81cents helps students negotiate more effectively and confidently by sourcing personalized market data, compensation feedback, and career advice from hiring managers and recruiters in relevant fields.
We've helped students negotiate with
Did you know that only 22% of students negotiate their post-school offer?
.Source: 12Twenty data
However, when they do they increase their pay by an average of $15,000!
.Source: 12Twenty data
Plus, negotiating early in your career can lead to a $1M difference in lifetime earnings.
.Source: 45 years of salary data with an initial $5K difference. Assuming 6% annual growth rate.
81cents can help.
We've compiled learnings & best practices from helping +300 individuals negotiate over $2.3M in salary increases.
Scroll down to see how 81cents helped someone who was being underpaid as well as some steps for great negotiation!
This is Christine.
With 10 years of work experience and a master’s degree from UC Berkeley, Christine came to 81cents with a hunch she was being underpaid. 81cents confirmed that she was earning $20K below market.
"The company's curated service supplied 11 industry experts (and 11 data points) for me to cross-check against, in addition to a negotiation strategy. I was now confident to advocate for myself and had a better-than-expected outcome."
Steps to a Great Negotiation
1. Collect Market Data
Use online resources and talk to peers to understand the market rate for your role. More on specific sources below!
2. Write a Script
Writing a script (and practicing it!) will help you feel more confident and make sure you don't negotiate against yourself.
3. Boost Confidence
Lack of confidence is often the biggest barrier to negotiating. We've outlined a few easy ways to boost your confidence below.
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Collect Market Data
Use online resources and talk to peers to understand the market rate for your role.
Online resources
Talk to your peers
Ask your peers in similar fields what they make. Try volunteering your data first to make the other person more willing to share, or ask if they'd be open to sharing what "others in similar roles" make.
Quantify every component of your offer
Is a $5,000 annual increase in salary worth more than free lunch, gym membership and a 401k match? It depends on what you use and where you live.
Build a spreadsheet to quantify and prioritize every aspect of the offer. You may be surprised at the outcome!
Specifics benefits to pay attention to:
Meals, healthcare, childcare, professional development stipends, retirement, etc.
Boost Your Confidence
Not feeling confident can be the most challenging part of a negotiation.
Try out the mental shifts below to pull it all together.
What's the opportunity cost?
Thinking about the potential reward for a few minutes of discomfort can help increase confidence heading into a negotiation. Yes, negotiations are uncomfortable but where else could you potentially earn thousands of dollars for a 15-minute conversation?
Imagine you're negotiating for a friend.
Another way to increase confidence and reduce nerves ahead of a negotiation is to imagine you're giving a friend advice. It’s often easier to advocate for others than it is to advocate for ourselves.
Go get rejected three times.
This one’s a little strange but it works. One of the scariest parts of a negotiation is the fear of rejection. Go ask three strangers for something crazy: their bus pass, a new phone, etc. They’ll (likely) say no, and you’ll realize that rejection isn’t so bad.
Calculate your expected value.
This tip is designed to help you view your negotiation more rationally. Assign probabilities to each possible outcome of the negotiation (ex. a 10% chance you don’t get a raise, a 30% chance you get a 5% raise, etc.), and calculate your expected value. If the expected value is higher than the original offer, you should definitely ask!
Join us as we close wage gaps.
