Ivy Exec Webinar: Salary Negotiation Webinar With Sarah Stamboulie
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Ivy Exec Webinar: Salary Negotiation Webinar With Sarah Stamboulie

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Job offer negotiation begins with the very first request for an introduction or an exploratory meeting. So how can you conduct yourself at each stage of the interviewing and negotiation process to ...

Job offer negotiation begins with the very first request for an introduction or an exploratory meeting. So how can you conduct yourself at each stage of the interviewing and negotiation process to maximize your remuneration? What are the common pitfalls and how can you avoid them?

Learn:

- What "pre-negotiation" discussions to avoid that could prevent or reduce your offer.
- Techniques to avoid disclosing past compensation.
- How your gender, familial background, work history and employment status may be influencing you.
- Methods to determine your market value.
- How to prepare for and practice negotiating

And much more.


Sarah Stamboulie, Ivy Exec's Senior Career Coach, formerly led Alumni Career Services at Columbia Business School and headed HR departments at Morgan Stanley, Cantor Fitzgerald, and Nortel.

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  • Just do it. While a large percentage of corporate recruiters (four out of five in one study conducted by the Society for Human Resource Management) are willing to negotiate compensation, only a small percentage of job-seekers actually do so. You don't have to be an expert negotiator to get a sweeter deal; you just need to know the rules and strategies of negotiation.
  • Delay salary and benefit negotiations for as long as possible in the interview process. You’ll have more power to negotiate when the field of candidates has been reduced to just you -- when the employer is completely sold on you as the best candidate for the position.
  • Don't negotiate at the time the initial job offer is made. Thank the employer for the offer and express your strong interest and enthusiasm in the job, but state that you'll need time to evaluate the entire compensation package. Most employers are willing to give you a fair amount of time to review -- and if you run across an employer who wants a decision immediately, consider long and hard whether you want to work for such a company.
  • Negotiate to your strength. If you are a smooth talker, call the employer and ask for a follow-up meeting to discuss the job (and a counter proposal). If you communicate better in writing, consider writing a counter proposal email. Always continue to see yourself as you go.
  • Remember that even if all salary issues are "off the table," there are still numerous other benefits you can negotiate, such as moving expenses, paid vacation or personal days, professional training, and more. If the salary you're offered is on the low end -- and the employer has stated that salary is not negotiable (probably due to corporate salary ranges or pay grade levels), consider negotiating for a signing bonus, higher performance bonuses, or a shorter time frame for a performance review and raise. Always negotiate base salary first, and then move on to other elements of the job offer.
  • You have to be willing to walk away from negotiations. If you don't have a strong position (a good current job or one or more current or potential job offers), it will be harder for you to negotiate. If you really need or want the job, be more careful in your negotiations. Once the employer agrees to your compensation requests, the negotiations are over. You cannot ask for anything more -- or risk appearing immature or greedy and having the employer's offer withdrawn or rescinded.
  • Once the employer agrees to your compensation requests, the negotiations are over. You cannot ask for anything more -- or risk appearing immature or greedy and having the employer's offer withdrawn or rescinded.

Ivy Exec Webinar: Salary Negotiation Webinar With Sarah Stamboulie Ivy Exec Webinar: Salary Negotiation Webinar With Sarah Stamboulie Presentation Transcript

  • Salary Negotiation for Job SeekersPresenter: Sarah Stamboulie, Senior Career Coach, Ivy Exec Want more info? Email us at careersupport@ivyexec.com 1
  • About Sarah Stamboulie• Sarah led Alumni Career Services at Columbia Business School, overseeing career programming and resources for 36,000 alumni throughout the world.• Earlier in her career, Sarah served as the head of Human Resources at both Morgan Stanley and Cantor Fitzgerald. She holds an MBA from Columbia Business School.• Sarah has been featured in publications such as Forbes and AM New York, and has made television appearances on Fox 5 News and CBS Moneywatch Want more info? Email us at careersupport@ivyexec.com 2
  • Participant Poll1. What is your current employment situation? a. Unemployed and fully focused on job search (or should be). b. Working as well as job-hunting. c. Working and planning to job-hunt.2. How are your negotiation skills? a. Relatively weak. b. Average. c. Good but I still could use a few tips. Want more info? Email us at careersupport@ivyexec.com 3
  • Reasons for Resistance to Negotiating• family of origin• national origin• gender• work history• negotiation historyDiscomfort doesn’t mean you’re making a mistake. Want more info? Email us at careersupport@ivyexec.com 4
  • Want more info? Email us at careersupport@ivyexec.com 5
  • Lay the Foundation for a Generous Opening Offer Job offer negotiation begins with the very first request for an introduction or an exploratory meeting. 1. Avoid salary disclosure. 2. Present yourself like a “winner” regardless of your feelings. Want more info? Email us at careersupport@ivyexec.com 6
  • Online and Paper Applications• Leave salary items blank whenever possible.• When required online, enter $0 or an unrealistically low round number like $10,000. Want more info? Email us at careersupport@ivyexec.com 7
  • External and Internal Recruiter QuestionsYou don’t have to answer salary questions, but:• be open about everything else.• be extremely polite.• use a pleasant, helpful voice while you decline to provide salary details. Want more info? Email us at careersupport@ivyexec.com 8
  • Q:"What are/were you making at your current/last job?”A: “I’d hate to eliminate myself because of a dollar figure at this point. Right now, the key issue for me is finding a great fit. I figure if the fit is there, then we’d work out the money part. If it’s ok with you, could we talk about this a little later on in the process?” (Ellis Chase)A: “That’s a good question. Would you mind telling me the average salary range for this position or similar positions in this agency? My requirements are flexible, and I’d like to consider those rates before deciding on an exact range.“ (Wagner School of Public Service negotiation guide) Want more info? Email us at careersupport@ivyexec.com 9
  • Novel Technique To Avoid Disclosure• “My current/past non-disclosure agreement (NDA) forbids me to disclose my terms of employment (including compensation) to other parties except where legally required (insurance companies, banks, and IRS).”• What if you didn’t have to sign an NDA? Try calling your company’s legal department and say something like: “one of my employees asked me a question and I wasn’t sure of the answer – is it against company policy to disclose company compensation information to other companies?” Chances are that the lawyer will help you out in some way (they are trained to say to no to anything with the word “disclose!”) and will say it is against company policy to disclose compensation information to other companies or will give you some other kind of restriction that you can reference with recruiters and hiring managers. Want more info? Email us at careersupport@ivyexec.com 10
  • Q:"What are your salary requirements?”A: "Since salary is only one piece of the puzzle for me, I’d like to find out more about the job before determining my salary requirements. This sounds like an excellent opportunity so far. Can you tell me a little more about…[insert an area where you have additional questions]?A: "That’s a good question. Would you mind telling me the average salary range for this position or similar positions in this agency? My requirements are flexible, and I’d like to consider those rates before deciding on an exact range." Want more info? Email us at careersupport@ivyexec.com 11
  • What if they keep hounding you?You can give in and say:“Over the past five years, my [base salary], [compensation] [total compensation package] has ranged from x – y (choosing whichever items will be in your favor). Want more info? Email us at careersupport@ivyexec.com 12
  • What if your last salary was extremely low or high?• State that you are looking for a fair market salary for this job, and that your past salary was in such a different field that it’s not relevant to what you would accept for this role.• Or pretend you are giving in and say, “In my former field my compensation was in the average range, which adjusted for this field would be about $XK per year.” Want more info? Email us at careersupport@ivyexec.com 13
  • Present Yourself as “Fortunate” - Translates to Competent and WiseIf unemployed: – imply you have a healthy bank balance:“I was fortunate to be able to take a sabbatical after I left X.” – Be very optimistic about your job prospects (as you have been fortunate throughout your career).If employed: – Talk positively about current role so that it serve as a “competing offer” if another firm makes you an offer. – Always show great enthusiasm (but not great need) for job. Want more info? Email us at careersupport@ivyexec.com 14
  • Keep the Focus on Their Job During Interviews• Market yourself as an asset that will expand or improve the company’s reach or performance.• Try to propose a change that shows a global understanding of your future employer, one that is larger than they might have pictured.• Show that you are more qualified than the other candidates by highlighting only past achievements that are in line with your new company’s objectives. Want more info? Email us at careersupport@ivyexec.com 15
  • Research Your Market Value• alumni and association members • www.glassdoor.com • www.vault.com• LinkedIn groups • www.careers.wsj.com• former employees • www.wetfeet.com • http://hotjobs.yahoo.com/• recruiters salary • http://jobstar.org/tools/sal ary/index.php • www.salary.com • www.payscale.com/ Want more info? Email us at careersupport@ivyexec.com 16
  • Avoid a Premature OfferDelay salary and benefit negotiations for as long as possible in the interview process. You’ll have more power to negotiate when the employer is completely sold on you as the best candidate for the position.If they start to try to negotiate before they’ve made a formal offer, suggest that you postpone the discussion until the role is completely fleshed out and they are ready to make a formal offer.If they keep going, say, “To clarify, are you are making me a formal job offer now?”(Randall Hansen) Want more info? Email us at careersupport@ivyexec.com 17
  • Responding to a Verbal OfferA: Silence 1. Again, silence. Take it in, think about it, count to 10. 2. “I’m very excited about the possibility of joining the company. I think we’d work together well.” 3. “But I’d like a few days to think it over. Could we make a plan to get together then? I think we’ll be able to work things out at that point…” Want more info? Email us at careersupport@ivyexec.com 18
  • With Whom to NegotiateHiring Manager HR Manager/HeadhunterIn love with your candidacy and success Not affected by candidate may depend on it choiceAnxious to be done with recruiting Always recruiting anywayMakes more money that you are asking for May make less money than you (often much more) Negotiates all the timeRarely negotiates salary Want more info? Email us at careersupport@ivyexec.com 19
  • Ways You Can Negotiate• In-person meeting (usually the strongest)• Phone meeting• E-mail counter-proposal Want more info? Email us at careersupport@ivyexec.com 20
  • First Negotiate Conditions for Success• scope of responsibility • strategic positioning• authority • political support• reporting structure • software and equipment for you and your team• budget • corporate housing• staff – new hires and upgrades • flextime• flexibility on comp structure of staff • first-class travel• administrative help • comp time and wellness days• prestigious title • training• office • child day care Want more info? Email us at careersupport@ivyexec.com 21
  • Negotiate Compensation• base salary • stock options• guaranteed bonus • stock grants• bonus range • deferred compensation• % cash of bonus • signing bonus• Equity • 401(k) contributions• profit-sharing • relocation coverage • travel per diem• partnership opportunities or requirement Want more info? Email us at careersupport@ivyexec.com 22
  • Negotiate Benefits• severance • company car – crucial when you’re relocating • transportation costs or transitioning from long- • flextime term employer • telecommuting – fall back position is to ask for • tuition reimbursement severance only in the case of a change of management • certification reimbursement• medical and dental coverage • gym, health club or fitness membership• disability and life insurance • laptop, cell phone, Internet access• vacation • casual dress• paid holidays• paid sick leave Want more info? Email us at careersupport@ivyexec.com 23
  • Factors Affecting Your Negotiation Success• how much they love you• how much they need you• your employment status• how much they can afford• attitude towards negotiation Want more info? Email us at careersupport@ivyexec.com 24
  • How much of an increase should you ask for?• Always ask for a higher salary (within acceptable limits) than you are willing to accept so that when the employer counters your proposal, the salary should be near your original goal.• And when possible, try and show how your actions (once on board) will recoup the extra amount (or more) that you are seeking -- through cost savings or increased sales revenue, productivity, efficiencies.(Randall Hansen) Want more info? Email us at careersupport@ivyexec.com 25
  • Timing Potential Offers• If you are expecting an offer and your first choice is behind in the interview cycle, let them know and ask if they can accelerate your process.• As soon as you get an offer, let other companies know if you would prefer them.• As soon as you accept an offer, tell the other companies and express great appreciation. Want more info? Email us at careersupport@ivyexec.com 26
  • New Boss – what you need to learn• What was your boss’s previous • What kind of relationship does job? your boss have with his/her supervisor?• How did he/she land current job? • Does your boss advocate for the team?• What does he/she see as his/her next step? • What kind of management style works for your boss?• What does your boss value in the job? • What does you boss most value in the people who report to her?• How does your boss fit within the larger power structure at work? • What does your boss’s live outside of work look like? Want more info? Email us at careersupport@ivyexec.com 27
  • Warning Signs• Unkind/inappropriate/prejudiced/gossipy comments during interview process.• Neutral or vague answers when you ask about the boss.• Not always a warning sign: questions about marital status or kids may mean they know they will make an offer (those questions are legally risky only if they don’t make you an offer.) Want more info? Email us at careersupport@ivyexec.com 28
  • Responding to Written Offer Letter or Contract Always be sure to get the final offer in writing. Do not sign without a thorough review no matter what! Critical clauses include: • Non-compete clauses • Non-solicitation clauses • Behavioral constraints Want more info? Email us at careersupport@ivyexec.com 29
  • With Whom to Negotiate Legal Points• with HR directly, with a lawyer advising you• with the hiring manager, with a lawyer advising you• your lawyer talking to their lawyer Want more info? Email us at careersupport@ivyexec.com 30
  • How to Turn Down an Offer• By telephone to each stakeholder: – hiring manager – internal recruiter – external recruiter – referrer• Display great appreciation – they’ve invested a lot of time (and perhaps money) interviewing you.• Disclose where you’re going if it’s lined up or say it’s in flux but that you will explain as soon as you can. Want more info? Email us at careersupport@ivyexec.com 31
  • When to Turn Down an Offer• Part way through negotiations if you know you won’t take it even if they give you everything – not always worth “going for the offer” if you burn a contact.• When they haven’t met your bottom line.• When you hear the wrong answers about the boss and the company. Want more info? Email us at careersupport@ivyexec.com 32
  • Get Help!Negotiation consulting:One of few investments where a low time commitment cannet you tens or hundreds of thousands of dollars in a fewdays or weeks! Want Sarah to work on your strategy? For more information, email us at: careersupport@ivyexec.com Want more info? Email us at careersupport@ivyexec.com 33