Picture this: two engineers, Sammi and Jessica, are both applying for the same position at a fast-growing technology company. Both have the same experience and skill level. When the company calls them both to offer them both a position, Sammi feels awkward. The salary they proposed certainly seems fair, it comes with some options, and is more than what she’s currently making. She becomes one of the 31% of women who, according to PayScale, decides to accept the first offer.
Jessica, on the other hand, does her research. She takes note of regional salaries for similar positions, and comes up with a baseline number she bases on her current net worth and what it would take to reach her long-term goals. Armed with this information, she then arranges an additional meeting with her future employer, and negotiates her way into the salary and options package she desires.
It can be uncomfortable to talk about money, and even more uncomfortable when you’re talking about money with a future employer. But research shows that of those brave folks who do end up asking for a raise or a higher starting salary, 75% of them receive one.
Check out our infographic on the do’s and don’ts of salary negotiations.
Latest posts by Personal Capital (see all)
- Personal Capital 2018 Tax Guide for the Savvy Investor - February 21, 2018
- Personal Capital 2018 Tax Guide for Holistic Financial Planning - February 21, 2018
- Video: How Much Should You Spend in Retirement? - February 20, 2018