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WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
Salary Negotiation
The Neglected Competencies
“What Makes...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
2
Discussion-Expectation
• Situation...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
3
Women Post Job Gains -- Good and B...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
4
Gaining the Mindset – Situation An...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
5
Gathering Information - Do Your Ho...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
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Company/Position Information
• Pro...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
7
The Offer – the negotiation begins...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
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Compensation Factors
Your Ranking ...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
9
Offer Assessment – the “Compensati...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
10
Compensation Factors
Your Ranking...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
11
Your Ranking Offer Satisfaction
D...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
12
Your Ranking Offer Satisfaction
R...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
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Your Ranking Offer Satisfaction
A...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
14
Review the “Compensation Factors”...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
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Other considerations…
• Consider ...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
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• Surveys state that women are un...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
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The Negotiation
• Maintain a “win...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
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Steps to Winning Your Asking Pric...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
19
Explore Creative Solutions
• How ...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
20
Tips to Success
• Adopt a negotia...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
21
More Tips to Success
• Never divu...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
22
What if You Are In a Job That You...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
23
Still not successful? Up the Ante...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
24
Follow-Up
• Put your proposed pla...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
25
Discussion Topics
• Situation Ana...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
26
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
$75,615
Mean base
salary
$12,756
Mean signing
bonus
$14,5...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
2009 MBA Internship Statistics at Pepperdine
10 wks
Avg.
...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
2009 graduating
students
accepting jobs
in the following
...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
2009 graduating students accepting jobs in the following ...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
31
Haas MBA Alumni Salary Survey
Bio...
WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE
bonnie99@comcast.net
32
ASK!!!!!!!
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Pepperdine salary negotiation 11-17-2010

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Transcript of "Pepperdine salary negotiation 11-17-2010"

  1. 1. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE Salary Negotiation The Neglected Competencies “What Makes Up Salary” November 18, 2010
  2. 2. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 2 Discussion-Expectation • Situation Analysis • Gathering Information • The Offer • Quantifying Compensation Factors • Negotiation • How to get pay equity in your current position-getting an extra pay increase
  3. 3. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 3 Women Post Job Gains -- Good and Bad News • Women make up 49% of the managerial workforce, and in 2009, women outpaced men in top quarter of jobs in health care, financial & managerial fields. However…… • Wage gap persists: median weekly pay for women is 73% that of men¹ • Women make up 2.5% of the top earners in the Fortune 500² • Only 7% of the Fortune 1000 CEOs are female² • Women don’t negotiate³ ¹Bureau of Labor Statistics ²breaktheglassceiling.com ³ABC News report
  4. 4. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 4 Gaining the Mindset – Situation Analysis • Have a plan • Understand the rules • Prepare well • Be realistic • Get tough • Have patience
  5. 5. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 5 Gathering Information - Do Your Homework Your Personal Salary and “Desirability” Information • Determine the salary you want, what you need, and what you’ll settle for • Review your accomplishments/skill set relative to the position • Consider important factors besides money Business Climate Information • Understand the overall state of the economy and how that impacts the industry in which you work • Know the overall unemployment rate and the general employment picture for the industry • Understand the demand for industry and profession-specific knowledge and skills
  6. 6. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 6 Company/Position Information • Profitability • Position in the business cycle (startup, growing, stable, etc) • Title, decision-making authority, level • Experience and capabilities requirements • Type of work, use of skills Hiring Manager Factors • Urgency of the company’s need to fill the position • Decision making authority • Staffing Budget •Many employers must maintain pay scale equity
  7. 7. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 7 The Offer – the negotiation begins… • Once you have successfully interviewed and received a verbal offer, clarify your understanding of the position in detail. Be enthusiastic and ask for time to consider • Then, review the entire compensation (hard copy) package • Evaluate all the information and compare it to your own needs and wants. Review each item, determine which are acceptable and which need to be negotiated • Use the “Compensation Factors” worksheets to help evaluate the offer
  8. 8. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 8 Compensation Factors Your Ranking Offer Satisfaction Base Salary 10 10 100 Bonus – Performance 8 8 64 Bonus – Signing 5 10 50 Stock 6 8 48 401K 7 9 63 Profit-Sharing Plan 6 10 Medical Benefits (Individual Coverage) 5 Family Coverage Etc…
  9. 9. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 9 Offer Assessment – the “Compensation Factors” worksheet • The “Your Ranking” is a 1 to 10 ranking of the importance of that factor to you • The “Offer” ranking is a 1 to 10 ranking of your satisfaction with that aspect of that particular offer So, if salary is the most important, (10), and that off has the highest salary, (10) the satisfaction total would be 100 • This is a way to quantify and compare various aspects of your offers
  10. 10. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 10 Compensation Factors Your Ranking Offer Satisfaction Base Salary Bonus – Performance Bonus – Signing Stock 401K Profit-Sharing Plan Medical Benefits (Individual Coverage) Family Coverage
  11. 11. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 11 Your Ranking Offer Satisfaction Dental Benefits (Individual Coverage) Family Coverage- Dental Vision Benefits (Individual Coverage) Family Coverage Health Club Vacation & Personal Time
  12. 12. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 12 Your Ranking Offer Satisfaction Relocation (Special Course) - Package - Spousal Assistance - Other Telecommuting Travel Percentage Reporting Relationship - Formal/Dotted Line
  13. 13. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 13 Your Ranking Offer Satisfaction Available Support - Informational System - Clinical Assistance - R & D Career Development - Tuition Assistance - Professional Develop Total Satisfaction Score XXXX
  14. 14. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 14 Review the “Compensation Factors” • Compare the results to your current job, or jobs that you’ve had in the past • Identify the aspects of the offer that are the most important to you, and that are ranked lower in the “satisfaction” column • Develop a strategy to communicate your goals with respect to changing the parts of the offer that are unacceptable • This is also a way to compare multiple job offers
  15. 15. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 15 Other considerations… • Consider how the new position will effect long-term career path • Consider job content, challenge, responsibility, success potential, fun. Do the roles match your skills? • Are you joining the best company, size, future, history, values and reporting alignment • Lifestyle issues—Intangibles • Compensation package review - complete
  16. 16. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 16 • Surveys state that women are uncomfortable with the word “negotiation” – understand that being aware of this puts you at a competitive advantage
  17. 17. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 17 The Negotiation • Maintain a “win-win” attitude. Frame each issue as a joint search for mutual agreement • Focus on the skill set you bring. Be confident. • Start high and work toward a middle ground • Keep your requests reasonable. Be willing to “give in” on areas not important to you. • Be creative-look for ways beyond salary to boost your income or gain intrinsic value
  18. 18. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 18 Steps to Winning Your Asking Price • Know your minimum acceptable salary • Estimate the company’s maximum price • Work toward a middle ground • Check out the entire compensation package • Are you talking to the person who will be making the offer • Do you know your salary band?
  19. 19. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 19 Explore Creative Solutions • How can the structure of this package be changed? • How can we change the offer other than compensation? • How do you organize the discussions after the initial discussion?
  20. 20. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 20 Tips to Success • Adopt a negotiating style that reflects who you are • See each aspect of the situation as an opportunity to negotiate (ask for something different)- you won’t get anything unless you ask for it • Negotiate for yourself as if you were negotiating for some else (be your own agent) • Be firm, flexible and trust your gut
  21. 21. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 21 More Tips to Success • Never divulge your current earnings • Delay salary and benefit discussions until you have the offer in hand • Once you have the offer, ask for more • Never say “thank you” and accept the day you receive the offer • Be comfortable saying “no” – know your walk-away • Always have an updated Resume
  22. 22. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 22 What if You Are In a Job That You Like -- How Do You Increase Your Salary? • Know the value of each aspect and the total worth of what your earning • Determine how well you’re paid relative to others in your field (careerjournal.com – professional assoc.) • Discuss your salary band with who you report to • Put a strategy in place prior to your review to focus discussion on salary • Know when raises are decided (3rd quarter) • Communicate your value • Position a plan with your boss to quantify with his/her direction how to bring your salary up
  23. 23. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 23 Still not successful? Up the Ante • Communicate your needs to other management • Get a competing job offer. Share the specific details with your boss • Let the company know you are willing to jump ship • Be firm and flexible-trust your gut • Understand company limitations and have patience • Suggest creative alternatives to meet your needs • Reinforce your value to the company – not a time for modesty • Gain agreement to review your situation with management within a specific time frame
  24. 24. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 24 Follow-Up • Put your proposed plans in writing, copy your manager (dual ownership) • Review your proposed plans with management on a specific time frame • Everyone needs a mentor – two levels up
  25. 25. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 25 Discussion Topics • Situation Analysis • Gathering Information • The Offer • Quantifying Compensation Factors • Negotiation • How to get pay equity in your current position-getting an extra pay increase
  26. 26. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 26
  27. 27. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE $75,615 Mean base salary $12,756 Mean signing bonus $14,500 Mean other guaranteed compensation 2009 MBA Employment Statistics at Pepperdine (28% of job accepting graduates receiving signing bonus)
  28. 28. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE 2009 MBA Internship Statistics at Pepperdine 10 wks Avg. internship length $763/wk Mean internship compensation 45% Paid internships
  29. 29. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE 2009 graduating students accepting jobs in the following functional areas:
  30. 30. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE 2009 graduating students accepting jobs in the following industries:
  31. 31. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 31 Haas MBA Alumni Salary Survey Bio/Pharma Consulting CPG/Retail Energy/ Environ Financial Srvc Non-Profit Real Estate Technology Base Salary 01-04 $136,500 $145,000 $110,750 $130,000 $120,000 $107,000 $122,500 $130,000 Base Salary 97-00 $162,150 $163,500 $129,000 $145,000 $160,000 $115,000 $125,000 $144,250 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 Base Salary by Industry and Graduation Year
  32. 32. WESTLAKE VILLAGE - PASADENA - WEST LOS ANGELES - ENCINO - IRVINE bonnie99@comcast.net 32 ASK!!!!!!!
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