Resources - Job _ Salary Negotiations by floofiedoo


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									Job Offer & Salary Negotiations

A Unit of the Division of Student Life

134 Mary Gates Hall (206) 543-0535

• Employer’s concerns • Negotiations timing and strategies • Scenario • Employer turn offs • Cautions • Comparing offers

• Acceptance and follow up
• Further info

Salary Negotiations
• The idea is to approach the issue as if problem solving with both you and the interviewer working for the same objective - fair compensation • Express appreciation and acknowledge the interviewer’s investment of time and effort

Employer’s Concern
• The employer is mostly concerned about… – a) getting you at a bargain. – b) finding a good match regarding your value and the position at a fair salary.

– c) what you need to survive.
– d) whether you fit into their budget.

Employer’s concern
• “How can you be valuable to me?” • Ways to demonstrate value and worth – Strengths, accomplishments, results in ... academic coursework and projects, jobs, internships, student organization experience, volunteer experience, activities

Added Value Items
• Special skills and training
– up to 5% increase

• Related experience
– Internships, co-ops, jobs – 1-3% increase

• Hot Jobs
– up to 5% increase

• University Reputation
– 1-2% increase for better programs

• All dependent on company needs and labor market conditions

When to Accept?
• The best time to accept a job offer is…

– a) as soon as you get one.
– b) during the second interview. – c) after you get all your offers. – d) after you have had time to think about it. – e) within one week of receiving it.

Discussing Salary
• The best time to discuss salary is…

– a) before the job is offered so they see the bargain you are.
– b) after the job is offered. – c) at the end of the first interview. – d) best not to discuss and just take what is offered.

Researching Salaries
• Research resources
– NACE Salary Survey – CCS Web Resources – Books and Guides

• Tom has been interviewing with several companies and has received a job offer from a smaller local firm that would allow him to work on a variety of projects, develop new skills and continue taking courses at the UW. The company has given him one week to review their offer. During that week Tom interviewed with another large well-known out of state firm that would look good on his resume. At the end of the week he had not heard from the large company, so he accepted the job offer from the small local firm. A half hour later he received a call from the large company offering him a job at $8,000 more annually plus a signing bonus. What are his options?

Got the Offer?
• Once you have accepted an offer…

– a) you can ignore it if a better job comes along.
– b) you keep looking for other jobs to get the employer to raise their salary. – c) you stop your job search. – d) you jump up and down and say “Yes!”

Second Thoughts?
• If you accept an offer and back out… – a) the recruiter will forgive and forget. – b) you can reapply later and it won’t matter. – c) the recruiter will remember you and think less of your integrity. – d) you will likely never be able to work for that company. – e) your reputation in the industry will be diminished.

What Does It Cost To Hire?
• The average cost-per-hire for a company is approximately… – a) $1,000 – b) $4,000 – c) $6,000 – d) $10,000
* Source: National Association of Colleges & Employers & Electronic Recruiting Exchange

Salary Negotiations
• Emphasize fairness and trust
– Both parties are working towards the same goal – fair compensation

• See Salary Negotiation Tips
– When, What, How??

When Do You Negotiate?
• Getting the job offer before you discuss salary gives you more leverage • Tips for what to do if an employer asks about salary before offering you the job • If an offer is not meeting expectations
– Below what you are worth
– Below industry standards

What to Negotiate
• Most negotiable
– Paid time off – Relocation

– Flex time
– Additional training/schooling

• Other negotiable items

How to Keep Negotiations Going
• Ask questions…
– “What do you think?”
– “How can we make this work?” – “What is the salary range for this position?”

• Don’t ask…
– “Why can’t you pay me more?”

– “I need more to live on…”

• Use silence

Employer Turn-Offs
• Comparing their offer with other company offers to other students
– Especially if only small differences: ($1,000-$2,000)

• Applicants who are focused only on money and try to negotiate every item • Negotiating performance review dates different from company policy

Other Strategies
• Negotiate for the future

• Hip-pocket job

Cautions and Caveats
• You might be happy with first offer

• Asking “Is it negotiable?” if not sure
• Be aware of monetary and cultural cues • Use caution with email salary negotiations • Think before you speak • How you negotiate sets the tone for how you enter the organization

Comparing Offers
• Financial - salary, bonus, stocks, relocation expense, retirement plans • Benefits - medical, dental, other insurance

• Challenging projects
• Growth - training and development

• Other - conference attendance, vacation and other leaves, flexible hours, on-site amenities

Acceptance & Follow-up
• Get job offer and salary in writing • Acceptance/Withdrawal letters

• Acceptance remorse
– attitude - no regrets • best decision at time based on information you have • consider your own integrity and ethics

Further Information
• CCS Web Resources

• UW Odegaard Library Career Section
– 2nd Floor

– Click on Salaries and Job Offers

– click on Salary & Hiring Info

• Questions??

Job Offer & Salary Negotiations

A Unit of the Division of Student Life

134 Mary Gates Hall (206) 543-0535

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