Fresh Grads Banking on the Wrong Salary
Posted September 13, 2017 & filed under Salary
“Gaining marketable experience is top priority.” Omni One recruiters often find themselves trying to drive this fact home to entry level candidates asking for too much in their starting salary. This is not to say that the candidate is not valuable or we are shady recruiters trying to keep things cheap on our hiring client’s end, but if you are an entry level candidate struggling to find a job or a recruiter willing to work with you: you might be asking too much.
There are a variety of salary data origins for these far-fetched salary requirements:
- Your professor/school shared a poster for average salary in your field
- Your friend in the same program just got an outrageously high starting salary
- An average salary chart/graph on the web
- Your parents said you deserve to be paid a minimum amount
- A salary calculator on the web
Along with these data origins, there are outside factors that are likely being overlooked:
- Years of work experience in the sample
- Average cost of living in the region of employment
- Co-op/internship skills vs. just obtaining a degree
- High salary ranges at well-known corporations vs. small, family-owned businesses
- Availability of other candidates with your skills in the region
In order to understand exactly what you should be looking for in a starting salary, Omni One recommends that you look into three main factors:
- Cost of Living: Crunch the numbers on housing, travel distance, and other common necessities. Find out what monetary amount it will take in order for you to survive, and thrive, in your first position. Keep in mind that this varies by state.
- Salary averages: Do some research on what other engineers in the region are making with similar education. Be sure to read the fine print, as most of the information listed is going off of the employee’s salary after they have at least 1 year of experience in the field. Hint: Try asking your collegiate peers or recruiters (even trying multiple recruiting firms in order to compare).
- Consider the future: Will you enjoy your position? Is promotion a possibility? Will you have the opportunity for annual bonuses? Will you have gained valuable skills in a niche industry?
At Omni One, we only wish our applicants fulfilling and financially rewarding positions, whether they be through our firm or another company. If you are able to find an employer that better suits your financial needs and career goals, we will always encourage you in your decision.