We asked Alumni: How did you negotiate your job offer and what advice do you have?
Here is what they shared:
- Conduct Salary Research
- Craft Your Negotiation Strategy
- Understand Your Value and Market Trends
- Prepare Across Key Areas
- Realistically Understand Market Value
Conduct Salary Research
First and foremost, a college student should conduct thorough research on industry salary standards for the position they’re considering, taking into account factors like location, company size, and required qualifications. Before entering negotiations, students should practice their negotiation conversations, either with mentors, peers, or through mock scenarios to gain confidence and refine their approach.
It’s also essential to consider benefits beyond just the base salary, such as bonuses, stock options, health benefits, work flexibility, and professional development opportunities, as these can significantly impact overall job satisfaction. Lastly, after receiving an offer, it’s wise to take a moment, review everything in detail, and even seek advice from trusted individuals before making a final decision.
Joe Forte, B.I.S Small Business & Communications ‘10, Co-Founder, D-MAK Productions
Craft Your Negotiation Strategy
Congratulations! You’ve got the job—next step is negotiation! While it may seem daunting, negotiation is an essential skill to practice.
I employed a calculated approach in the negotiation of my first job. Firstly, I conducted salary and market research, factored in the cost of living expenses, and then carefully assessed the unique skills I had that poised me for the position. I highlighted my academic achievements, such as graduate-level coursework, an MBA, and law school classes, and specialized research in high-tech supply chains. Secondly, I crafted my BATNA (Best Alternative to a Negotiated Agreement). This negotiation strategy ensures the negotiator identifies their desired outcomes, acceptable concessions, and non-negotiable thresholds before entering negotiations. Lastly, I crafted my message and awaited a response.
I implore students to use data and self-advocacy in tandem to craft compelling arguments and attain one’s desired outcomes!
Nina Plunkett, B.S. Business Law & Supply Chain Management, Minor in Gender Studies ‘21, Supply Chain Program Manager, Cisco Systems
Understand Your Value and Market Trends
When preparing for job-offer negotiations, you must have a clear understanding of the value you bring to the organization and what the organization values. In the commercial real estate sector, it is important to familiarize yourself with current market trends and conditions. Use those metrics to justify your point during the negotiations.
Another tip I learned through the commercial real estate sector is to know when to walk away. While you should strive for a mutually beneficial outcome, be prepared to walk away if the offer doesn’t meet your expectations or align with your career goals. Sometimes, declining an offer can lead to better opportunities down the road.
Trevor Koskovich, B.A. Communication ‘02, President, Investment Sales, Northmarq
Prepare Across Key Areas
Wise folks say, “The will to prepare to win is more important than simply the will to win itself,” and so the best tip for negotiating a job offer is preparation in the following key areas: (1) know the job roles and responsibilities; (2) know the company culture and if you’re a fit; (3) know your worth both professionally, with respect to value-added skills and experience for the company, and also personally, with respect to the value of your time and a healthy work-life balance.
Matt Armstrong, Architecture ‘99, President, St Petersburg Distillery Company
Realistically Understand Market Value
Having interviewed numerous recent graduates over the years, I’ve noticed a consistent trait among successful hires: a realistic understanding of their market value. It’s essential to do your homework—research the industry, gather data on pay and benefits within your cohort, and benchmark your offer accordingly. Additionally, recognize that being at the top of the pay scale for your position isn’t always advantageous; it can bring added pressure to perform that you may not be comfortable with.
Kyle Beard, B.S. Global Business ‘02, MBA Finance ‘09, Director, Willis Towers Watson
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