If you’re a millennial, it’s more likely than not that you’ve committed one particular cardinal sin when receiving a job offer: not negotiating your new salary.
According to a new study from NerdWallet and Looksharp that surveyed 8,000 recent graduates and 700 employers, 62% of millennials don’t negotiate their salaries with hiring managers when receiving a job offer.
That’s even though most hiring managers expect to have salary negotiations with new hirees and 84% of employers reported that an entry-level candidate would not be jeopardizing their job offer by attempting to negotiate.
Attempting to get a higher initial salary is important not only because 80% of those who try are at least partially successful, but also because the bulk of a worker’s lifetime earnings growth happens during their first decade of employment, according to recent report from the New York Federal Reserve. In other words, what a person makes in their 20s can have lasting effects on what they make for the rest of their lives.
The survey also found that recent graduates who attempted to negotiate other benefits beside pay were usually also met with success. A full three-fourths (75%) of those who negotiated changes to their work schedule had their requests granted, as well as 62% of those who negotiated paid time off, 58% of those who negotiated bonuses and 38% of those who negotiated stock options.
The lesson? Always come to the table ready to negotiate. For one thing, what you make now is crucial to your future earnings, and secondly, you’ll probably get what you’re asking for.