Millennials are often criticized for being too confident. As it turns out, many millennials lose their confidence in the workplace. According to Money.com, millennials are earning less than previous generations even though the millennial generation has a higher rate of degree holders. According to Business Insider, the declining wages could be the result of only 38% of millennials negotiating for higher salaries at work.
Negotiating for a higher salary often pays off, yet many young workers are intimidated or unsure of how to approach requesting higher pay. Here are some tips to help millennials negotiate a better paycheck:
Enroll in a Negotiation Class
A great way to ensure you have the necessary skills to negotiate a better salary is by signing up for well-planned negotiation classes. By having a foundational knowledge of how to approach different negotiation situations, you learn how to choose a negotiating style that works for you and your goals. Having this skill enables you to apply the tips learned in this article expertly and with confidence.
Do Your Research and Know Your Worth
Whether you are planning to ask for higher pay at a job interview or you are asking a company you already work for, doing your research is imperative to know what might be an appropriate number to offer your future, or current, employer.
Research will help you figure out your worth. Look up what the average pay is for your job position and compare it to what you are currently making. Also, research what competing companies might be paying their employees in order to gauge how much to ask from your employer.
Negotiation classes teach the importance of preparation alongside research. Think about what you are going to say and how you will present yourself. As part of preparation and research, ensure you have a rationale for requesting a salary increase.
it’s important to present the reasons why you are asking for a higher salary. From seeing that other companies are paying more for the same position or you have been given more responsibilities, having a rationale and presenting it during your meeting shows that you are confident in your skills.
Strategizing is about knowing what you will say and how you will say it. When you are preparing to bring up the subject of a salary increase, or are about to make your offer, you should be confident but not domineering. Intimidation is unlikely to give positive results, and you want to ensure you are projecting a professional image.
If you are at a job interview or a formal evaluation at your current job, try to avoid the topic of salary until near the end of the session. Bringing up the issue of salary too early will often lead to ending the conversation before you can achieve your goal.
Some millennials only think about the immediate rewards to a job. However, if you see this position as a lead-in to your lifelong career, then you may want to consider all the benefits that the job may offer.
401(k) and retirement might seem like farfetched benefits now, but such benefits are useful to you in the long run. In addition, many companies offer perks that benefit you now. Health insurance, gym membership, and paid leave are often offered by employers and represent value by the money you save on these costs.
Make An Offer
If you have done your research, you should know the best range to present as your offer. Consider all aspects of the job when you give an offer and make sure you know the average salary of the position.
Ensuring you open with a suitable number is a key piece of advice from a negotiation class. Starting off too high might discourage your employer from taking you seriously, but by starting out too low, you could sell yourself short. In addition, your employer might try to negotiate this already too-low number down even further.
By presenting your expectations reasonably with a carefully planned figure in mind, you give your employer a reasonable range to work with.
Come to a Compromise
While you might not get the exact salary increase you want, learning to compromise is often better than nothing at all. Many millennial workers fear that asking for an increase will lead to a negative relationship with their employers, but the opposite is true. Many employers want to see strong workers that can learn to compromise and negotiate, not just with salaries, but with other aspects of the job, too.
Don’t Let a Lack of Experience Deter You
If you are negotiating for a salary increase at a job interview, do not let gaps in your resume deter you from asking. Skill is still a priority over other aspects to employers. If you know you have the job knowledge and skills from other experiences, do not let the possibility of unemployment make you doubt your worth.
Most business people are aware that a big part of being successful in negotiations comes from their confidence. Appearing confident is key in successful negotiating, and even if you are unsure of yourself, “fake it until you make it” can be a helpful approach.
At the end of the day, employers need to fill a position and usually want to get the job done quickly. Showing employers know you are the best person for the job may convince your employer to consider your salary request.
Millennials are valuable workers that need to learn to negotiate for their worth. Many millennials don’t ask for a higher salary and that often leads to starting with a low base, which can be a setback for years to come.
Generally, employers respect employees that speak up and know their worth. By doing your homework either from taking negotiation classes or from your own initiative, planning how to present your salary request skillfully and with confidence can open up doors to new opportunities that can propel your career forward.