’s chief spending officer.
Many new grads have rarely, if ever, had to negotiate a job offer before: “It’s not something that one does on a daily basis, and it may actually not have been an experience that you’ve had a lot of practice at,” Sallenave says.
Additionally, recent graduates are often less familiar with what salaries and benefits they should expect to have in their new role.
“It’s hard to think about how to assess your worth, or market value, if you will, without having had any experience,” Sallenave says.
Below, Sallenave shares her best negotiating advice for new graduates.
1. Do your research
First, ensure that you have a thorough understanding of the average pay and benefits for workers in your industry, role, and area.
“If it’s not something that you’re familiar with, it’s actually hard to even figure out how to assess the full value of that job offer that’s in your hands,” Sallenave says.
Current grads have one major advantage that their parents’ generation lacked: the internet. Job sites like LinkedIn, Indeed and Glassdoor often have useful information about similar positions.
“This is such a good time to be negotiating a job offer compared to 10 or 20 years ago, when we didn’t have the type of information that you can find online about what the market rate is,” Sallenave says.
2. Ask about benefits
Your job’s benefit package is equally important – and equally negotiable, in some cases – as your salary.
“Make sure you really understand all of those perks so you can see the full picture,” Sallenave says.
Though the specifics will depend on your role, Sallenave recommends asking about health insurance, work-from-home availability, and the potential for equity and bonuses.
“Think about ways to get really creative with it,” she says. “Maybe it’s not negotiating a higher salary, but maybe it’s negotiating for a few more vacation days or it’s negotiating for some of your commute costs to get covered.”
3. Practice the conversation
Since many new grads haven’t negotiated a job offer before, Sallenave recommends rehearsing the conversation ahead of time.
“The same way that you might practice before you make a big presentation in college or in high school,” she says, “go ahead and role play” the negotiation with a friend or family member.
Acting out the conversation can help you zero in on your top priorities and figure out the best way to frame your request.
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