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
SALARY NEGOTIATONS Gauging Your Worth & Earning What’s FairWith Cheryl Paul, MEdFaculty Advisor, Pittsburgh ChapterDirector of Student Services, Swanson School of Engineering
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
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?
1. Qualifying yourself to an employer2. Then, negotiating for a full compensation package
What is Most Important in Your Job? ◦ Cash Compensation? ◦ Benefits? ◦ Boss? ◦ Location? ◦ Commute? ◦ Job Security? ◦ Level of Teamwork? ◦ Work Environment?
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.
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’…
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
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
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
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."
Excellent Communication Skills Leadership Respect for Diversity Organization/Program Planning Record Keeping/Documentation Fiscal Management/Responsibility
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.
Follow these steps & you’ll likely have multiple offers! Compare the opportunities via: http://swz.salary.com/JobAssessor/LayoutScript s/Joel_JobCriteria.aspx