If you are seeking a summer internship or your first post-grad job, you will most certainly have a discussion with your boss about your salary expectations.
CEO's organizations also struggle to agree on compensation and perks for interns. They are entry-level workers who need rigorous training.
On the other hand, these interns, have living costs, and businesses must compensate them in order to retain the best talent.
Although selling your qualifications and requesting a specific number may feel intimidating, many employers welcome and even expect such discussions. After all, how can the employer rely on you to speak for the company if you can not even negotiate your own salary?
It is time to take charge of your own destiny and request what you are worth. The worst that can happen is that you will get a "no," which is completely acceptable.
First, before you negotiate:
Any job guide would tell you that practicing your negotiation skills before an interview is a good idea. Simply put, you are preparing to counter a company's initial offer with your desired income.
After all, several companies make low-ball deals knowing that if you ask for more, they will need some space.
Negotiating is an option if you wish to take an internship position but need to make more money—but it is kind of tricky. It is important to remember that you do not have any experience when applying for non-standardized internship programs, so you have to think about how you will bring value to this business.
Negotiation is an important skill in the workplace, but not so much in an internship.
Although securing a paid internship will help you pay for your expenses, you are still not in a position to negotiate a six-figure salary. The majority of well-established internship programs have fixed salary standards and a take-it-or-leave-it mindset.
Second, do your homework:
You will need to put in a little more effort for those paying internships that do not have salary details. Do not ask about the compensation for the position; when the interviewer is prepared to start your candidacy, they will indicate the salary is up for discussion.
When you do not yet have the work offer, you do not want to be too worried about your paycheck. When your employer has agreed to recruit you, they will usually just tell you the starting pay. You will then determine if it suits your requirements.
It is a positive thing if an interviewer wants to know about your pay expectations as an intern; it means they are interested and want to see if they can afford you.
Before you launch the discussion, make sure the amount you want is attainable. Demanding excessively high pay will make your case laughable. Asking for a low number is much riskier: it shows the recruiter that you do not know what you are worth.
Make your research if you are not sure what you "should" be making. On Glassdoor and other pages, you will find out how much other interns make in related roles.
Some employers have internship benefits in addition to monetary payment. It is also necessary to consider these when considering an internship proposal.
And if you are not being paid well, they can provide you with special training, housing assistance, or a transportation stipend. Both of these can be discussed during the pay negotiations.
The company’s POV :
Internships, as previously said, are more about learning than making profits. However, if you still want to negotiate, there are a few points you can take into consideration.
There are a few reasons why the organizations might not want to increase the proposal from their perspective:
- They try to recruit interns for the least amount of money possible.
- They are unable to do so due to a lack of money.
- For the same money, they may recruit someone who is just as good as you.
- To prevent conflict, they want all of their interns to be paid the same.
It is particularly difficult to address the first and second points. You may be able to make an economic case that you will get so much more work out of them than the overall rise in wages is justified if you can demonstrate that you are much more successful, but this would be difficult.
At well-known, dynamic companies, the third scenario is common. Negotiating will not be seen favorably if you do not have a genuinely extraordinary achievement.
If an internship salary with a business is publicly accessible, the fourth example is most likely to apply. In smaller firms with fewer interns, you would have a greater chance of negotiation.
And about the fourth one, if you can tell them a story that would explain the pay gap if any interns found out, the agreement is more likely to succeed.
This may include things like "you have significantly more work experience" "you are senior" or "you are a return intern" "my other offer/previous salary was higher" is another option, but this is less likely to work with internships than full-time jobs, particularly at larger businesses with dedicated internship programs.
Now, here are some of the tips to negotiate your internship salary:
1.Right Timing, Positive Result:
Never bring up the topic of money before you have received a work offer. If the boss has not decided whether or not to hire you, requesting a certain wage may make it seem as if you are more interested in the benefits than the job.
You still have next or no power to make demands and you do not know for sure that the boss needs you. Wait until you have a proposal before negotiating your intern pay, no matter how enticing the future looks.
Do not be one of the 18% of people who never initiate a conversation, even though you have no experience. Employers would also expect you to discuss and will have a certain figure in mind that they are able to reach.
3.Consider The Situation:
Consider the case now that you know the going rate for the job. Do you have a high level of expertise or prior experience in the field? You will be able to add value to the role, allowing you to negotiate a higher wage.
To ensure that your salary is appropriate, you can also consider the place and cost of living where you will be employed.
Although you should make sure you are earning enough to support yourself, it is best not to share your personal finances with your boss.
Never use your financial situation as an excuse to push for a raise. Instead, concentrate on the contribution you can bring to the company.
You must first determine your bottom line before scheduling the intern pay discussion.
When you have done your research and considered what you should add to the table, you may need to come up with two numbers: your best-case scenario and your very minimum.
Decide ahead of time if you are able to turn down a proposal that does not or does not satisfy your expectations.
5.Schedule the discussion:
Go ahead and plan negotiations with the two evidence-based numbers in mind. Determine the date for accepting the job offer.
Set the tone of the discussion long in advance of the day.
If necessary, speak in person, but talking on the phone is good as well. Never address salary via email, as it is all too convenient to get a written "no."
When you reach out, share your enthusiasm and appreciation for the opportunity. Then tell the recruiter you have a few questions and want to schedule a time to talk about them. You don't have to say that you want to discuss your salary.
6.Have the confidence!
It is important to have a positive mindset and trust in yourself. The employer has already determined that you are the right choice for the role. It is time to promote your rock-star skills.
There is no reason to worry if the recruiting manager asks, "You have no experience; why should I consider giving you a higher salary?" Instead, be prepared to remind him or her of your abilities, knowledge, and passion for the job.
7.Consider other benefits:
Although some businesses have budget versatility, others clearly do not. Prepare a conclusion on either scenario. If the intern pay is not negotiable, see if any perks like sick days, fast promotion, or health insurance make the deal worthwhile.
8.Writing the results:
Make sure you get your final deal in writing if you are satisfied with it. Examine the details carefully to ensure that anything you and your boss shared is included. You will have a few days to consider whether or not to agree. Do not wait any longer!
When developing pay and benefits programs for interns, company executives try to think about the intern's needs and how to meet them. As an intern, with the right skills, and approach, I can assure you that you can now eat out more than once!