The U.S. economy is in one of the deepest recessions in the country’s history and college graduates are struggling in the job market waters.
“It is hard to get an interview let alone a job, that’s unheard of right now,” recent SMU graduate Mark Richter said.
With a tumultuous economy and similar job market, students have fewer prospects, but that doesn’t mean you have to settle.
Low-ball job offers are not uncommon, especially in down times, and SMU career center experts believe there are strategies to help students work around low-ball salary offers.
Low-ball offers occur when a more-than-qualified applicant for a position is shorted when it comes to the salary offer.
“This can occur frequently in a down market such as this one,” Associate Director of the Center for Engineering Leadership Linda Perez said. “You just have to be prepared for things like this and prepare to prevent it.”
Perez said preventing a low-ball offer begins long before the offer is given.
“Doing all the little things is so important,” she said. “Do what you say you are going to do-follow up, write thank you notes, dress up for the interview and doing your company research can give you a negotiating edge.”
She also added that you should make sure and exhibit everything you have to offer during the interview.
“Do you have a higher GPA or more work experience than other candidates?” Perez said. “Use what you have for leverage in negotiations.”
Perez said one of the most important things when preparing for the job offer is to know whether you are in a position to negotiate or not. Some things she said to look into before receiving an offer are the average salary for the position among individuals with your experience level.
“Get an idea from people who are new hires or trusted advisors with salary information, and ask them what a good starting range is,” Perez said.
Darin Ford, director of the Hegi Family Career Center, said similarly that it is important for graduates to have a range of salary in mind.
“Students need to know financially what they want before entering negotiations,” Ford said. “Set a budget and know the difference between basic needs and a fantasy career and salary.”
It is important to know the company and position that you are applying for, Perez said.
“Target companies with needs that line up with your skills or value SMU students to get a larger offer,” Perez said. “Don’t be afraid to use your whole network from work experience to fraternity or sorority brothers and sisters to help you get a leg up in the offer.”
Accepting the offer
Center for Engineering Leadership Director Kathy Hubbard said that it is important to remember that all the negotiating must take place before accepting the offer.
She also said that the job candidate should take notice of the evaluation schedule and procedure. Often, if there is a more frequent evaluation procedure a candidate can recoup from a lower salary offer faster. However, a lower raise rate (often 3-5 percent) can negate this.
Ford said that the candidate should take in the whole offer, not just the salary figure.
“Look for professional development programs, or other perks such as more paid vacation time, health care benefits, or good 401(k) contributions,” Ford said. “Added incentives can often tip the scales on a low salary offer.”
Ford said good interview skills could increase your chances noticeably.
“Make it easy for the employer, with good interview skills it will be a snap, they will love you,” he said.
The career center offers interview skills training and mock interview with a video interface available for students to practice on.
Perez said that even though this is a tough job market and many students will have the “take what I can get” mentality, a solid game plan could be the difference maker.
“Go in with a game plan to get the maximum amount in the offer, a game plan to get promoted to make up for the lower salary offer, and you will have a much greater chance of success,” Perez said.