You're about to negotiate your internship salary. What pitfalls should you steer clear of?

1 Know Value

Understanding your own worth is crucial before entering any salary negotiation. For an internship, this means comprehensively evaluating the skills and knowledge you bring to the table. Avoid the pitfall of underestimating your value by doing thorough research on industry standards and how your unique contributions align with them. Remember, companies are willing to pay for quality work, even from an intern, so ensure you can articulate what sets you apart from other candidates.

2 Market Rates

One common pitfall is not being informed about the current market rates for interns in your field. Before the negotiation, research what other companies are offering for similar roles. This information will provide you with a benchmark to base your salary expectations on. Going into a negotiation without this knowledge can leave you at a disadvantage, potentially resulting in accepting a lower salary than the industry standard.

3 Timing Matters

The timing of your salary discussion is a critical factor. Bringing up compensation too early can give the impression that you're more interested in the money than the experience. Wait until you've made a positive impression and the employer is showing interest in bringing you on board. This way, you demonstrate that your primary interest is in the role itself, while also ensuring that you're valued for your potential contributions.

4 Flexibility Key

Being overly rigid in salary negotiations can be detrimental. It's important to approach the discussion with flexibility, especially as an intern. Consider other forms of compensation, such as mentorship opportunities, networking potential, or valuable industry experience. Showing willingness to negotiate terms beyond just the salary can lead to a more successful outcome and demonstrate your eagerness to learn and grow within the company.

5 Professional Tone

Maintaining a professional demeanor throughout the negotiation process is vital. Avoid confrontational language or a defensive attitude if the initial offer isn't what you expected. Instead, use it as an opportunity to discuss your qualifications and the value you add. This approach shows that you are serious about your career development and respectful of the employer's considerations, which can help in reaching a mutually beneficial agreement.

6 Exit Strategy

Finally, it's important to have an exit strategy. If negotiations reach a standstill and the offer doesn't meet your minimum requirements, be prepared to walk away politely. This doesn't mean burning bridges; express gratitude for the opportunity and keep the door open for future possibilities. Knowing when to step back can sometimes lead to better opportunities and ensures you don't commit to a role that undervalues your contributions.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?