Congrats on landing that first gig! It’s time to talk business with your employer now that you’ve landed a dream job. Negotiating your first compensation package can be overwhelming because you’re new to the game. But don’t sweat it because you can make the most of it with little guidance.
Statistics indicate you can increase your starting salary by an average of 5-10% by negotiating effectively. A good first-time package can lead you to success with significantly higher earnings over the course of your career. Believe it or not, with a little confidence and these insider tips, you’re all set to secure a sweet deal that’ll ensure long-term success.
Start with proper homework
First things first, being a newbie, you need to do your research. You shouldn’t show up for an interview without knowing anything about the company. Are you ready to do your homework?
You should absolutely do it because knowing the company, the role you’re applying for, and industry standards for compensation puts you in a good place. You can use websites like Glassdoor and Payscale to get a fair idea of where to start.
Show them what you’re made of
After doing your homework on the potential employer, show them what you’re made of. Don’t let anyone decide your worth just because it’s your beginning in the workforce. You deserve the best if you have skills that can benefit the company and make a good cultural fit for it.
Highlight your accomplishments, projects you’ve worked on as a starter and how you can contribute to the company’s success. Show them that you’re a valuable asset they shouldn’t miss out on.
Ask for perks
When negotiating your first compensation package, avoid focusing on your base salary. Ask for perks that enhance work-life balance, like flexible work hours, WFH options, or unlimited PTO. Check bonuses and equity as well.
Try using a total compensation calculator to dig deep into the numbers. Rest assured, it can help you make an informed decision you’ll not regret later.
Know When to Walk Away
Keep an open mind while looking for your first job. The offer may seem exciting to an enthusiastic beginner, but sometimes it just isn’t worth the hassle. If you’ve tried negotiating, but the company isn’t budging from its stance, it might be time to walk away.
Getting stuck in a job that undervalues you isn’t the best way to start a career. There is plenty of other fish in the sea, and you can expect a better opportunity around the corner.
If you’re not happy with your first package, don’t worry! You’ll always get more opportunities to negotiate later. For example, after you’ve been with the employer for a few months, you can ask for a quick performance review and negotiate a raise.
Or, you can demand more if you take on additional responsibilities or close a major project. The first package isn’t the end of the road- it’s the beginning.
Negotiating your first compensation package like a pro is not rocket science. Remember, do your research, be confident, and don’t shy away from asking for what you’re worth.