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How To Not Get Crushed In Your First Salary Negotiation

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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 August 25, 2021

Why Personal Branding Is Important to Your Career

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Why Personal Branding Is Important to Your Career

As a recruiter, I have met and interviewed hundreds of candidates who have no idea who they are.

Without a personal brand, candidates struggle to answer the question: “tell me about yourself—who are you?” They have no idea about who they are, what their strengths are, and how they can add value to the company. They present their CV’s believing that their CV is the key to their career success. In some ways, your CV still has its use. However, in today’s job market, you need more than a CV to stand out in a crowd.

According to Celinne Da Costa:[1]

“Personal brand is essentially your golden ticket to networking with the right people, getting hired for a dream job, or building an influential business.” She believes that “a strong personal brand allows you to stand out in an oversaturated marketplace by exposing desired audiences to your vision, skillset, and personality in a way that is strategically aligned with your career goals.”

A personal brand opens up your world to so many more career opportunities that you would never have been exposed to with just your CV.

What Is Your Personal Brand?

“Personal branding is how you distinctively market your uniqueness.” —Bernard Kelvin Clive

Today, the job market is very competitive and tough. Having a great CV will only let you go so far because everyone has a CV, but no one else has your distinct personal brand! It is your personal brand that differentiates you from everyone else and that is what people buy—you.

Your personal brand is your mark on the world. It is how people you interact with and the world see you. It is your legacy—it is more important than a business brand because your personal brand lasts forever.

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I have coached people who have very successful careers, and they come to me because they have suddenly found that they are not getting the opportunities or having the conversations that would them to their next role. They are having what I call a “career meltdown,” all because they have no personal brand.

A personal brand helps you become conscious of your differences and your uniqueness. It allows you to position yourself in a way that makes you stand out from the pack, especially among other potential job applicants.

Don’t get me wrong, having a great CV and a great LinkedIn profile is important. However, there are a few steps that you have to take to have a CV and LinkedIn profile that is aligned to who you are, the value you offer to the market, and the personal guarantee that you deliver results.

Building your personal brand is about strategically, creatively, and professionally presenting what makes you, you. Knowing who you are and the value you bring to the table enables you to be more informed, agile, and adaptable to the changing dynamic world of work. This is how you can avoid having a series of career meltdowns.

Your Personal Brand Is Essential for Your Career Success

In her article, Why Personal Branding Is More Important Than Ever, Caroline Castrillon outlines key reasons why a personal brand is essential for career success.

According to Castrillon,[2]

“One reason is that it is more popular for recruiters to use social media during the interview process. According to a 2018 CareerBuilder survey, 70% of employers use social media to screen candidates during the hiring process, and 43% of employers use social media to check on current employees.”

The first thing I do as a recruiter when I want to check out a candidate or coaching client is to look them up on LinkedIn or other social media platforms, such as Facebook, Instagram, and Twitter. Your digital footprint is the window that highlights to the world who you are. When you have no control over how you want to be seen, you are making a big mistake because you are leaving it up to someone else to make a judgment for you as to who you are.

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As Jeff Bezos, the founder of Amazon, once said, “Your brand is what people say about you when you are not in the room.”

In her book, Becoming, Michelle Obama writes about the importance of having a personal brand and her journey to defining her personal brand. She wrote that:

“if you don’t get out there and define yourself, you’ll be quickly and inaccurately defined by others.”

When you have a personal brand, you are in control. You know exactly what people will say about you when you leave the room.

The magic of a personal brand is that gives you control over how you want to be seen in the world. Your confidence and self-belief enable you to leverage opportunities and make informed decisions about your career and your future. You no longer experience the frustrations of a career meltdown or being at a crossroads not knowing what to do next with your career or your life. With a personal brand, you have focus, clarity, and a strategy to move forward toward future success.

Creating your personal brand does not happen overnight. It takes a lot of work and self-reflection. You will be expected to step outside of your comfort zone not once, but many times.

The good news is that the more time you spend outside of your comfort zone, the more you will like being there. Being outside of your comfort zone is where you can test the viability of and fine-tune your personal brand.

5 Key Steps to Creating Your Personal Brand

These five steps will help you create a personal brand that will deliver you the results you desire with your career and in life.

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1. Set Your Personal Goals

What is it that you want to do in the next five years? What will your future self be doing in the next five to ten years? What is important to you? If you can answer these questions, then you are on the right path. If not, then you have to start thinking about them.

2. Create Your Unique Value Proposition

Create your unique value proposition by asking yourself these four questions:

  1. What are your personality features? What benefit do you offer people?
  2. Who are you and why do people enjoy working with you?
  3. What do you do and what do people want you to do for them? How do you solve their problems?
  4. What makes you different from others like you?

The answers to these questions will give you the information you need to create your professional story, which is the key step to creating your personal brand.

3. Write Your Professional Story

Knowing who you are, what you want, and the unique value you offer is essential to you creating your professional story. People remember stories. Your personal story incorporates your value proposition and tells people who you are and what makes you unique. This is what people will remember about you.

4. Determine Which Platforms Will Support Your Personal Brand

Decide which social media accounts and online platforms will best represent your brand and allow you to share your voice. In a professional capacity, having a LinkedIn profile and a CV that reflects your brand is key to your positioning in relation to role opportunities. People will be connecting with you because they will like the story you are telling.

5. Become Recognized for Sharing Your Knowledge and Expertise

A great way for you to promote yourself is by sharing knowledge and helping others. This is where you prove you know your stuff and you gain exposure for doing so. You can do this through social media, writing, commenting, video, joining professional groups, networking, etc. Find your own style and uniqueness and use it to attract clients, the opportunities, or the jobs you desire.

The importance of having a personal brand is not going to go away. In fact, it is the only way where you can stand out and be unique in a complex changing world of work. If you don’t have a personal brand, someone will do it for you. If you let this happen, you have no control and you may not like the story they create.

Standing out from others takes time and investment. Most people cannot make the change by themselves, and this is where engaging a personal brand coach is a viable option to consider.

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As a personal brand coach, working with my clients to create their personal brand is my passion. I love the fact that we can work together to create a personal story that defines exactly what people will say when you leave the room.

Other People’s Stories

Listening to other people’s stories is a great way to learn. In his article, 7 TED Talks About Personal Branding, Rafael Dos Santos presents the best Ted Talks where speakers share their stories about the “why,” “what,” and “how” of personal branding.((GuidedPR: 7 TED Talks About Personal Branding))

Take some time out to listen to these speakers sharing their stories and thoughts about personal branding. You will definitely learn so much about how you can start your journey of defining yourself and taking control of your professional and personal life.

Your personal brand, without a doubt, is your secret weapon to your career success. As Michelle Obama said,

“your story is what you have, what you will always have. It is something to own.”

So, go own your story. Go on the journey to create your personal brand that defines who you are, highlights your uniqueness, and the value you offer to the world.

Featured photo credit: Austin Distel via unsplash.com

Reference

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