New College Graduates:
Are you almost finished with college? Finally! Perhaps you will spend a year abroad? Or, maybe you want to take 6 months or so off to relax? Well, soon it will probably be time to start working a 'real job'.
But, first you have to land that 'real job'. Eventually you seniors and even some of you juniors will start down the road to the job interview. The last step of the interview process involves an offer of a Salary from the company. It is often referred to as
"Your Offer Letter".
The most important thing to remember about this
"Offer Letter" is that it
is absolutely a negotiation! Do not be fooled into thinking that you must accept their first offer simply because this is a fortune 500. Most companies, at least those that are worth working for anyway, will expect a 'counter offer' from the savvy candidate. Don't be shy, make sure to consider all of the following when accepting an offer of salary: Costs of living in the more expensive locale of the new job; relocation expenses; the stress of moving hours, if not entire States, away from friends and family; and the fact that there are probably many other companies that would be just as happy to offer you a chunk of change more if only you'd consider working for them!
A general rule of thumb: Ask for 10% more than they offered you. Yes, if they offer you $50K per year, it is totally realistic to ask for $55-57K. And if you have kicked butt in college, possibly coming from Ivy League, have honors, a well-sought-after major, and have been the president of every club, etc -- perhaps you have been offered a six figure job. Let's say they offered you $100K. In this case, it would not be extraordinarily out of bounds to ask for $110K, or even better: ask for $110K (for all those reasons you'll present to them ... after a well documented search to support your counter-offer: e.g. expensive city, have to move away from your home town, other companies are making you better/same offers (and are closer to home), etc, etc, etc..), AND then also ask for $5K of relocation expenses on top of the yearly salary that you are able to command with your skill sets.
Make sure you do your homework first. In other words, know the salary expectations for your degree and your experience level; and don't let your imagination get too wild when you begin the salary negotiation process.
Greed can be destructive and wind up costing you a perfect job offer. After the job interview process is complete, and salary negotiation begins, you should usually only expect one or two rounds of negotiation. Asking for more, after they've already agreed to go a bit higher from their initial offer, could be perceived by the company as a negative -- as an attribute they'd rather not see in a new hire.
So, play your cards right: Be cool, be confident, show them why you are the right candidate ... and then: after you've "Wowed them", explain to them why you deserve a bit more. You can easily use the Internet to find evidence of higher offers to those with identical skill sets, similar experience level, and the same degree. Don't forget to keep in mind the cost of living in the city where you will work (which varies by state, region and city), as well as the school that your degree comes from (Grads from Big name schools will be able to command a greater salary!).
There are many factors that determine the final "Package" that you will score; and you have more negotiating power than you imagine.
Good Luck, Grads!
- Professor Gary
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Gary Plourde is an independent author. He writes about Traveling, Sailing, Inventions and the Patenting process. Patent your new idea and explore an opportunity to generate revenue for your business, scholarship, study abroad, or sabbatical.
