Final answer:
Negotiating a job offer can lead to an average salary increase of over 7%. While 67% of job seekers do not negotiate, doing so can have significant long-term financial benefits, and it's also a critical step in addressing wage gaps across different demographics.
Step-by-step explanation:
Studies have found that those who negotiate salary when offered a job can increase their salary by an average of over 7%. It's a common misconception that salary offers are fixed and non-negotiable. In fact, a survey by Salary.com revealed that a significant 67% of job seekers never negotiate their salaries. However, negotiation can lead to substantial salary increases, setting the foundation for better earnings throughout one's career. For example, if your job pays $10 per hour, and you successfully negotiate a $2 per hour raise, that's a 20% increase in your pay.
When considering negotiations, it's important to note certain demographic trends. For instance, only 7% of women attempted to negotiate their first salary compared to 57% of men. These negotiations are not just about the initial offer; confirming starting dates, and other terms of employment can also be discussed. During the negotiation process, it's beneficial to have the employer provide the details via email after an initial phone conversation.
Furthermore, the wage gap is an issue that negotiations can help address over time. For example, in fields like the life sciences and computer sciences, there is a noted wage gap between genders even at high levels of education. Negotiating can be an essential step to ensure fair compensation.