When new grads accept their first job, they’re often advised to negotiate salary so they don’t end up leaving money on the table.
But there’s another thing they should consider negotiating to ensure financial stability in the future: what one expert refers to as “conditions for success.”
“In negotiations, [recent graduates] are likely to focus more on salary because they don’t understand that there are so many other facets to a package that might help in the long run,” said Dr. Deborah Kolb, author of “Negotiating at Work” and codirector of the Negotiation in the Workplace Project at Harvard Law School, during a recent Facebook live chat with Lean In.
Conditions for success — job responsibilities and potential advancement opportunities — have little to do with money in the short term, but Kolb told Business Insider they will contribute to your long-term success. “And when you are successful, you will be well positioned to negotiate salary in the future,” she said.
“Salary is important because it sets the precedent upon which future compensation may be based,” Kolb said. And other parts of a compensation package, like vacations, bonuses, and moving or commuting subsidies, are important as well. “But I would not go overboard on these things — you want to know about the standard package.” She suggests you avoid focusing all of your energy on negotiating monetary perks.
Be sure to also negotiate conditions for success like: who you’d report to, what access you’d have to clients, what training and development opportunities are available to you, what resources you’d have to support your work, and what opportunities you have for growth in the company.
“You want to know what kind of job with what kind of potential you are getting into,” Kolb said.
“In the long run these will be most important.”