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How To Not Get Crushed In Your First Salary Negotiation

How To Not Get Crushed In Your First Salary Negotiation

It’s an unfortunate part of life, but becoming an adult also means taking financial responsibility for yourself. So we go out, find a job, and start paying the bills.

Or at least that’s the plan.

A 2015 CareerBuilder survey found that 19 percent of employees had trouble making ends meet every month. And among employed young adults, ages 18-24, 32 percent were unable to save any money in the previous year.

It takes time to figure out a budget and learn how to live within your means, but many young adults don’t even try for more money during their first salary negotiation. A 2015 NerdWallet survey found that 62 percent of recent college graduates didn’t attempt to negotiate after receiving their first job offer.

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It’d be great if employers just automatically offered you enough money to live comfortably, however that’s not always the case. It’s up to you to calculate what you need to maintain financial independence and then try to reach an agreement that’s as close to that number as possible.

Here are four real-life considerations you need to take into account in a salary negotiation:

Relocation and housing expenses

If your new job is in the same city you currently live in, you already know how much your rent is and what the cost of living is like in your area. However, if you’re moving for the job, it’s important to do research about the new city as early as possible. That way, you’ll know how much you’ll need to make in order to maintain a comfortable lifestyle.

For instance, based on 2015 research from the National Low Income Housing Coalition, if you plan to live in Kentucky, you’ll need to make the equivalent of $13.14 an hour to pay for the average two bedroom apartment. That’s the state with lowest average rental cost in the U.S. If you move to California you’ll need to make almost double that to pay rent.

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Checking out apartments in the area you’re moving to on Craigslist gives you an even better idea of what rent typically runs and what target salary you should shoot for. Also, know that many organizations offer some kind of relocation assistance. But you might have to ask for the extra money during your salary negotiation.

Travel costs

Depending on how far you have to travel to get to the office, your travel expenses can begin to add up. Whether you decide to take public transportation or drive to work, you need to know how much it’s going to cost to go and earn your paycheck every day.

For example, if you have a 10-mile commute each way — which 2015 Brookings Institute research found was the average in many American metro areas — that’s 100 miles a week, to and from work. Not to mention, there’s the cost of car insurance. And if you have to drive on toll roads, getting to work can get expensive very quickly.

Student loans

For many new graduates, the burden of paying back student loans is overwhelming. A 2015 study by Student Loan Hero found that one in four college graduates still live with their parents because of the financial strain of their loans. One in nine would eat a tarantula if it helped pay off their debt faster.

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Once you’ve decided which repayment plan is right for you, find out how much you’ll have to pay each month. There’s a good chance that, after rent, loan payments could be your biggest expense, so be sure to know how much you’ll need.

Also remember to ask if your new organization has any kind of loan repayment assistance. It might not be offered to all employees or it might require you to take an overall salary cut, but it’s a fantastic perk to have.

Health insurance

If you’re lucky enough to still be covered by your parents’ insurance, it’ll definitely put less stress on your bank account. However, remember that eventually you’ll need your own. The sudden extra cost won’t necessarily coincide with a raise in pay, either.

Some employers offer coverage or assistance paying for company group plans. Before you enter your salary negotiation, get all the information on the benefits you qualify for, so you’ll know what portion of health care costs will fall on your shoulders.

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If your employer doesn’t offer any kind of health insurance, and you need to shop for it on your own, know that a low monthly premium isn’t always the best option for your long-term finances. Sure, a plan like that will be cheaper if you never get sick, but you’ll face higher copays if you do need to see a doctor. Fully research all your options, and find someone you trust to answer any questions you may have.

Getting a new job and becoming more adult can be very exciting. But, financially, it can also be a little scary. The best way to start taking control of your money is confidently negotiating the right salary for your lifestyle. Take the time to calculate how much new and unfamiliar expenses will cost you, so you’ll know when you’ve reached the right deal.

What other real-life considerations should be taken into account before a salary negotiations? Share in the comments below!

Featured photo credit: Death to the Stock Photo via deathtothestockphoto.com

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Last Updated on November 5, 2018

20 Best Places to Work for a Great Career in 2018

20 Best Places to Work for a Great Career in 2018

Looking for a job? There’s no doubt to the fact you will want to work with a company that appreciates you for who you are.

Well, good news. The labor market today is one that has peened up with more opportunities for advancement and personal employee improvement. This is partly due to the fact that a lot of companies have been made to understand the value of their biggest assets: the employees.

To wit, here’s a list of companies- across a wide array of industries- that have been able to develop working environments that are healthy and accommodating to workers.

Take a look at these 20 best place to work for a great career:

1. Salesforce, San Francisco, California,

    Salesforce is in the information technology business and the company ranks highest due to their commitment to learning and innovation. They are ready to try new things and everyone with a new idea is always welcome to share it at the company. The company has also been known to exhibit an exceptional approach to alignment.

    Find out more about careers in Salesforce

    2. Wegmans Food Markets Inc.,Rochester, New York

      Based in Rochester, New York, employees have been known to enjoy a sense of purpose from working here. The company has been able to achieve an optimal level of engagement across all working tiers and they’ve been able to achieve great things together. They even do deliveries.

      Find out more about careers in Wegmans

      3. Ultimate Software, Weston, Florida

        Employees get amazing benefits here but that’s not the only reason why this place is so awesome to work. Whenever there is a need or a death of an Ultipeep or any of other family members, the company shows love and support like no other.

        Find out more about careers in Ultimate Software

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        4.The Boston Consulting Group, Inc., Boston, Massachusetts

          Development is at the center of anything that goes on here. The business is about people and employees are the company’s biggest asset. Employees are able to challenge the status and also leave impacts on clients.

          Find out more about careers in The Boston Consulting Group

          5. Edward Jones, St. Louis, Missouri

            Edward Jones is admired for their ability to acknowledge history without being mired down by it. The company builds on a solid foundation but there is also a level of flexibility that allows for innovation.

            Find out more about careers in Edward Jones

            6. Kimpton Hotels and Restaurants, San Francisco, California

              Kimpton is a trendsetter in the hospitality industry. The company always strives to try something different and that perspective is welcomed there at all times. Enjoy the weekends with luxury rooms, conformable mattress, furnished and well dressed service staff. A great opportunity for job seekers.

              Find out more about careers in Kimpton Hotels and Restaurants

              7. Workday, Pleasanton, California

                Newbies will find no issues with feeling welcome and at home here as this has always been a core culture component of the IT giant. Everyone is treated like family and this fosters a sense of oneness.

                Find out more about careers in Workday

                8. Genentech, South San Francisco, California

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                  Here, employees are encouraged to be themselves. There is a feeling of care, safety, and acceptance that you get here that you can’t get at many firms. The development of an all-inclusive environment has always been foundational.

                  Find out more about careers in Genetech

                  9. Deloitte, New York, New York

                    Deloitte is one of the biggest professional service providers in the world, noted for their focus on constant learning, development and improvement. They invest in their employees and are concerned about their well being.

                    Find out more about careers in Deloitte

                    10. Baird, Milwaukee, Wisconsin

                      Baird is a financial services provide that is known for adopting a “no asshole policy’ which guides the way people relate with and respect each other, regardless of their position on the company’s hierarchy.

                      Find out more about careers in Baird

                      11. Quicken Loans, Detroit, Michigan

                        At Quicken Loans, the views and opinions of everyone are respected and heard. The organization is revered for the amount of investment they put in their team members and everyone looks for ways to grow and be better.

                        Find out more about careers in Quicken Loans

                        12. Capital One, Mclean, Florida

                          Capital One has adopted a culture that encourages employees to take risks and try new things. They foster a healthy work-life balance and associates are challenged to live better lives.

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                          Find out more about careers in Capital One

                          13. Cooley LLP, Palo Alto, California

                            Cooley LLP is a law firm known for their ability to care about the company culture and being able to develop a working environment that is empowering and fun. Cooley is known to go for the best when it comes to their employees, regardless of the occasion.

                            Find out more about careers in Cooley LLP

                            14. Southern Ohio Medical Center, Portsmouth, Ohio

                              The medical center has been known for their propensity to delegate so much to their employees, thereby providing them with the ability to grow and learn on the job. In the end, you get a workplace that is all-engaging and super fun.

                              Find out more about careers in Southern Ohio Medical Center

                              15. American Express, New York, New York

                                American Express is a firm that celebrates wins, no matter how small. Everyone is made to share the same attitude towards service and the people they are to serve, thereby making people care about what they do.

                                Find out more about careers in American Express

                                16. Adobe Systems Inc., San Jose, California

                                  The culture at Adobe Systems is one that encourages employees to develop their own ideas and get a strong viewpoint. As opposed to encouraging competition, work-life balance is fostered everywhere here.

                                  Find out more about careers in Adobe Systems Inc.

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                                  17. The Cheesecake Factory Inc., Calabasas, California

                                    The Cheesecake Factory rewards dedication and hard work. Promotions come pretty easy, and there is always space for guidance to develop your experience and skills.

                                    Find out more about careers in The Cheesecake Factory Inc.

                                    18. Sap America, Newtown Square, Pennsylvania

                                      If you’re looking for a new career path, SAP might be the best bet for you. The company is adept at recognizing value and transferable skills. And you can always look for a new path while maintaining your employment.

                                      Find out more about careers in Sap America

                                      19. NVIDIA Corporation, Santa Clara, California

                                        NVIDIA is known for looking after even the smallest of things. With even a “pets allowed” policy this company accepts you for who you are, and helps you to work within your personality. Advancement is also fostered, and you are able to collaborate effectively.

                                        Find out more about careers in NVIDIA

                                        20. KPMG LLP, New York, New York

                                          Communication and progressive collaboration are the foundation of this company’s workforce treatment. Regardless of the level you are, someone is always at the ready to help and the company rewards extra effort with gratitude.

                                          Find out more about careers in KPMG LLP

                                          All in all, it’s safe to say that you will be able to find somewhere to apply your skills (whatever they are) that is all inclusive and highly accommodative. Companies today are being made to understand how much they can get when they treat their employees right and this has opened the door to an encouraging work environment for all.

                                          Happy job hunting!

                                          Featured photo credit: Pexels via pexels.com

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