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Are you being short changed by your first employer? Read on to find out.
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A big reason many people are willing to take on the expense of college is that having a degree tends to lead to higher wages. Workers with a bachelor’s degree earn a median $2.8 million over the course of their careers, according to the Georgetown University Center on Education and the Workforce. By contrast, workers with only a high school diploma earn a median $1.6 million.
If you’ve recently graduated college, you may be aware that you’re probably not going to manage to command the most impressive salary. After all, your experience may be minimal to nonexistent, and if you didn’t study in a specialized field, you may not have a six-figure paycheck hitting your bank account right away.
At the same time, there is such a thing as an unreasonably low starting salary when you’ve recently graduated from college. Here are three signs that you’ve been offered a wage that just isn’t okay.
1. Pretty much everyone you know is earning more than you
If you graduated college with a degree in art and are planning to work as an assistant at a local gallery, you might end up earning less out of college than your buddy who majored in accounting and just got recruited by a major firm. But if pretty much everyone you went to college with and are in touch with has been offered a higher starting salary than you, it’s a sign that you may be looking at a lowball offer.
2. You’ve researched salary data for your role and the numbers don’t add up
Talking to your fellow recent college graduates may only give you a snapshot of what people in your boat are making. But let’s say you’ve been hired for an entry level position at a bank. If you research salary data (you can do so by using sites like Glassdoor) and find that your offer is well below what the typical person with your role makes, then that gives you a reason to say no to your offer or negotiate for higher pay.
3. Your paycheck is so minimal you have to get a second job just to stay afloat
Your first job out of college may not pay you enough money to steadily fund an IRA account and save up for major goals. But if that paycheck won’t even suffice in covering your basic expenses, and your expenses are modest, then you may want to try to find a better offer.
It’s pretty common for new graduates to take on a side hustle to boost their income. But in many cases, those side hustle earnings can be used for things like leisure and travel. If you’re looking at needing a side hustle just to be able to make rent, then you may not want to take the job you’ve been offered.
Let’s be clear — you’re probably not going to get a six-figure offer when it’s your first time applying for jobs. But it’s also important to set yourself up with a reasonable, livable wage — especially if you have lingering debt from your time in college that you now need to tackle.
So all told, if these signs apply to you, you may want to pass on the job you were offered, or otherwise negotiate for a higher salary. In many cases, you’re better off taking an extra month or two to find a full-time job than resigning yourself to one that’s just not going to pay enough.
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