Steve Debenport | E+ | Getty Images
When it comes to negotiating a job offer, if you don’t ask, you won’t get anything.
Turns out, many aren’t asking, according to a survey by Fidelity Investments.
Some 58% of Americans accepted the initial offer at their current job without negotiating, according to the survey.
However, the negotiation works. According to Fidelity, 85% of Americans — and 87% of young professionals between the ages of 25 and 35 — who replied on salary, other compensation or benefits, or both salary and other compensation and benefits got at least some of what they asked for. The survey, conducted March 8-14 by Engine Insights, polled 1,524 American adults between the ages of 25 and 70 who currently work full-time or part-time.
“People feel like they can’t or shouldn’t negotiate, but companies expect you to negotiate,” said Caroline Ceniza-Levine, executive coach at Dream Career Club.
“They respect good negotiators,” she added. “They respect you if you can defend yourself.
“They want someone with that confidence on their side of the table.”
Learn more about Investing in You:
Expert says Great Resignation changed the workplace for good
Want a job four days a week? Here’s how to get one
Employers increase mental wellness benefits amid big quit
Trust is the key. Therefore, do your homework. Look for compensation for your work, your domain and your location. Also ask other people what their salaries are or what they know about pay for work.
“If you understand what you can ask for, if you do a good job of showing your value, that would help increase the confidence you have in any salary negotiation,” said Kelly Lannan, senior vice president of emerging clients at Fidelity. Investments.
Before making a counter-offer, identify what you want. It can be a higher salary, or it can be a bonus, benefits, title, or job scope.
When focusing on salary, remember that even if the salary is in line with market data, you can still sell your specific skills or experience as the reason for a higher rate, Ceniza-Levine said.
If a higher salary is not expected, you can also negotiate these non-salary items.
“Really look at the entire offer and don’t be so quick to say whoever gets the most money wins,” she said.
Also consider what is happening in the business. For example, do they need you to start right away? If so, it may be worth extra pay or a bonus to start earlier, she said.
If possible, negotiate with the person who will make the final decision. If you can’t, try to do your best to develop a relationship with the person you’re speaking with, such as the recruiter, so they can be a good steward of your case, Ceniza-Levine advised.
How you approach the employer with a counter offer is also important. Be clear that you’re excited to work for the company and showcase the skills and value you bring to the table, Lannan said.
“How we engage in the conversation is just as important as the points you raise,” she said.
At the end of the day, it never hurts to ask. If the answer is “no”, this does not mean that the job offer will be rescinded. Plus, you can always come back to the topic later.
“‘No’ just means ‘not now,'” Ceniza-Levine said. “It’s not forever.”
REGISTER: Money 101 is an 8-week financial freedom learning course, delivered weekly to your inbox. For the Spanish Dinero 101 version, click here.
TO VERIFY: Meet a 34-year-old man who has sold over 11,000 items on Etsy and earns nearly $3,500/month in passive income with Acorns+CNBC
Disclosure: NBCUniversal and Comcast Ventures are investors in tassels.