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Yes They Can! Teaching Salary Negotiation Techniques to Students

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Yes They Can! Teaching Salary Negotiation Techniques to Students Aubrey Bach, Senior Manager of Editorial and Marketing, PayScale.com


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Graduation!


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Early Salary Negotiations Are Crucial Salary plateaus after age 40, often earlier for women. Negotiating your salary early has a HUGE impact on future earnings


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"... a 25-year-old who negotiated a starting salary of $55,000 will earn $634,000 more than a non-negotiator who accepted an initial offer of $50,000.” Oh snap. - Fast Company


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But Millennials Aren’t Negotiating Only 37% of millennials have asked for a raise 69% of those that did ask for a raise got a pay increase – 43% got the raise they asked for! 31% of female millennials say they have never negotiated because they are uncomfortable talking about salary


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The Gender Wage Job Gap The gender wage gap is real, but it may not be what you think it is In general, men earn 3% to 7% more than women doing the same job with the same experience. The gap grows as job titles increase in rank


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“Women worry that pushing for more money will damage their image. Research shows they're right to be concerned: Both male and female managers are less likely to want to work with women who negotiate during a job interview.” - Ashley Milne-Tyte, Planet Money #TheStruggleIsReal


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Underemployment means holding a job that doesn’t put all of your education, experience and ability to work


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Understand Your Worth 83% of people who say they are underemployed say it is because they are underpaid 55% of people who say they are underpaid are actually paid fairly for their work


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#WorthIt of people who told us they asked for raises reported receiving an increase in pay. 75%


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1. What you are worth 2. What they are willing to pay you Negotiation 101


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Use the PayScale Research Center to find out how much different jobs pay, and how salaries are affected by Experience Skills Location Employer Use PayScale to Research Salaries


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Take the PayScale Survey Determine How Much YOU Should Earn in That Role


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The PayScale Salary Calculator Free! Easy to embed Research career options quickly and easily on your site www.payscale.com/salary-calculator


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A FREE way to track how alumni fare after graduation Alumni Analytics


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Don’t Be Scared Employers expect you to negotiate. Data will set you free.


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Slow Your Roll Always give yourself time to review the offer, even if you love it 1-4 business days is standard


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Negotiate Everything Salary Bonuses Equity PTO Flex time Retirement plans Health insurance Review schedule Education opportunities


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Be Logical


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Stick to a Script: How to Ask “Thank you so much – I am excited about the prospect of joining the [Company Name] team. However, I’ve done some research and feel that with my qualifications, I should be earning [$xxx] in this role. Can you come up with a package that meets this number?”


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Stick to a Script: Explain Why You’re Awesome “Not only do I have [all the standard requirements that everyone else has] + but I also possess [the following unique traits that make me a better candidate and worth more money].” Jim Hopkinson (author of Salary Tutor), PayScale Salary Negotiation Guide contributor


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Practice. A Lot.


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Want More? payscale.com/guides/career-success-guide


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Thank You! Don’t be a stranger. aubreyb@payscale.com Twitter: @aubreybach


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