Did you know that 60% of graduates accept their first salary offer without negotiating? Learning how to negotiate salary as a new graduate is an intimidating but important skill to learn. Not only does it ensure you receive a fair wage, but it shows employers that you know your worth.
We explore some effective salary negotiation strategies to help new graduates start their career path with the compensation and benefits they deserve.
How To Negotiate Salary As A New Graduate
Negotiating your salary as a graduate can be scary. If you push too much, you may lose the offer, but not negotiating at all could mean you shortchange yourself. That’s why learning how to negotiate salary as a new graduate is an essential skill to develop.
Here are six negotiation strategies that work.
1. Research graduate salaries in your field
Do your homework and get a clear idea of the average graduate salaries in your field—sites like Glassdoor, PayScale, and LinkedIn Salary offer average salary ranges for different positions, industries, and companies.
Thoroughly researching the job market will give you clear benchmarks and prevent you from accepting a below-average offer. What’s more, having a clear idea of the typical salary for the position will give you an advantage when negotiating your salary and make it easier to answer the common question: What are your salary expectations?
Additional reading: Highest-paying Graduate Jobs UK
2. Focus on how you can add value
When negotiating your salary as a graduate, focus on the value you can add to the company. For instance, give examples of how your skills, experience, and attitude can benefit the business. In addition, talking about what you will do in the future rather than what you’ve done up to now is an excellent way to showcase your potential and convince employers to increase your starting salary.
This is an opportunity to demonstrate to the employer how a higher remuneration package will benefit you and the company in the long run. For example, a higher wage will help you feel more engaged and loyal, leading to better performance and enhanced productivity. Outline how this will help the enterprise reach its business goals.
Focusing on long-term benefits shows potential employers that you plan to stay for the long haul. This is an advantage in itself, considering the high cost of staff turnover.
3. Prepare your pitch
Preparation is key in graduate salary negotiation, so practice your pitch in advance. Start by defining your salary parameters. What’s the minimum you would accept? What is your ideal salary?
Next, list your skills and experience and the key points you want to mention. These will be the basis of your negotiation.
Finally, prepare yourself for tricky questions. How will you answer tough questions or lowball offers? If you’re asking for a salary at the top end of the industry average, how will you argue for it? The more prepared you are, the easier it will be to land a great offer.
Bonus read: Check out our personal branding tips for advice on selling yourself to employers.
4. Keep calm
It’s easy to let nerves get the best of you, but salary negotiation is an art and a science and something you need to master in your career. On the other hand, being over-confident isn’t a good idea either.
Going in prepared for the worst and expecting the best will better equip you to deal with curve balls. At the same time, it’s also important to listen and be present during the negotiation, so don’t get too caught up in your prepared pitch.
Finally, remember it’s not personal, so don’t get offended if your salary offer is much less than expected. Instead, stand your ground and know your worth. The right employer will respect that.
5. Factor in other benefits
Don’t get us wrong, salary matters. After all, you have bills to pay. But it’s critical to think long-term during a graduate salary negotiation. For example, you may receive a job offer with a slightly lower salary. Still, if the company offers benefits like flexible working hours, professional development opportunities, and a higher earning potential, it could be worth it long term.
As a graduate, finding a company that’s prepared to invest in your development is worth its weight in gold. As such, consider non-salary perks during your negotiation.
6. Be prepared to walk away
The scariest part of negotiating your salary as a graduate is having the confidence to walk away. Accepting a job offer you’re uncomfortable with is never a good idea. Not only will you start feeling resentful and undervalued in the company, but you’re likely to hit these same roadblocks when negotiating salary raises and bonuses.
Be realistic about your expectations; if the offer is way below them, be prepared to walk away.
In short, negotiating the salary and benefits package you deserve takes preparation, confidence, and compromise. But it’s worth the effort. Learning how to negotiate successfully will stand you in good stead throughout your career and ensure you start your first role on the right foot.
A Final Word On How To Negotiate Salary As A New Graduate
Learning how to negotiate salary as a new graduate is a necessary skill that will serve you well throughout your career. While it can be intimidating, we hope these salary negotiation Strategies for recent graduates empower you to know your worth. In addition, doing your research and perfecting your pitch boosts your chances of landing a salary offer that exceeds your expectations. And if not, learning when to walk away is another important lesson.
Are you looking for your first graduate role? Our Graduate Jobs Board is packed with the latest opportunities in your area.
Be sure to dive deep into our weekly blog for the latest industry insights, guides, and tips to help you land your first graduate role.
For graduate employers, our services page has information on advertising on our specialist jobs board, creating a company profile, and more.
Get in touch or sign up for our free Developing a Student email newsletter for more news and insights.
