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Salary Negotiation Fall 2006 AGENDA• Goal of Salary Negotiation• Preparation• Calculating Your Worth• “The Offer”• Counter Offers• Conclusion/Q&A
Salary Negotiation Fall 2006 The Goal of Negotiation• To reach an agreement that will maximize your potential earnings and provide for the employers needs• To create a win-win situation with an employer with whom you can have a long term relationship
Salary Negotiation Fall 2006Preparing for Salary Negotiation• What you need to know before you begin salary negotiations – Know your market value – what are comparable salaries and positions – What do similar positions in the industry pay in your geographic region – How much do current employees earn. – Where do you fit in the organization- is this an entry level, management or an executive position
Salary Negotiation Fall 2006Preparing for Salary Negotiation• Factors that impact supply and demand – THE COMPETITION! – What is current in the industry - targeting local and national trends – Identity employers who compete for the best candidates and offer top salaries and superior benefits packages
Salary Negotiation Fall 2006Calculating Your Worth
Salary Negotiation Fall 2006 Places to Search for Information• Professional associations • Online resources – – membership surveys www.salary.com,• Recruiters and executive www,careerjournal.com, search firms www.hotjobs.com• Monthly government labor • Former and current reviews/ The Bureau of employees Labor Statistics • Your network – friends,• Forbes, The Wall Street colleagues, information Journal, Business Week, interviews Fortune Magazine
Salary Negotiation Fall 2006 Total Compensation PackagesBenefits can equal 20%-30% of your total compensationpackage. What’s included: • Bonuses • Education rebates • Signing bonus • Cost of living raises • Flexible schedules • Parking • Profit sharing • Company car • Retirement package • Cell phone/Blackberry • Insurance • Child care • Stock options • Maternity leave • Timely advancement • Relocation costs • Vacation time • Health Care Insurance
Salary Negotiation Fall 2006 “The Offer”Things to remember:• Most companies make fair and realistic salary offers• It is not in their best interest to make “low ball” offers• They want to hire the best candidate for the job• High employee turnover is an added expense to the bottom line for the employer• Translation = the “Offer” should be good!
Salary Negotiation Fall 2006 “The Offer”• Anticipate objections to higher salary offers• Be clear about your own value• Be confident in your abilities, skills, professional experience and education• Develop rebuttals to anticipate employers possible “excuses” for not wanting to raise salary levels
Salary Negotiation Fall 2006 Discussing Salary History• Postpone this discussion as long as possible• Discuss salary in future terms…. – “If I was to stay in my current positions the value of my compensation package would be…” – “I would consider a salary range of…”
Salary Negotiation Fall 2006 Negotiations• Remember is not about winning, but about establishing mutual interests and goals• Know where you can compromise• Identity your possible competition• Logically reiterate why you should be compensated at a greater level
Salary Negotiation Fall 2006 Counter OffersCounter offers are offers from your current employers toremain after you have announced intention to leave• Investigate and determine • They may feel desperate to your employer’s motivation finish a project but may not• Is it all about money? be loyal to you and made• Will the underlying issues the offer that motivated you to move • Do you really want to work be changing? for someone who only• Know that your loyalty will increased your salary because you were leaving? now be suspect and an attitude of negativity about • Take this offer as a your choice to leave may complement and move on be present
Salary Negotiation Fall 2006Thank You and Good Luck Professional Career Services (410) 290-1934 www.careerservices.jhu.edu