Are you
ready to graduate and start earning those big bucks? If so, there are probably
a few things you want to know regarding salaries for new grads.
The market
drives wages--how much demand is there for people in your field? You are
competing with other graduating students from many colleges and universities in
addition to Wichita State. You may also be competing with experienced people
who have lost their positions due to downsizing of their organizations. Salaries
also vary greatly by geographic area.
If an
employer asks your salary requirements, you can say “negotiable”. You can also
ask what their salary range is for the position. Or, it is appropriate to say
“I hope to be paid commensurate with the requirements of the job.”
If you
strongly believe you are worth more money than an employer offers you, tell
them you are very interested in the position and ask courteously if they are
open to negotiation.
Many
organizations do not allow very much, if any room for negotiation when they
make offers to new graduates. However, sometimes they may be able to offer a
sign-on bonus in lieu of a higher salary offer. A sign-on bonus is a lump sum
of money the employers pays you when you begin your job. It is an advantage to
the employer because it doesn’t increase your base salary, on which your
potential raise(s) will be based. And, it may be a fair tradeoff to you because
you undoubtedly have expenses to pay as you graduate.
Remember
benefits may add on as much as an additional 30% to the employer’s cost for
your compensation. Perhaps you can negotiate something other than salary such
as, flexible hours, working from home one day per week, vacation time or other
paid time off, stock options, insurance benefits, tuition reimbursement for a
graduate degree, additional training.
If you
attempt to negotiate your salary, it is very important to be prepared to point
out why and how you are worth more money than the original offer. It is not
enough to say “I need a higher salary.”
Always be
respectful when dealing with employers. If you attempt to negotiate salary and
are unsuccessful, decide if the opportunity and experience you will get are appealing
enough for you to accept the offer proposed. It may just be worth it to start
at a lower salary than you might hope for in order to get in with a desirable
organization.