Hey Friches! The other week, our CEO and founder Katrin had the opportunity to speak on the Fishbowl app to discuss negotiating salaries. The Fishbowl App is a social network for professionals to bring awareness to workplace topics, company news, career advice, and peer mentorship. Similar to Frich, the Fishbowl app provides users with a platform to compare all work-related topics with your peers. Here’s a recap on what Katrin had to say:
The interview is not a place to discuss salary:
It is not the appropriate time to question the offered salary during an interview. Take a deep breath, go home, and look up data on platforms like Fishbowl or the U.S. Bureu of Labor Statistics to see what is the average salary for your industry. Then, evaluate your skills and question whether your skills are worth asking for a bonus. If the offer is 20% lower than what you believe you desire, it is time to move on. Your ideal job includes an offer that fits your desired pay.
Wait...so how do I even start to evaluate my offer?
Before you go into the interview, research competitive salaries for that particular industry. If the recruiter mentions anything about compensation, you want to be prepared to understand what they are telling you. After the interview, analyze the factors that contribute to your desired salary. For example, is the position in a corporate or start-up setting? Will you receive equity? Do you have any skills that make you unique for the position? What about other types of compensation like a 401K or certain benefits? Even if you are satisfied with your offer, try to negotiate 5-10% above your initial offer. Don’t be afraid to put yourself out there and demand compensation for your skills and experience.
How do I get to a comfortable place in the job search to negotiate?
Negotiation opportunities all begin when you walk into an interview with confidence. Research the salary market before you sit across from the interviewer. Bring specific examples to reinforce your experiences. Research your interviewer – know who is investigating you and how they ended up in this chair. If you really want to impress the interviewer, search to see if they have any quotes or interesting moments in the press. Go through the company’s history and review their social media to stay updated about recent campaigns. This will help you compose meaningful questions to ask and standout to your interviewer. Be sure to thank the recruiter after the interview.
If you come into the interviewer knowing your value and the competitive salary of the industry, you will walk out feeling like the opportunity is in your control. Check out the Fishbowl app to hear the specifics of Katrin’s advice!