Dollar Scholar Inquires: Strategies for Negotiating a Higher Salary in a New Job

Here’s the rewritten content presented in a more straightforward and easy-to-understand manner:

—

This is a snippet from Dollar Scholar, a newsletter by Money where editor Julia Glum shares essential modern money lessons. Don’t miss out! Subscribe at money.com/subscribe and become part of our community of over 160,000 Scholars.

Remember those childhood dinners when you’d suggest having French fries instead of green beans, only to hear, “This is not a negotiation”? While it might not have worked with your parents, negotiating is entirely normal when it comes to your salary.

Recently, I’ve been thinking about this a lot as some of my friends are close to landing new jobs. As the Dollar Scholar, it’s practically my duty to urge them to negotiate for better pay. Though it can be daunting, I want them to earn what they deserve for their incredible talents.

What are the do’s and don’ts of negotiating your salary?

I exchanged emails with Amy Crook, head of global talent, and Cortney Holt, senior manager of talent at Glassdoor. Here’s their advice:

DO… feel empowered.

Negotiating your salary is crucial but often overlooked. A 2022 survey by Fidelity revealed that 58% of young professionals accepted job offers without negotiating, despite 87% of those who did negotiate getting at least part of what they asked for.

“It is definitely not rude,” says Holt. “In my experience, most companies are open to negotiation, but you’ll never know unless you ask.”

Data supports this: In 2021, 89% of employers polled by Brightmine said they were willing to negotiate salaries. Negotiation is especially common in fields like advertising, marketing, and tech, making it expected if you’re job-hunting in these areas.

DO… be transparent.

Timing is key. Be upfront about your salary expectations early on to save time if there’s a major mismatch.

“As a recruiter, I want to know exactly what a candidate expects in terms of compensation so I can advocate for the best offer possible,” Holt explains.

DO… be likable.

Know your worth, but also express your excitement about the job. “Reiterate your interest in the position and company to show your goal is to accept the offer,” Holt advises.

Being polite and kind during salary negotiations is always a good approach.

DO… come prepared.

Some states, like California, Colorado, and Washington, require job listings to include salary ranges, but that’s just part of your research.

Gather evidence to justify a higher salary, such as your experience, skills, and achievements. Also, research industry averages and salaries at similar companies to back up your request.

DON’T… lie.

Honesty is crucial in interviews. Don’t claim to have offers you don’t have. Be clear about your salary feelings and the reasoning behind your request.

“Once you’ve made your counter-offer, ask the recruiter for a realistic timeline for a final decision,” Holt suggests.

DON’T… feel like you have to share your current salary.

Only confirm your salary expectations for the new role. In some places, it’s illegal for interviewers to ask about your current salary.

DON’T… forget about other benefits.

Budgets can be tight, but companies might offer perks like extra vacation days, signing bonuses, or flexible work options. It’s worth asking about these possibilities.

If you have other negotiation points, such as flexible hours, bring them up alongside salary discussions to streamline the process.

DON’T… be afraid to decline.

Sometimes, you might need to walk away if the offer doesn’t meet your financial needs.

“If you’ve been clear about your expectations and receive a low offer, it might be best to decline,” Crook advises. “The process is about assessing both the company and yourself.”