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SALARY NEGOTIATIONCo-Presented by Destiny S. Price and Marilyn Bury Rice
AGENDA
Why Negotiate
What Prevents Negotiation
The Three Steps of Negotiation
Final Tips
Q&A
• Achieve market value
• Most employers expect it
• Accomplish a “win-win scenario”
80% of the work of negotiating should be done before you walk into
the room.
1. RESEARCH
2. STRATEGIZE
3. NEGOTIATE
RE
SE
AR
CH
1
Research
• Know when negotiating is appropriate for the company/job you’ve applied for
• Prioritize what is important to youIt’s not all about the $$$$$
• Know what you want to get what you want
• It’s personalDo not compare to each other
1 Find out what you are worth
• Know what the general range is for the position you’ve applied for
• Reach out to alumni, friends, colleagues within your network that you have good rapport with.
Ask questions like: “What is a reasonable salary for this kind of job with these expectations?”
Salary Research1
Good salary siteswww.salary.comhttp://www.salarylist.com/https://www.salaryexpert.com/http://www.payscale.com/https://www.glassdoor.com/
Cost of Living Calculatorshttp://www.payscale.com/cost-of-living-calculatorhttp://www.bestplaces.net/cost-of-living/
Salary Research1
Research
Identify compensation figuresIdeal: ____________________________Fair & Reasonable: _________________Rock Bottom: ______________________
• Ideal = Ecstatic!• Fair & Reasonable = Market Rate• Rock Bottom = Minimum
1 Know where you stand
Research
• Vacation• Unpaid time off• Comp time• Title• Telecommuting• Flexible schedule• Mid-year review
• Bonuses• Signing bonus• Relocation • Parking• Delayed start date• Geographic mobility• Ability to attend conferences
Prioritize Benefits1
Offer extended – now what?Strategize
2
2 Strategize
• Do not accept immediately“I am so excited about this offer! Let me take some time to digest the information you’ve given me and I’ll get back to you in the next few days with any follow-up questions.”– Suggest 3 weeks, per industry standard
• Talk to a Career Coach or Advisor
Offer extended – now what?
2 Strategize
Build a Case!1. Get information before you negotiate2. Identify your valued skills3. Rule of thumb:
If you are going to later regret not asking, ASK. Worst you can hear is NO.*
Business conversation between colleagues
Negotiate
3
3 Negotiate
Salary is most important – Determines how much future raises will be
Start with base salary
Thank you again for this generous offer! When looking over the salary figure, I’m wondering if there’s any wiggle room with the base salary. I was hoping for a range of X to Y”
X is fair & reasonable; Y is ideal
3 Negotiate
• Don’t let nerves keep you talking• Points are made simply and concisely • Listen to what concerns they have so you can address
them• Be patient• Don’t be greedy
– Know when you’re asking for too much
Stop talking and start listening
3 Negotiate
Divert salary back to the Employer“Well I have an idea of the general market rate, but being that this job encompasses additional responsibilities, I’m sure you have a better idea of what its worth. What range did you have projected for this position?”
The employers offers a salary below your range?"I am very excited about being a part of your team, but according to my research, the salary is below the industry standard. Would your budget permit $45,000 instead of $40,000?”
What to say…
Final Tips• Do Not
– Discuss salary until the position has been offered to you• Do
– Postpone salary talk until you have time to sell yourself– Practice– Ask for a day or two to decide on an offer; if they refuse, this may not be the right company for you
– Take notes during a salary negotiation• Continue Selling Yourself
– Confidence is important. If you appear nervous while talking salary, it is apparent that you are not completely sure you deserve what you are asking for.
• Timing Is Everything– When the employer has offered you the job, you have more negotiating advantage, because the
employer knows you will be an asset to the company.• Maintain the Proper Attitude
– Be enthusiastic, polite and professional. This is not a competition!