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Stipend vs Salary for Internship: Key Differences

December 16, 2024

Even entry-level jobs require work experience—and most of us get it during a string of internships. Part-time, full-time, or summer-only internships give you the ability to prove your mettle at the workplace. You get to experience different roles, learn about corporate cultures, and start building your professional network.

Not only that, but you can also earn a salary or receive an internship stipend. OK, but which one’s a better deal? Here’s a detailed take from our team.

What’s a Salary?

A salary is a fixed amount you receive from your employer every two weeks or once a month. Interns can get salaries, but it’s not a legal obligation in the US. Employers can avoid paying salaries as long as the relationship meets the criteria, outlined in the Fair Labor Standards Act.

However, many companies do offer hourly or fixed-rate compensation. The average hourly pay for internship positions sits at $ 15.54 per hour. Some companies may go higher and offer a weekly, monthly, or fixed salary for the internship duration. …

How to Write a Salary Negotiation Email: Example and Template

March 15, 2024

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If we’ve got one piece of valuable advice for job seekers it’s this: negotiate a salary offer.

Negotiating an extra $ 5K per year can make a huge difference over time. A 25-year-old, who entered the market at $ 35K will earn about $ 1.16 million more over 35 years (assuming annual 5% raises), compared to one who agreed to $ 30K.

(But of course, you can and must negotiate your salary with every new position!)

This post shows how to write a salary negotiation email to an extended job offer to secure a higher starting pay.

Sample Salary Negotiation Email

Hello Larissa Kay,

Thank you for getting back with an offer so soon. I’m thrilled at the prospect of joining Startup C, and my candidate experience with you has been incredible so far.

I’ve reflected on your offer and would like to explore a higher base pay of $ 100K. If you can bridge the gap, I’d be happy to sign right away.

…

15 Know Your Worth Quotes to Prime Yourself For Salary Negotiations

June 24, 2022

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Do you know what’s the most valuable asset you have in life? It’s YOU. You are your biggest vehicle of progress. But you can also be your own biggest saboteur. How come?

Because many of us tend to diminish our own achievements and make our accomplishments seem insignificant or “lucky”. Some of us also hate to sound boastful and prefer “our work to speak for itself”.

But as Dr. Robin Pinkley, a management professor at Southern Methodist University’s Cox School of Business and a published author, points out this is the wrong mindset for salary negotiations.

When it comes to money talks, you should always know your worth and speak from the “value perspective”. Dr. Robin Pinkley says:

“The extent to which you’re bringing true, sustainable value to the organization, compared with others, is your internal equity, and should in part drive your paycheck.”

If you’re struggling to articulate your worth to an employer (or just about anyone else), this list of know your worth quotes should help you get into the right mindset! …