Tips for Negotiating Salary

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  • As a recent or upcoming graduate, there will not be as much room for negotiation since you will not have the kind of experience a more experienced candidate would have…

    However, use your qualifications to your advantage and understand what you are worth in the industry and you will find room for some negotiating!

  • Tips for Negotiating Salary

    1. 1. Presented by: Lauren Burmester & Sandi Ohman Career Services Career Services (386) 226-6054 ▪ careers@erau.edu ▪ http://careers.erau.edu
    2. 2. • What is a job offer? • Negotiating Basics • Conducting Research • Salary Talk • The Job Offer • The Negotiation Process/Counter-Proposal • Accepting the Offer
    3. 3. Not just the amount of salary the employer extends “Job Offer” is a comprehensive package: • Health and retirement benefits • Vacation time • Sign-on bonus • Relocation assistance • Performance evaluations • Stock options • Professional development options • Travel requirements • Tuition reimbursement • Flexibility of work schedule • Telecommute options • Immigration paperwork
    4. 4. • When to negotiate • Negotiate only when you feel you are not being offered what you and the job are worth • Don’t negotiate just for the sake of it • Do not negotiate until an offer is made • Recent grad/not too much room for negotiation • Know your strengths • As a new grad you have more negotiating power if:  You have relevant work experience (internship or summer job)  You have technical expertise that is highly sought-after  You have a graduate degree in an area of expertise  You have a written job from another employer that offers a higher salary (use only if you have not already accepted)  You have campus involvement/project experience/thesis expertise  You have completed research and published
    5. 5. • Things you need to consider: • Your worth • Your budget • The industry of the employer • The geographic location • How much recent grads are getting paid • How much other similar positions are posting for • The position, company, competition • The economic climate
    6. 6. • For comprehensive salary data: • www.salary.com (Salary Wizard) • www.careerbliss.com (Self reporting system) • http://homefair.com (Salary Calculator) • http://college.wsj.com • JobStar ( www.jobstar.org ) • Salary Survey of the National Association of Colleges & Employers • Salary Success: Know What You’re Worth and Get It • The Bureau of Labor Statistics • US News & World Report • Business Week • Professional Associations, Trade Journals, Business Magazines • Newspaper and online job listings
    7. 7. • Use websites such as NACE to find salary research and information:
    8. 8. • You want to put off the salary talk as long as possible • The first one to talk salary loses negotiating power • Talking about salary early can also make you look more focused on money than the position • Entry-level candidates want to let the employer bring up the salary first. Once you have had the opportunity to demonstrate your qualifications, you’ll be in a better situation to discuss your salary requirements
    9. 9. The Application • Sometimes employers will ask for the following on the application: • Salary requirement -how much you expect to get paid • Salary history- how much were you paid in the past • Used by employers as a screening device
    10. 10. Possible application responses Request Possible response Your Salary Requirement  Provide your salary requirement  Provide a wide salary range  State that you “expect competitive or fair compensation”  Express your salary flexibility  State that you would prefer to discuss salary in an interview  Give your salary history instead  Ignore the salary request Whenever possible  Do not provide your salary history or salary requirement prior to an offer so you may maintain your power as long as possible. Retrieved from www.quintcareers.com
    11. 11. During the Interview: • If asked for your salary requirement during an interview you can: • Express expectation to be paid in line with market conditions and your experience level • Let the employer know you prefer to wait to discuss salary until you have both determined you are the right person for the position • Ask for what their expected salary range is • Provide a salary range
    12. 12. • Until you receive a job offer-there is nothing to negotiate • If you don’t provide a salary requirement some employers may not consider you for the position • Do your research in advance and have a pre-determined salary range in mind • Never lie to an employer about your salary history • Act professionally • Inquire about company policies regarding raises
    13. 13. • You have been offered the job, now what? • No matter how good the offer sounds, take sometime to think it over-it is customary to ask for 24-48 hours to think an offer over • Thank the interviewer for the offer and express your interest in the company and position but ask for time to evaluate the offer • Think about your expectations, find similar salaries and do your research
    14. 14. • What if the job offer is less than what you had hoped for? Now it’s time to move to the negotiation stage… • Ask for a higher salary and provide reasons why  Reasons should be benefits to the employer NOT because you need more money to pay your bills • Always ask, never demand for more money • Use humble language: “Hope” • Never say “Want”, “Expect”, “Require” , “Demand” • Provide a salary range higher than you are willing to accept to allow room for negotiation from the employer
    15. 15. • Counter Proposal • Can be done in person, on the phone, or by email • An employer may ask for a written counter proposal letter • Use your best judgment • It is up to you to demonstrate why you are a value to the company and why you are worth the added investment • If salary cannot be negotiated (you receive a “firm offer”), consider negotiating other aspects of your benefits package such as: • Change in evaluation period, sign-on bonus, vacation time, relocation, company laptop or cell phone (if it’s needed in your position), stock options, etc.
    16. 16. • Example: “I am extremely excited about your job offer. I think your company is a good fit for me and the Systems Engineering position would be a wonderful opportunity. However, I am hoping we can discuss the current salary offer. I have conducted some research on salary for a similar position in this area and based on my educational background as well as internship experience I am hoping for a salary range between $54,000-$58,000. Please let me know if you can help me with this.”
    17. 17. • Throughout the negotiation process make sure to continue to sell your skills and experiences • Never make demands, keep the tone conversational instead of demanding • Do not keep counter-offers going for multiple rounds; after your initial counter proposal you should avoid making additional demands-remember your offer could still be rescinded • If you have no true intentions of accepting the job offer then do not start the negotiation process-do not waste yours or the company’s time • Ask yourself: If they accept my requests, am I prepared to accept the position? Source: www.quintcareers.com/printable/salary_counter_proposal.html
    18. 18. • Now the ball is back on the employer’s court-and you will wait for a response • The employer will get back to you and either agree to your requests or give you a counter offer-you may ask for more time to evaluate your new offer
    19. 19. • After you and the employer come to an agreement, be sure to get the details in writing • Ask for an official letter of offer or contract; this will guarantee that: • Your boss will not later forget what you have agreed upon • New management will know what agreements were made when you were hired • Once you accept an offer and all negotiations have ceased you should also stop/withdraw from all other interviewing
    20. 20. Try not doing the following:  Settling/not negotiating  Revealing how much you would accept  Focusing on need/greed rather than value  Weak research or negotiation preparation  Making a salary pitch too early  Accepting a job offer too quickly  Declining a job offer too quickly  Asking for too many changes in counteroffer  Taking salary negotiations personally  Not asking for final offer in writing Source: www.quintcareers.com
    21. 21. • The first person to mention salary loses negotiating power • Have a fair range in mind – be able to justify your requirements • Have reasonable expectations based on the industry, position, geographic location, and experience • If you don’t ask, you won’t receive • You can always try to negotiate other benefits • Don’t be too pushy – they can rescind the offer
    22. 22. • www.quintcareers.com • http://ezinearticles.com • www.resume-help.org • http://susanireland.com • www.collegejournal.com • http://career-advice.monster.com • www.1st-writer.com
    23. 23. Connect, follow, join and like Career Services via all our communication methods… Career Services Website EagleHire Network ERAU Connection ERNIE/Blackboard Facebook Going Places Career Blog LinkedIn Pinterest Twitter

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