Table of Contents Research A Word on Internships Before the First Interview What is the Going Rate for When an Offer is Imminent Interns? Discussing Salary Too If the Employer is Not Soon Timely Strategy What to Do An Example Things to Keep in Mind You Got the Offer! Tips (1) Questions to Ask Yourself Tips (2) Looking at the Total Offer For Additional Information Evaluating Your Offer Web Resources How to Decline an Offer Additional Resources Feld Career Center Do’s and Don’ts
Before the First Interview Have an idea of what industry norms are for the type of position you are seeking Resources: Trade periodicals that publish annual salary surveys The Bureau of Labor Statistics If you are relocating, take location into account Cost of living may be higher or lower in your new city
When an Offer is Imminent Come up with three numbers to help you evaluate the starting offer 1. Minimum annual salary you will need to survive Rent/mortgage, car payments, college loan repayments, etc. 2. Based on the industry research mentioned previously What you think a fair salary is for your position 3. Padded version of the industry norm Be realistic
Strategy Some companies will try to screen out candidates with expectations that don’t match with theirs early during the interview process Carefully evade the question If they insist on you offering the initial salary range Make sure you give a large range Smallest number still within shooting distance of your ideal salary
An Example Them: “What are you looking for in terms of salary?” You: “I’m willing to negotiate; what is most important to me is whether or not the job is a good fit for me and the company. I would really rather wait and discuss salary until we determine whether or not I am the best person for this position.” Them: “Well, we’re trying to get an idea of what candidates are expecting.” You: “May I ask what you have budgeted for the position?” Them: “We’re still working that out. In the meantime, it would help if you would give us your salary expectations.” You: “Based on the research I have done on the going market rate for this type of position within the industry, the salary could be anywhere from $70,000 to $90,000, depending on the specifics of the job, the location, and the total compensation package.”
Questions to Ask Yourself Will this job give me the opportunity to learn new skills? What is the potential for growth within the organization? What is the potential for growth outside it? If the company went under tomorrow, what new skills and experiences would you bring to your next employer? Will I have the opportunity to work with a diverse group of people, and expand my list of professional contacts? Do I like my potential boss as a person? Do I respect him or her? Do the people in the office seem like they are happy and satisfied by the work they do? Does this job fit with my values and long-term career goals?
Evaluating the Offer Everyone has different needs and priorities when it comes to benefits Think carefully about what really matters to you and your lifestyle when evaluating a benefits package Benefits to evaluate: Additional compensation: signing bonuses, stock options, profit sharing, relocation expenses Medical and dental insurance, subsidized or on-site childcare. Time off: vacation, sick/personal days, holidays Flexible work schedule, working at home Tuition reimbursement Retirement and pension plans, disability insurance, 401k Timing of performance reviews and what annual increases are based on Cost of living
Do’s and Don’tsDo Make sure you can’t change something small that would make the job attractive Use the phone or voice messages, not e-mail Calling conveys confidence, respect and professionalism Always follow up your phone call with a letter Be positive Thank the recruiter for the offer—indicate how a competing offer seems more appropriate now for your career goals, location, etc Keep in touch Recruiters are always looking to identify good people Who knows where your career might take you, or where the recruiter may end up!Don’t Burn any bridges Decline with grace—you may turn the recruiter into a professional ally Highlight negative reasons why you’re declining the offer
What is the Going Rate for Interns? There isn’t one Some pay the same rate as a full-time employee doing the same job Others pay nothing at all, some in between Difficult to determine “market rate” for an intern Therefore, difficult to negotiate your base pay What if they ask you how much you want? “I would expect to be paid at the same rate that you would pay a full-time employee working on the same project” If they have not budgeted for this position Prepare to negotiate down or work for the experience If you are willing to work for free Great way to get your foot in the door But difficult to swing financially Perhaps can negotiate fewer hours and work another part-time job to help out financially
What to Do Some organizations may Take a long time to get back to you regarding your requests Act annoyed Accuse you of being unprofessional for daring to question the fairness of their offer Vital you maintain your professionalism Even if the company or representatives does not Though you may question whether you even wish to work for such an organization Keep in mind some human resources offices are overworked and understaffed Accepting an offer or cancel interviews with other companies Do not do it until you have seen your offer—including any negotiated terms—in writing
Tips (1) Unethical behavior NEVER appropriate to accept an offer and then continue interviewing with others to see if there is a better offer It can hurt both you and your school’s professional reputation Companies can—and have—rescinded offers after finding out they had already accepted an offer elsewhere Some offers may not be negotiable True for certain types of training programs E.g. where large numbers of students are hired out of school But it never hurts to try As long as you are diplomatic and professional in the attempt
Tips (2) Always be honest Dangerous to say you have received a higher offer from another company when you really haven’t Hiring managers often know what other companies are offering If you don’t ask for it, you won’t get it Though the flexibility of a hiring professional has to negotiate a compensation package varies You will not know what they are willing to compromise on if you don’t ask Be diplomatic and professional at all times! Keep in mind you have to work with these people Do not get on their bad side before you even start work! Know when to stop negotiating
Web Resources Salary.com JobStar Monster.com Glassdoor.com U.S. Bureau of Labor Statistics ComputerWorld The Wall Street Journal Vault.com Through BU CareerLink (Undergrad or MBA) Use online chat for insider salaries from MBA students
Additional ResourcesPublications Other Resources Negotiating Your Salary: Boston University How to Make $1000 a School of Management’s Minute by Jack Chapman Placement Reports Get Paid What You’re (updated annually) Worth: The Expert Trade magazines Negotiators’ Guide to See The Reader’s Guide to Salary and Compensation Periodical Literature by Robin L. Human resources offices Pinkley, Gregory B. and company websites Northcraft 101 Salary Secrets: How to Negotiate Like a Pro by Daniel Porot
Feld Career Center Visit the Feld Career Center Our office is located on the first floor, left of the stairs in the far left corner. Email us at: email@example.com Office Hours Monday - Friday: 9AM - 5PM Make an appointment to meet with a counselor Each individual circumstances are different Helps to receive advise tailored to your own unique situation
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