Frich Insights: Negotiating Your Salary 👀
87% of Frichies that answered this Question of the Day didn’t try to negotiate their pay, but for the 7% that did try, it actually worked! Knowing that this is an option is one thing, but you also need to know how to go about doing it. Here are some tips for your next internship, or even full-time job:
Do your research: Research the average hourly rate/salary for similar internships in your field; this will give you a benchmark to negotiate from and help you understand what is reasonable to ask for.
Practice negotiation: Conduct mock negotiations with friends or family to build your confidence. Practicing will help you refine your arguments and responses to potential counteroffers.
Highlight your skills and value: During the negotiation, focus on your skills, experiences, and the unique value you can bring to the company. If you have more/longer experience than most interns in your field, you can also emphasize that.
Be flexible: While negotiating, be open to compromises. Consider other benefits, such as flexible working hours, mentorship opportunities, or the possibility of turning the internship into a full-time position after graduation.
It’s not surprising that most people answered that making a lot of money is very important to them, here are some things to remember:
Clarify your financial objectives: Reflect on your long-term financial goals such as buying a house, traveling, or saving for retirement. This will give you a clever purpose of what financial habits you need to adopt or improve.
Focus on financial literacy: Educate yourself about personal finance, investments, and budgeting. Understanding money management will empower you to make informed decisions and avoid unnecessary financial stress.
Balance spending and saving: While aiming for financial success, strike a balance between saving for the future and enjoying the present. Budget wisely to allocate funds for both short-term desires and long-term security.
Stay updated with Frich blog posts and newsletters for more financial advice and insights and be sure to find more financial content that resonates with you.
Working a part-time job in addition to an unpaid internship can be quite stressful, even more so if you’re doing so during a school semester. Here are some tips to help you navigate that and how to go about it if you’re interested in doing so in the future:
As with academics and most things in life, time management is key. When planning your schedule, carve out time for your main focus (which may be your internship or academics), and then allot time for your other priorities. Be sure to give yourself adequate breaks for rest and other activities so you’re not burnt out.
Choose flexible jobs: Opt for part-time jobs that offer flexible hours, allowing you to manage your academic and internship commitments effectively. On-campus jobs can be more lenient than off-campus jobs, and you might be able to do academic/internship work depending on how busy your shifts are.
Explore online opportunities: Consider remote or online part-time jobs that save commuting time and offer greater flexibility.