Issue #252: SUCH an awkward conversation

plus grapples + Channing Tatum gets witchy
͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
September 11, 2024 • Issue #252
Dollar Scholar

Hi y’all —

Remember when your parents would serve green beans for dinner and you’d try to counter, saying something cute like “what if we had French fries instead?” If your family was anything like mine, you’d inevitably get shut down with “this is not a negotiation.”

Turns out, sometimes it is. While it might not have flown at your childhood kitchen table, negotiation is normal when it comes to your salary.

I’ve been thinking about this a lot recently because several of my friends are in the final stages of interviewing for new jobs. As the Dollar Scholar, I’m contractually required to encourage them to push for better compensation from their would-be employers. It’s scary, I know, but I want to see them paid well for their amazing skills.

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

I conducted email interviews with Amy Crook, head of global talent, and Cortney Holt, senior manager of talent, at the career site Glassdoor. Here’s what they told me.

DO… feel empowered.

Salary negotiation is super important — and underutilized. A 2022 Fidelity survey found that 58% of young professionals accepted the offer for their job at the time without negotiating. But 87% of those who did got at least a little of what they requested.

“It is definitely not rude,” Holt tells me. “In my experience, I believe most companies are willing to negotiate, but you’ll never know unless you ask.”

The data backs this up, too. In 2021, a whopping 89% of employers who responded to a poll by Brightmine (fka XpertHR) said they were open to negotiating salary with job candidates. Separate research indicates that pushing back on salary is particularly common in the advertising, marketing and tech industries, so it’s not only not weird — it’s probably expected.

DO… be transparent.

The timing here is important. Be upfront about your expectations; avoid springing a big number on someone out of nowhere at the very end of the interview process. Crook points out that this can save both parties a lot of time.

“As a recruiter, I want to know exactly what a candidate is expecting in terms of compensation so I advocate and get them the best offer possible,” Holt says.

DO… be likable.

Going in, you probably have a rough idea of what the offer may be and what you’re open to. Be clear about these guidelines, but don’t forget to emphasize that you’re interested in the gig: “Reiterate your excitement and interest in the position and company, so they know your ultimate goal is to accept the offer,” Holt adds.

It never hurts to be extra kind and polite in emails and phone calls negotiating salary. (TBH, this is good advice in general.)

DO… come prepared.

Several states, including California, Colorado and Washington, now have laws that require job postings to include salary ranges. But that’s not the only homework you should do.

i have to go negotiate my salary here's hoping i don't cry

First, pull together proof that you should be paid more. Indeed says you can prove your value by evaluating your years of experience, any relevant degrees, important skills, your leadership chops, licenses, certifications and results from previous jobs. These facts can help you make a strong case for a higher salary.

Then determine what’s likely do-able for the company. Figure out the industry average for your gig, research the cost of living in your area and determine the salary for similar roles at similar companies. Call upon multiple sources, too, like PayScale, LinkedIn and the U.S. Department of Labor, so you’re well-armed with information that will justify your ask.

DON’T… lie.

The Harvard Business Review points out that, as part of this process, you’re going to have to answer some hard questions, like whether this company is your top choice or whether a salary boost would lead to an immediate acceptance. Crook says honesty is the way to go here — if you don’t already have a competing offer, for instance, don’t say you do.

“I would be honest with your feelings about the salary and come prepared with the reasoning behind your request for additional compensation,” Holt tells me. “Once you have made your counter-offer, ask the recruiter for a realistic timeline for a final decision.”

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

“You should only confirm what your salary expectations would be for the role you are interviewing for,” Crook says. Telling the interviewer what you’re currently making isn’t a requirement, and in some places, it's actually illegal for them to ask.

DON’T… forget about other benefits.

Crook says it’s a harsh reality that budgets are fixed, and sometimes the company you’re interviewing with really can’t give you any additional base pay. But there might be more wiggle room elsewhere in your benefits package.

Can the employer offer you more vacation days or a signing bonus? A better job title or stock options? What about flexibility for remote work, cool professional development opportunities or a later start date? It’s worth asking.

BTW, if you have other issues you hope to negotiate, it’s smart to bring those up at the same time rather than listing them out one by one.

DON’T… be afraid to decline.

This is tough, but you might have to walk away from a job if you’ve run the numbers and determined it just won’t pay enough.

“If you have been clear and consistent with your compensation expectations from the start and at the last hurdle they give you a low offer, I would probably decline the offer,” Crook says. “Remember, this process is as much about you seeing who they are as the company assessing you.”

The bottom line
(but please don't tell me you scrolled past all of my hard work)

Negotiating your salary is hard work, but it can work, especially with these tips.

So play hardball on a deal
via Giphy

Smart MONEY MOVE
are your DIY skills DOA?

HomeRepairing or replacing your home appliances and systems isn’t easy (or cheap). Case in point: My AC broke last summer, and fixing it cost just as much as buying a new one. Enter home warranties, which can protect your budget from the cost of unexpected repairs after an item’s manufacturer's warranty has expired.

Check out Money’s list of top home warranty providers today.

ADVERTISEMENT

Receipt of the week
check out this wild celebrity purchase
Channing Tatum
via Instagram

Actor Channing Tatum recently took his family on a private, three-day walking tour of Salem, Massachusetts. Apparently his daughter wanted to learn more about the 1692 witch trials, and a local business delivered, complete with a tarot card reading and a broom-making workshop. Though the Tatums had a private experience, Witch City Walking Tours run about $30 per person — a price I find positively charming.

Internet gold
five things I'm loving online right now
1
I’m absolutely obsessed with Kaia Gerber and Ayo Edebiri’s Instagram comments.
2
The Wall Street Journal reports that there’s a cat-astrophe looming in London, where Larry, the longtime mouser at 10 Downing St., is encountering competition from JoJo and a new kitten belonging to the new prime minister. Some call Larry a “catzilla;” others defend him as a fan favorite. Oh, the drama.
3
These embroidered cakes are blowing my mind. Also, now I’m hungry.
4
Paste has asked and answered the question on everyone’s minds: Whatever happened to Grapples, the trendy grape-apple hybrid of the 2000s? I guess we, as a society, have moved on to pluots and pineberries.
5
I’ve never seen a Recess Therapy video I haven’t loved.

401(k)ITTY CONTRIBUTION
send me cute pictures of your pets, please
Albus
via Jane Sumner
Meet Albus, a black kitty who always negotiates his chompensation.

See you next week.

P.S. Have you ever negotiated your salary? Who’s your favorite Instagram follow? Are you Team Larry or Team JoJo? Send bonuses to julia@money.com, plz and ty.

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