Six Tips to Help Millennials Negotiate Salaries Like a Pro

Salary negotiations are nerve-racking for anyone; it's especially challenging if you are early in your career. Having little experience, due to a short career, You don't have the experience, or specialized skill, developed over a long career that shows your ability and added value to the company. Also, employees who are in the early stages of their careers may rely on their colleagues and managers for mentorship, training, and direction. Because of this, millennials are less likely to negotiate their salary. Employers know that they are likely to engage in some type of salary negotiation, so they leave room in the initial offer. Unfortunately, far too few millennials take advantage of this fact. 

The Importance of Salary Negotiations 

Getting more money is not the only reason to negotiate your salary. Negotiations show employers that you are a valuable employee and confident in your work. Negotiation has long-term financial rewards. Your raises and percentage-based bonuses will be larger when you have a larger starting salary. Also, your current salary can determine the salary of your next job. Not negotiating your salary is leaving money on the table. 
Six Salary Negotiation Tips for Millennials 

1. Do Your Homework 

The salary for similar roles in a similar industry will have a comparable salary range. Take into consideration how geography can affect the pay rate of the same job, even at the same company. If the job is in an area where there is a high cost of living, the salary range is higher. Salary numbers are hard to determine, mainly because no one really discusses the details. There are several websites that can help research that salary scales of a particular industry. Payscale and Glassdoor are two examples of websites that provide information about industry salaries and companies. 

2. Don't Just Look at the Salary, Consider the Entire Package 

For most people, salaries are the biggest motivating factor. Other job benefits that have a financial impact include matching in your retirement account. Retirement account matching is essentially the same as a salary. If negotiating your salary is not possible, you may be able to negotiate more vacation days, stock offerings, work-from-home days, and other non-salary perks. 

3. Make Sure What You Ask For is Reasonable 

The millennial generation is viewed by many as the entitled generation. Don't let employers view you as a stereotype by attempting to negotiate unreasonable requests. Negotiating for more vacation days, a higher salary, and leave policy changes may asking too much. Before entering into these negotiations, understand the difference between making an effective counteroffer and making an unreasonable request. 

4. But Always Ask—Women Especially 

In the alternative, you will never get what you want if you don't ask for it. Again, companies do expect a certain level of negotiation. Yes, it's possible that the company won't accept your counteroffer. However, there's a better chance that you will get more money. If you're a woman, it' s very important that you ask for more because women make 74 cents for every man's dollar. This discrepancy is due to several factors, one of them being a lack of negotiating. 

5. Take the Time to Evaluate the Job Offer 

You don't have an unlimited amount of time to research and consider your job offer. However, you also aren't playing a game where the fastest person wins. Take some time to look over your offer and prepare a counteroffer. Make sure the job offers is something that works for you. Being patient could encourage the company to make a counter offer without asking for one. 

6. Make a Strong Argument 

It is possible that your countering the company's initial offer will result in getting the deal you want. However, none of this will happen if you have a weak argument explaining why you should receive more money. Research can help you make a strong argument. Researching will prepare you to state facts like the comparable salaries for the same job at other companies. Reminding your employer of industry standards is a highly-successful negotiating technique. Another negotiating tactic involves reminding the employer of why they hired you. You need to be careful about how you ask for a salary increase. Some negotiation tactics may backfire.