Salary negotiations.2012 Delta Chi Convention

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This presentation was given at the 2012 Delta Chi Convention in Pittsburgh PA on August 3, 2012.

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  • Do you know nearly one-fifth of all employees NEVER negotiate their salary when they accept a job? You wouldn't take the first offer from a car dealer or when buying a house, so why would you accept the first offer from your future employer.Additionally – starting low may mean the difference of only a few dollars to begin with… but if incremental raises are in single digits – it could mean a lot of money a few years down the road.
  • Translated – with a few extra hours of work you could potentially make thousands dollars more/year!Experts estimate that this could mean millions of lost income over the course of a lifetime.
  • Without completing the first – you don’t get to the second.
  • Pay Attention to VARIABLE – vs – FIXED; this will make sense later when you need to decide if you can make a new salary work.
  • Let’s get REAL. Every one wants the pie in the sky income – but – expecting or asking beyond market value will surely lead to disappointment.
  • WHAT IF YOU ARE FORCED TO GIVE A NUMBER?To be discussed during interviewProvide a range‘Salary negotiable – to be discussed during interview’
  • Salary negotiations.2012 Delta Chi Convention

    1. 1. SALARY NEGOTIATONS Gauging Your Worth & Earning What’s FairWith Cheryl Paul, MEdFaculty Advisor, Pittsburgh ChapterDirector of Student Services, Swanson School of Engineering
    2. 2. Did Not Negotiate Worked for a Better Offer2012 $48,000.00 8.00% 2012 $56,500.00 8.00%2013 $51,840.00 10.00% 2013 $61,020.00 10.00%2014 $57,024.00 15.00% 2014 $67,122.00 15.00%2015 $65,577.60 20.00% 2015 $77,190.30 20.00%2016 $78,693.12 2016 $92,628.36 Salary Increased: $30,693.12 Salary Increased: $36,128.36
    3. 3.  Framing your Baseline Expectations Today’s Job Market: Setting a Salary Goal Understanding the Cost of Living index The Art of Negotiation Consider your affiliations: Delta Chi is more than a student group! Questions?
    4. 4. 1. Qualifying yourself to an employer2. Then, negotiating for a full compensation package
    5. 5.  What is Most Important in Your Job? ◦ Cash Compensation? ◦ Benefits? ◦ Boss? ◦ Location? ◦ Commute? ◦ Job Security? ◦ Level of Teamwork? ◦ Work Environment?
    6. 6. Create a list of monthly expenses, such as:  Rent  Car payments/Insurance  Utility Bills (water, gas, electric)  Cable and/or internet service  Student Loan(s)  Credit car payment(s)  Groceries  Gasoline  Entertainment/Eating out Total these numbers for baseline income.
    7. 7.  Know your value on the market! ◦ Talk to others doing the work ◦ Learn what your industry is paying currently Develop a realistic picture: ◦ Use web tools – there are lots to chose from ◦ Demo: http://www.salary.com/category/salary/ Learn the ‘Power Factors’…
    8. 8. Company factors Profitability Position in the business cycle (startup, growing, stable, turnaround)Hiring manager factors Urgency of the companys need to fill the position Decision-making authority Staffing budgetApplicant factors Technical expertise, unique knowledge/skill set Level of competition/availability of other candidates Career risk of the job offer
    9. 9.  What you need to maintain your life as you know it (aka = Standard of Living) How to be realistic… ◦ http://www.payscale.com/cost-of-living-calculator/ ◦ Also: http://www.bestplaces.net/col/ Compare two locations ◦ http://hotpads.com/sites/rentersGuide/before/whereToLiv e/how-to-compare-the-cost-of-living-in-two-cities
    10. 10.  Look the part Maintain your composure TALK to HR! Avoid Email. Do not text. Don’t give # too early! Make them want you. So, they give you offer you don’t like… ◦ “Do you mind if I share some of the research I’ve done on the job market & the cost of living?”  Demonstrates your sincerity  Provides concrete data to work from
    11. 11.  Talking is preferable to written communication. Use some reason having to do with your personal scheduling or something else… Spoke too soon? Sample explanation to HR rep: "I have a heavy schedule of traveling in the next few days, I wanted to leave with you my availability because Id be willing to reschedule any of that in order to get my 2nd interview. By the way, I was a little worried that I might come in outside the range you were thinking of for this position. Because of my background and experience and my fondness for the types of people you care for, I want to make sure you have everything you need in my full cooperation to set up a 2nd interview."
    12. 12.  Excellent Communication Skills Leadership Respect for Diversity Organization/Program Planning Record Keeping/Documentation Fiscal Management/Responsibility
    13. 13.  Why? Clearly qualify yourself to position. When? At times when your discussion is driven to increase a result. How? Recognize offer, verbally express gratitude, humbly point out the skills you bring to position.
    14. 14.  Follow these steps & you’ll likely have multiple offers! Compare the opportunities via: http://swz.salary.com/JobAssessor/LayoutScript s/Joel_JobCriteria.aspx
    15. 15. QUESTIONS?

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