As MBA student Lisa Malachowski negotiated her salary for a job set to start this summer, a thought familiar to many young employees crossed her mind: “Perhaps they’ll withdraw the offer.”
Malachowski, a soon-to-be-graduate of Concordia University’s John Molson School of Business (JMSB), had been offered a full-time position at the identical tech company where she’d accomplished an internship last summer.
The 36-year-old also had 10 years of skilled management experience, but said she wasn’t sure how valued those skills could be in her recent profession path.
“Certainly one of the toughest things is the knee-jerk response of, ‘If I ask for an excessive amount of, I look ridiculous,”’ she said.
“It’s not ever a simple conversation to have. But I feel one in all the things that made it easier … is that I did a lot market research beforehand that I used to be really confident concerning the range I used to be asking for. I didn’t feel like I used to be asking for anything unreasonable.”
While salary negotiations are a standard a part of the hiring process, experts say it’s a stone often left unturned by young candidates unsure of find out how to ask for more cash from an employer. That very same sense of intimidation is usually also felt amongst young employees hesitant to ask for his or her first raise.
“The largest mistake shouldn’t be doing it,” said JMSB graduate profession adviser Bob Menard.
Menard, who leads workshops on find out how to negotiate salary and advises students on a person basis, said most indicate they’ve never negotiated a job offer.
He said a typical sentiment he hears is that it doesn’t seem appropriate with a primary job.
“It’s at all times appropriate,” Menard said. “I try to essentially stress with them if an employer is supplying you with a proposal, it’s not identical to you’re pulled out of a hat. They’ve passed through a process to pick you, in order that they have as much in it to lose in case you walk away, or in the event that they can’t meet your counter-offer.”
Menard added most employers construct in “some wiggle room” to a proposal -often around seven to 10 per cent in extra value – that they’re willing so as to add if requested by a robust candidate. He suggested keeping a maximum counter-offer inside that range.
“For those who don’t attempt to access it, well, you’ve left that on the table and long-term that would actually mean quite a little bit of lost earnings for the person,” he said. “It’s OK to be nervous, however the employer has loads invested on this, especially in today’s market.”
Research published by Robert Half, a human resources consulting firm, in its 2023 Salary Guide suggests Canadians are increasingly overcoming the awkwardness of asking for more cash.
Its poll of greater than 500 Canadians last August found 47 per cent of respondents were more more likely to request a better starting salary in comparison with a yr earlier. Fifty-seven per cent felt they, slightly than employers, were in the driving force’s seat in negotiating pay, perks and advantages.
Presenting a well-researched range in salary expectation, slightly than a single goal, could make the negotiation process smoother, in keeping with Georgia Harper, president of Vancouver-based recruitment firm The Headhunters.
“I at all times suggest to people who everybody has a foul day at work,” she said. “Irrespective of how excited you might be, ensure that you simply’re going to be comfortable with that compensation on a foul day. I feel it’s also really necessary that number doesn’t change through the conversation.”
For those already employed, preparation can be key when knocking on a boss’s door to speak numbers, added Harper.
The Robert Half poll found 34 per cent of respondents planned to ask for a raise from their employer in the event that they didn’t get one _ or the quantity was lower than expected – by the top of 2022.
Greater than two in five respondents said they were taking up responsibilities outside their job description to higher position themselves for a raise, while north of 1 / 4 said they research salaries and share discrepancies with their manager.
Before having that conversation, Harper said she urges employees to research the market rate for his or her role and be able to discuss how they’ve grown of their responsibilities to justify a better salary.
“For those who’re on the lookout for a raise, and that the market is paying higher, sharing that information is absolutely helpful,” said Harper, cautioning the research mustn’t necessarily deal with individual postings.
“Let’s say your job is the administrator; one company’s administrator does a distinct thing than one other company’s administrators. You don’t wish to 1/8say 3/8, `I saw a job for an administrator that paid far more.’ You’ve got to be a little bit bit careful that the work is aligned.”
Malachowski, whose counter-offer was accepted, said her advice for other young professionals itching for a better salary than offered is “don’t be afraid to ask for it.’”
“It’s about making that sort of human reference to a spot that you simply actually wish to work too,” she said.
“In the event that they’re the kind of company that will pull the offer simply because they feel you don’t provide that quantity of value, that’s probably not a spot that you simply actually wish to work for.”
© 2023 The Canadian Press