salary negotiation
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Salary NegotiationSalary Negotiation
AGENDA
• Goal of Salary Negotiation
• Preparation
• Calculating Your Worth
• “The Offer”
• Counter Offers
• Conclusion/Q&A
Salary NegotiationFall 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 NegotiationFall 2006
PreparationPreparation
Salary NegotiationFall 2006
Preparing 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 NegotiationFall 2006
Preparing 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 NegotiationFall 2006
Calculating Your Calculating Your WorthWorth
Salary NegotiationFall 2006
Places to Search for Information
• Professional associations – membership surveys
• Recruiters and executive search firms
• Monthly government labor reviews/ The Bureau of Labor Statistics
• Forbes, The Wall Street Journal, Business Week, Fortune Magazine
• Online resources – www.salary.com, www,careerjournal.com, www.hotjobs.com
• Former and current employees
• Your network – friends, colleagues, information interviews
Salary NegotiationFall 2006
Total Compensation Packages
• Bonuses• Signing bonus• Flexible schedules• Profit sharing• Retirement package• Insurance• Stock options• Timely advancement• Vacation time
• Education rebates• Cost of living raises• Parking• Company car• Cell phone/Blackberry• Child care• Maternity leave• Relocation costs• Health Care Insurance
Salary NegotiationFall 2006
Benefits can equal 20%-30% of your total compensation package. What’s included:
““The Offer”The Offer”
Salary NegotiationFall 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 NegotiationFall 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 NegotiationFall 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 NegotiationFall 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 NegotiationFall 2006
Counter OffersCounter Offers
Salary NegotiationFall 2006
Counter Offers
• Investigate and determine your employer’s motivation
• Is it all about money? • Will the underlying issues
that motivated you to move be changing?
• Know that your loyalty will now be suspect and an attitude of negativity about your choice to leave may be present
• They may feel desperate to finish a project but may not be loyal to you and made the offer
• Do you really want to work for someone who only increased your salary because you were leaving?
• Take this offer as a complement and move on
Salary NegotiationFall 2006
Counter offers are offers from your current employers to remain after you have announced intention to leave
Thank You and Good Luck
Professional Career Services
(410) 290-1934
www.careerservices.jhu.edu
Salary NegotiationFall 2006
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