After graduation, the next big step for new graduates is finding a job. This is a whole new world they will be entering. There is excitement and anxiety at the same time. This is the best time for them to introduce themselves to the corporate world.
Fresh from graduating, first time job seekers are eager to find the right job. They most likely have the ideal job and ideal company in mind. More importantly, they have the right pay they want to receive. For this reason, knowing their worth and learning how to negotiate salary is a skill they need to explore early on.
Everything will seem intimidating for a new graduate stepping into the corporate world for the first time. This includes applying for their dream job. The entire hiring process may seem new to them and overwhelming. This is also true when it comes to salary negotiations. For new graduates, this can mean something big. For this reason, many may think it is not necessary at all since they are fresh graduates. But the truth is that this idea is a skill they should learn early on. This is the process when one party tries to reach a deal about the compensation they should receive. This happens before a candidate signs a job offer. The compensation the company offers should be acceptable to both them and the candidate.
Knowing why it is important to negotiate salary is one thing. But knowing if it is necessary is another, especially for fresh graduates. As they come onto the negotiating table, new graduates may ask the questions, should they ask for more than what the company offers? What if they do not get the job because they want more?
These are the most usual questions most fresh graduates have in mind. On top of that, they believe they lack negotiating power since they do not have much experience. But every job seeker has the right to seek fair pay. Achieving this is possible if they know how to negotiate effectively.
Even fresh graduates can negotiate salary offers. But they need to remember to do this carefully. If they do this properly, they may get the salary they ask for. Otherwise, things may have unfavorable outcomes. Here are some tips for new graduates on how to effectively negotiate salary.
Before jumping in and negotiating, fresh graduates need to do the necessary research. The first is to conduct salary research. They need to review the average starting pay ranges for the job posts they are applying for. This will give them an idea of the pay range they could potentially earn.
One more vital step to take is to conduct research into the company. It is best to know if the company has had staff reductions or is making budget cuts. If this is the case, the chances of a successful negotiation may be slim.
Fresh graduates must keep in mind that not everything should be about monetary compensation. Most companies also offer pay packages that include great benefits and other perks.
There are companies that offer benefits like discounts, healthcare plans, and more. Others offer company devices, and various sorts of allowances.
When doing salary negotiation, it is best to avoid being demanding. It is not favorable to approach the negotiation table with the list of demands. Fresh graduates must know how to present valid reasons to persuade the company that they are worth the pay they ask for.
Towards the end of the discussion, fresh graduates must know when to compromise. After presenting their arguments, the worst they can hear is a “No.” If this is the case, candidates should remember not to respond negatively.
The best thing candidates can do is to listen to the company’s reasons for declining their request. There may be a valid explanation for it. In addition, both parties may revisit the discussion after the probation period.
Knowing when to compromise and agree to meet in the middle is vital in this situation. It will show the company that candidates know their value and will fight for it. At the same time, they are willing to accommodate and be considerate to the needs of the company.
Fresh graduates face many challenges as they enter the corporate world. Although they may lack experience, this does not mean they are at the mercy of the companies they apply for. Early on in their careers, they need to know their value and learn to stand their ground to ensure they receive what they deserve.
