How do you know if you're asking for too much pay?
I'm about to graduate soon and am looking for full time offers. During interviews I've been asked is X amount of pay ok for you? So far I've said yes because I just wanted to get experience no matter the pay. Now that I have 1-2 things for experience on my resume I want to ask for more. I've been doing my research for the medium pay for the positions I'd like but how do you know if you're asking too much? Theres that saying that you know how much you're worth but I'm only starting out. How do you negotiate/know if you're getting paid less/asking for too much? #college #job #finance #money
It looks like you're already doing some of this, but there are a few things you can try here to get a feel for where you stand:
- Ask recruiters - this is their bread and butter and they should be able to give you a good indication
- Google around to see what websites are telling you. Good places to start are Glassdoor, Salary.com and PayScale
- Ask your fellow students, friends or family for their thoughts and experiences
In the interview, try to get a sense of how much they want you. That can help you figure out how much you should ask for. If you have valuable skills in a more niche role then I would suggest shooting for 20-25% more than what you think is the average rate. For a more commoditized role you may have less wiggle room, but no harm in asking.... ambition is a good quality that employers are looking for.
Last but certainly not least, be confident and assertive when asking for your price. That can a very long way in convincing an employer that you are the real deal and it is worth them paying you more.
I think the biggest item to consider are the secondary benefits a company might be offering. Some things you'd want to know more about are:
* 401k match (and vesting period) are
* health benefit cost
* any specific transit savings or rebates etc
Also think about implicit cost (savings) like, is this opportunity close to home? What would you be saving TIME wise getting there and back.
You've had some great advice above...always be prepared to answer questions such as that & do your research. If you re ok with the pay terms that a potential employer discusses then as you are accepting let them know you've done your research...'based on what ive researched that seems in line...' etc and have a similar response if you dont agree..'based on research i was hoping for something in this range xxxx'. Always be ready to detail your research if asked...similar positions, industry averages etc...potential employers will be impressed by your thoroughness.
If an employer quotes you a starting salary that you feel i lower than you wanted ask them about pay ranges for that position, say something along the lines of "i was really hoping for $$XX , but im still very interested in the position....could i eventually get to such a salary & what would it take on my part.."...again i think employers would be impressed..
I hope this helps & good luck to you