10 tips for successfully negotiating job offers, whether it's your first or subsequent ones.

Many college graduates overlook the opportunity to negotiate their salary for their first job.

Employers often expect negotiation when it comes to salary offers, so they typically do not provide their best offer initially. As such, it is important for job seekers to understand their own worth and to request more money if the employer's offer does not align with that.

Negotiating a $5,000 increase in your salary may not seem like a significant achievement, but when you realize that it is added to your annual salary, it becomes a substantial gain. If you negotiate for $5,000 more, you will receive $5,000 annually. If you remain with the company for two years, you will receive $10,000, and if you stay for four years, you will receive $20,000. Additionally, any raises you receive will start at $5,000 higher.

A study at the Grainger College of Engineering at the University of Illinois Urbana-Champaign in 2010 found that failing to negotiate a $5,000 increase could result in a loss of over $600,000 over the course of a career.

If you could purchase a beautiful house for $600,000, why wouldn't you request more funds?

How to negotiate the salary for your first job offer.

Could asking for more money jeopardize the offer for some recent grads?

No one will take away an offer just because you asked for more, and they will think you know your worth and are not afraid to ask for it.

If I were to hire them, they would be willing to advocate for our team and company, which is why I want them on my team. So, when you consider it, why not ask for more? You'll likely impress the hiring manager rather than offend them.

1. Do your research

It's acceptable to request additional compensation, but it's not appropriate to simply demand a million dollars without doing any research on the typical pay range for the position.

Joseph DiNiso, a senior computer engineering student at Virginia Tech, advised doing extensive research on the current job market.

To prepare for a salary negotiation, students should have a desired salary in mind, based on the starting salary in their field. While salaries can vary greatly, this number can provide a ballpark estimate of what they should be making and help them set salary goals.

To determine the appropriate salary for this job, it's important to consider not only the typical starting salary but also the salary range. Avoid settling for the lowest possible salary.

To determine a typical pay range for your job title, visit the Bureau of Labor Statistics website and search for your specific job title. Keep in mind that pay ranges can vary by location, with jobs in New York City typically paying more than those in more suburban or rural areas due to the higher cost of living.

David Paykin, with over 1.7 million followers on TikTok and a large following on other social media, has assisted numerous college students, recent graduates, and young professionals in their job search. He advises conducting research on various websites such as PayScale, SalaryList, Salary.com, Levels.fyi, Indeed, Glassdoor, and others to accurately determine salary ranges.

2. Confidence is key

When it comes to job applications and salary negotiations, confidence is crucial. Believe in your qualifications and assert your value. Although many of us struggle with confidence, it is essential to have it at the negotiating table. If you don't speak up and assert your worth, who will?

What if the hiring manager on the other side of the table doesn't want to hire someone who is unsure of themselves?

To be successful in their careers, individuals must have confidence in their abilities and expertise. However, if one struggles with confidence, it is understandable, but it is crucial to leave it behind when negotiating for career advancement.

To build confidence, one effective approach is to seek advice from individuals in higher positions within the industry and those with a similar background, such as women of color, as Rachel Castellino, a senior statistics and data science student at California Polytechnic State University (San Luis Obispo) and incoming data scientist at Meta, suggests.

3. Be patient

While it's tempting to jump with excitement at your first job offer, it's crucial to remain patient and allow the interview and negotiation process to unfold at a pace that feels comfortable for the hiring manager. Keep in mind that you are requesting a substantial amount of money, and the hiring manager may have other pressing matters to attend to, such as negotiating with you. To show professionalism, speak slowly, ask thoughtful questions, and provide thorough answers.

Be prepared to discuss compensation during the hiring process, but it may not be brought up until the third meeting or later.

4. Know your worth

It is essential for applicants to be aware of the salary range for the job they are applying for to avoid receiving a low offer. This is particularly important for women, as they earn only 83 cents for every dollar earned by men, as per the Institute for Women's Policy Research.

While Cheryl Minnick, career success director at the University of Montana, stated that one reason for the lower wage is because women tend not to negotiate, it is crucial to recognize the importance of knowing your professional worth, defending your value, and negotiating your first salary and every subsequent salary thereafter.

It is crucial to not only be aware of the salary range for a job but also to clarify your qualifications and why you are a better fit for the company than other applicants.

5. Go in prepared

To effectively negotiate, you must first determine the starting salary and typical range.

David Paykin's website davidpaykin | Beacons mobile offers a range of free resources to the public, including his Interview Guide, Resume Template, Networking Templates, Cover Letter Template, and Career Cheat Codes.

In his interview guide, Paykin offers advice on how to handle various interview scenarios. For instance, when asked for a desired salary, he recommends multiplying the bottom of the range by 1.2 to ensure a comfortable salary range. This is because if the company offers the lower end of the range, the cushion will result in being paid more towards the middle of the range, which is significant in the long run.

In the guide, he provides an example: "If your research indicates that the salary range is between $50,000 to $75,000, then the salary you would offer to the recruiter would be $50,000 multiplied by 1.2, which would result in $61,000 for the lower end of the range and $77,000 for the upper end of the range."

If you leave your salary range online, you will miss out on $11,000 in the first year, $22,000 in the second year, and $44,000 in the fourth year. This means that you can buy a brand-new car with the money you would have earned if you had negotiated your salary.

So, once again: Why wouldn’t you ask for more?

The best that happens is you get a nice extra chunk of change every single year, and the worst that happens is they say no.

6. Consider the entire compensation package

When seeking a full-time staff position, it's important to consider factors beyond just your salary.

"Researching and negotiating your first job offer are equally important as the benefits," Minnick stated.

The inclusion of dental, wellness, vision, pharmacy, paid-time off (PTO), and employee assistance programs in medical benefits can be invaluable, according to Minnick.

In addition to your salary, your compensation package may include other benefits such as a signing bonus, annual bonus, paid time off, 401(k) matching, compensation for relocation expenses, free or discounted child care, parking, and tuition reimbursement.

When making a decision, it's crucial to take into account the entire package, including both salary and benefits. While you may come across a job with a lower salary, the benefits may make it a more valuable option.

7. It doesn’t hurt to ask

Remember: It never hurts to ask.

"New grads and others often worry that negotiating may make them appear greedy or ungrateful, leading to unsuccessful negotiations or offers being taken away. However, if you approach the conversation with knowledge, respect, and consideration, this should not be a concern." - Kristin Brennan, executive director of Career Exploration and Development at Bowdoin College and Career Coach at Harvard Business School.

Advice from Glassdoor: Never be sorry for requesting more.

The Glassdoor career advice team suggests in their blog that negotiating can be uncomfortable, and our natural tendency is to try to soften a difficult conversation. Saying "sorry" could signal to the recruiter or hiring manager that you might be willing to back down, which could be costly.

No, a hiring manager would not want to hire someone who backs down.

Paykin offers advice on how to approach difficult conversations, such as salary negotiation, in his interview guide. One suggestion he provides is to say something like, "Before discussing compensation, I would like to learn more about this role and what it entails. I have researched this company extensively and am confident that if we are a good fit, we'll come to an agreement on a fair and competitive salary."

I'd want that person on my team because I don't know about them.

8. Practice makes perfect

Your salary will determine various aspects of your life, such as your living conditions, purchasing power, and savings. Therefore, it is crucial to prepare thoroughly before negotiating for your future.

Role-playing negotiation scenarios with a roommate, friend, family member, career counselor, or other advisor can be helpful.

The National Association of Colleges and Employers suggests that being "objective, persuasive, and strategic" can be improved by asking for feedback on both what you are saying and your body language. This can help you become more aware of your nonverbal cues and improve your overall presentation skills.

Rewritten sentence: * I have successfully completed my task. Talking points: * Completed task on time * Accurately completed all required steps * Submitted final report to supervisor * Received positive feedback from team members * Celebrated successful completion with a small treat Accomplishments: * Completed task ahead of schedule * Submitted final report before deadline * Received positive feedback from team members * Celebrated successful completion with a small treat.

Keeping a running journal of your projects, what you've learned, and what you've contributed, as well as a folder where you store praise from bosses and colleagues, is suggested by Brennan.

She stated that the folder is an excellent location to visit when you need a confidence boost, and themes about your performance may emerge, which you can utilize when requesting a raise or a higher salary for your next job.

9. Be flexible

It's possible to receive a job offer for a position you enjoy, but the salary may not meet your expectations.

Harvard Business School Professor Deepak Malhotra suggests asking your potential boss about flexibility and if they are open to negotiating a higher salary.

Malhotra stated that it's possible they may like you and think you deserve more, but for some reason, they are unable to provide any additional compensation. Therefore, you should examine the overall compensation package and request flexibility on aspects such as start date, job title, time off, and bonus.

10. Convey your enthusiasm

Rewritten: To ensure that the company remains motivated to work with you and find a better arrangement, it's important to convey your excitement about the opportunity.

Discussing your specific likes about the company demonstrates your thorough research and compatibility with the company culture. Additionally, link your strengths and how you can contribute to the team and the company.

"College Money 101" is a comprehensive guide written by college students to help the class of 2022 navigate big money issues they will encounter in life, including student loans, budgeting, and finding their first apartment. Even if you're still in school, you can start using this guide now to become financially savvy when you graduate and begin your adult life on a strong financial footing. Allison Martin, a three-term intern with CNBC's product and technology team, is the author of the guide. She is a senior at Virginia Commonwealth University, studying computer science with a concentration in data science and psychology, and has double minors in actuarial science and mathematics. The guide is edited by Cindy Perman.

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