using data to help first job salary negotiations
TRANSCRIPT
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Yes They Can!Teaching Salary
Negotiation Techniques to Students
Aubrey Bach, Senior Manager of Editorial and Marketing, PayScale.com
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Graduation!
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Early Salary Negotiations Are Crucial
• Salary plateaus after age 40, often earlier for women.
• Negotiating your salary early has a HUGE impact on future earnings
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"... a 25-year-old who negotiated a starting salary of $55,000 will earn $634,000 more than a non-negotiator who accepted an initial offer of $50,000.”
Oh snap.
- Fast Company
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But Millennials Aren’t Negotiating• Only 37% of
millennials have asked for a raise
• 69% of those that did ask for a raise got a pay increase – 43% got the raise they asked for!
• 31% of female millennials say they have never negotiated because they are uncomfortable talking about salary
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The Gender Wage Job Gap• The gender
wage gap is real, but it may not be what you think it is
• In general, men earn 3% to 7% more than women doing the same job with the same experience.
• The gap grows as job titles increase in rank
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“Women worry that pushing for more money will damage their image. Research shows they're right to be concerned: Both male and female managers are less likely to want to work with women who negotiate during a job interview.”
- Ashley Milne-Tyte, Planet Money
#TheStruggleIsReal
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Underemployment means holding a job that doesn’t
put all of your education,
experience and ability to work
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Understand Your Worth• 83% of people
who say they are underemployed say it is because they are underpaid
• 55% of people who say they are underpaid are actually paid fairly for their work
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#WorthIt
of people who told us they asked for raises reported receiving an increase in pay.
75%
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1. What you are worth2. What they are willing to pay you
Negotiation 101
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Use the PayScale Research Center to find out how much different jobs pay, and how salaries are affected by
• Experience• Skills• Location• Employer
Use PayScale to Research Salaries
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Take the PayScale Survey
Determine How Much YOU Should Earn in That Role
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The PayScale Salary Calculator
• Free!
• Easy to embed
• Research career options quickly and easily on your site
www.payscale.com/salary-calculator
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A FREE way to track how alumni fare after graduation
Alumni Analytics
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Don’t Be Scared• Employers
expect you to negotiate.
• Data will set you free.
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Slow Your Roll
• Always give yourself time to review the offer, even if you love it
• 1-4 business days is standard
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Negotiate Everything
• Salary• Bonuses • Equity• PTO• Flex time• Retirement plans• Health insurance• Review schedule• Education
opportunities
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Be Logical
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Stick to a Script: How to Ask
“Thank you so much – I am excited about the prospect of joining the [Company Name] team. However, I’ve done some research and feel that with my qualifications, I should be earning [$xxx] in this role. Can you come up with a package that meets this number?”
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Stick to a Script: Explain Why You’re Awesome
“Not only do I have [all the standard requirements that everyone else has] + but I also possess [the following unique traits that make me a better candidate and worth more money].”
- Jim Hopkinson (author of Salary Tutor), PayScale Salary Negotiation Guide contributor
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Practice. A Lot.
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Want More?
payscale.com/guides/career-success-guide