In a constantly changing job market, one aspect remains as important as ever — your first salary.
If you’ve just graduated or finished an internship, it’s a good time to prepare yourself to negotiate the best salary you can, according to negotiation expert Jack Nasher.
He advises companies and individuals on difficult negotiations and teaches negotiation at Munich Business School. Nasher also runs his own negotiation school. One of the things he’s asked about most is how to negotiate your first salary.
“Companies are demanding more digital know-how and are more open to new work models like home offices and four-day weeks — that flexibility is a huge opportunity for entry-level employees,” Nasher said. “As always, they have to negotiate their salary, though.”
1. Understand that you have financial value to companies
Those new to the workforce should first understand what their role is in the economic fabric of a company.
“Employees are of interest to a company when they cost the company less than they bring in,” the expert explained. “I tell my students, ‘You’re a commodity. The value you bring in determines your salary.”
Not everyone understands this, he said. “I sometimes ask students what they bring to a company. Some are outraged. But that’s the corporate view. It helps to be clear about that from the start.”
Understanding this can help you justify a higher salary for yourself…