Negotiate Your Salary After Internship
Negotiation your salary after an internship may be just as difficult as landing the internship in the first place. The negotiations will need to be justified and you should be prepared for some back-and-forth. However, ensuring that you’re the best intern there and making a lasting, meaningful impact on the company and department will help you in your salary negotiations.
Firstly, congratulations! You’ve been offered a full-time position as a result of your hard work, commitment, and dedication during your internship. You took the advice on this blog (I hope) and persevered and are now a full-time employee. Yet, negotiating a full-time employee’s salary can be both daunting and confusing, especially after your stint as an intern.
The first thing I want you to do though, is get rid of the intern mindset. Clearly the company saw something in you that they gave you a full-time offer, so take that as a sign of confidence in your abilities. When negotiating a salary after an internship you should complete the following, if possible, to allow for the best possible salary for yourself.
There are a plethora of resources on the web about specific job roles and the salary and compensation they receive. You should do you due diligence and understand what the industry average pay is for a similar position as the one you are being offered.
Having this information will allow you to decide whether or not you are being compensated fairly and equitably. You should not forget to include your benefits and bonuses as additional forms of compensation, which vary from employer to employer. Similarly, 401k matches, and contributions should be thoroughly considered, as the earlier you begin to invest in your 401k the better.
Unless you’re committed to the one employer, you should allow yourself to branch out and interview at other companies. Not only will it give you a better perspective on what’s out there, but if you do end up getting an offer elsewhere, you can use that as a bargaining chip with your current employer.
State the Facts
Employers, typically, understand the needs of newer graduates and individuals in the job market. Coming out of college, with student loans coming due and the cost of settling into a new apartment are difficult and costly changes.
When considering a job offer, explain to the hiring manager the costs associated with your transition out of college. Let them know that you have a strong will and desire to continue working with this company, but that you will need to be compensated fairly and at a rate that makes sense for both parties.
Don’t Be Afraid to Say No!
I feel like I’m going to get a lot of angry emails from parents about this, but don’t be afraid to say no to a job offer. Your initial job and salary will project long-term earnings potential and settling for a salary well-under the median can hurt you for years to come.
Feel free to also check out this article which goes through how to negotiate better. Definitely a must-read when negotiating a salary.