Evaluating and Negotiating a Job Offer

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  • Hard to boil down the bullet points
  • Evaluating and Negotiating a Job Offer

    1. 1. EVALUATING ANDNEGOTIATING A JOB OFFER
    2. 2. 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
    3. 3. RESEARCH
    4. 4. 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
    5. 5. 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
    6. 6. DISCUSSING SALARY TOO SOON
    7. 7. 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
    8. 8. 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.”
    9. 9. YOU GOT THE OFFER!
    10. 10. 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?
    11. 11. LOOKING AT THE TOTAL OFFER
    12. 12. 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
    13. 13. HOW TO DECLINE AN OFFER
    14. 14. 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
    15. 15. A WORD ON INTERNSHIPS
    16. 16. 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
    17. 17. IF THE EMPLOYER IS NOT TIMELY
    18. 18. 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
    19. 19. THINGS TO KEEP IN MIND
    20. 20. 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
    21. 21. 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
    22. 22. FOR ADDITIONAL INFORMATION
    23. 23. 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
    24. 24. 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
    25. 25. 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: careers@bu.edu  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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