Chapter 5. How to apply this knowledge in practice?
There are many ways to turn knowledge of salary negotiation to skills to serve you for the rest of your professional life. The magic wand is to practice, practice, practice until you master the most possible scenarios. You can enrich your knowledge by reading books, articles, and doing your own research on the topic. To practice, you can do it on your own in front of a mirror or team up with a friend or group of friends. The best results can be guaranteed if you seek help from professional career advisors. Most universities offer career services to students and other stakeholders free of charge.
How to
Verbal language
Most experts agree that the manner you respond to the offer sets the stage for future communication style between you and the employer. In other words: "Choose your words carefully. They might be your first or your last."
1. Introduce your response.
ex) "That is really great. Thank you for the offer."
2. Start with consensus.
ex) "I am very interested in working with you too."
3. Use benchmarking research when responding.
ex) "The research I have suggests that the typical compensation for someone with my education and experience level is in the range of $$$. Is it possible to get closer to this range?"
Non-verbal language
In addition to choosing your words carefully, you need to be cautious of your body language. Stay focused, show enthusiasm, smile gently, keep eye contact. Do NOT stare or cross your arms; it could be perceived as closing the discussion. Do NOT raise your voice or show anger.
If you would like to dig deeper into the topic of successful salary negotiation, contact Penn State Career Services Links to an external site. and revisit this module from Introduction.
Practice
Now that you understand the importance of properly negotiating your salary for a successful financial future, think of paying it forward and discuss your experience with a friend or a family member.
Congratulations! Now Test your knowledge about Salary negotiation!
Would you like to review again? You can start over at Introduction.
To review the full module on Salary negotiation, click here.
The Penn State Sokolov-Miller Family Financial and Life Skills Center hopes you have enjoyed this module in the MoneyCounts: A Penn State Financial Literacy Series. Please tell us how we can serve you better, leave us a feedback, ask a question, or request additional information at: finlit@psu.edu