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Boost Your Paycheck
Plus: Pay transparency laws + BLS
🎙️ Did You Know? On this day in 1935, the first canned beer went on sale, changing the way people enjoyed their favorite brew... and the way they spent their paychecks. Whether or not you’re one to indulge in alcoholic libations, it’s worth noting this societal shift was a defining moment in the zeitgeist of how money was used at scale.
Get What You Deserve
Salary Negotiation Hacks
Negotiating your salary can be a dreadful thought. You've put in all the work to land the interview, and now the job seems like a great fit. But the idea of negotiating a salary can feel like risking everything. The truth? If the compensation is way below your expectations, it may be more worth the risk than you think.
The following are our honest suggestions, no affiliate links or kickbacks apply.
Know Your Worth
When it comes down to it, around 73% of employers expect candidates to negotiate their salary during an initial job offer, it is not only expected but it can also make you look more professional if you know your worth. With the right preparation, you can confidently advocate for yourself and ensure you're compensated fairly for your skills and experience.
➡️ Do Your Research (As usual)
Research salary benchmarks for your position, industry, and location using platforms like Glassdoor, PayScale, and the U.S. Bureau of Labor Statistics. This gives you a realistic idea of what to expect and helps you avoid undervaluing yourself.
➡️ Know Your Worth
What sets you apart from the other candidates? Assess your skills and achievements, and be ready to highlight how they’ve made an impact in your previous roles. The more you can show how you add value, the easier it will be to justify your salary expectations.
➡️ Let Them Go First
If possible, let the employer make the first offer. This can give you a useful starting point for the negotiation and sometimes reveals a higher offer than you might expect.
➡️ Be Ready to Counter
If the initial offer doesn’t meet your expectations, politely counter with a reasonable, well-justified figure. Use statements like, “Based on my experience and research, I was hoping for a salary in the range of X to Y.” Back yourself up with facts and numbers.
➡️ Consider the Full Package
Salary isn’t everything. If the base salary is non-negotiable, consider negotiating for other benefits, like flexible working conditions, bonuses, or extra vacation days. Remember, it’s about the whole package.
Negotiating your salary might seem intimidating, but it’s a crucial skill that pays off in the long run. Studies show that successful negotiations can boost your lifetime earnings by up to $1 million! Don’t be afraid to advocate for what you deserve, and remember- YOU’VE GOT THIS!!!
Jeanne Sahadi
Pay transparency laws are gaining momentum, with 13 states, Washington, DC, and several cities already requiring employers to disclose salary ranges for job postings. Four more states, Illinois, Massachusetts, Minnesota, and Vermont, will implement such laws in 2025, and New Jersey may follow suit. These laws are influencing practices nationwide, as companies adapt to varying state rules and remote work complexities.
Pay transparency is increasingly valued by Gen Z and Millennials, with transparent job postings attracting three times more applications, according to Indeed. Top-performing companies often exceed legal requirements, using transparency to address pay equity, explain compensation decisions, and improve employee trust.
For job seekers, salary ranges provide a foundation for negotiations, empowering candidates to advocate for fair compensation. Experts recommend asking employers about factors that influence pay within the range, helping candidates highlight their strengths during interviews.
Sometimes it can be difficult to estimate how much to ask for, or even realize if the compensation offered to you is fair or not, in those cases the U.S. Bureau of Labor Statistics (BLS) Occupational Employment and Wage Estimates appears as an invaluable tool. This resource provides comprehensive data on average salaries for specific occupations, helping you set realistic and informed compensation goals.
Whether you're preparing for a job offer, a performance review, or considering a career change, the BLS estimates give you insight into salary variations by industry, state, and role. This means you can adjust your expectations to reflect local and industry-specific trends, giving you a distinct advantage in salary discussions.
Remember, this guide is just that, a guide; you will need to evaluate your specific characteristics, such as seniority, to leverage if you can aim for a higher salary.
Armed with this data, you can approach negotiations with confidence, knowing that you're asking for what you're really worth in the marketplace.
RoadMap is a private network for recent college grads embarking on their job search and early career journey.