Presentation on theme: "GSLIS Continuing Education Negotiating Salary and Benefits When, What and How Laura Saunders Fall 2003."— Presentation transcript:
GSLIS Continuing Education Negotiating Salary and Benefits When, What and How Laura Saunders Fall 2003
Job Offer Negotiation When Never bring up salary or benefits on a first interview. In fact, try not to be the first person to bring up salary at all. Usually, the first person to put a number on the table loses some bargaining power, so if possible, wait for the employer to present the salary range for the position.
Job Offer Negotiations If you are asked to state your salary range, you can usually deflect the question by saying you are “flexible” or “negotiable” You can also try turning the question around and asking the employer what range they have in mind. Either way, express your enthusiasm for the job and indicate that the experience is more important than the salary.
Job Offer Negotiations In some cases, you may be pressed to give a number first. If you have tried saying you are flexible, and still feel you have to offer a number, offer a range, rather than a flat number. Keep in mind that once you offer a range, you must be ready to accept an offer anywhere in that range.
Job Offer Negotiation How: Evaluating the Offer Once the employer makes you an offer, you must evaluate the entire package. First, be sure that you understand the entire offer- the salary and the benefits. Ask for clarification if anything is unclear. Don’t accept an offer on the spot- it is perfectly acceptable and advisable to ask for a couple of days to think it over.
Job Offer Negotiation How: Evaluating the Offer Take some time to review the offer. Make sure you are considering the whole package- not just the salary. Many people make the mistake of just looking at the salary, and not considering the benefit package- vacation/ time off, medical, dental, etc. Go over the benefits carefully and try to determine what they are worth to you.
What are the Benefits? Different employers will offer different benefit packages, and these can vary quite widely. However, some standard benefits might include: –Medical and/or Dental Insurance- usually a percentage covered. –Vacation time and sick time –401K Plans or Retirement/ Pension Plans –Tuition Reimbursement –Stock Options –Life/ Disability Insurance –Flex Time
What are Benefits Worth? In order to evaluate the benefits, you have to determine what they are worth to you. It can be easy to add a value to certain types of benefits-i.e. tuition reimbursement may equal thousands of dollars a year- but only if you use it. The value might be personal-ie if your spouse has medical insurance, than the type or amount of coverage offered by your employer may not matter to you.
What Are Benefits Worth? Review the benefits package and decide which benefits you would use, and how much they might be worth to you, either monetarily, or on a personal level. Add this to the salary to get an idea of the complete picture.
Job Offer Negotiation How: Evaluating the Offer Once you have looked at the whole offer, ask yourself the following questions: –How does the salary match the research you did and your range? –Will the salary meet your needs? –Which benefits are offered? Do they match your needs? –Is this offer acceptable? If not, what would make it acceptable to you?
Job Offer Negotiation How: Evaluating the Offer When evaluating, you may also want to consider some points that are outside of the offer itself such as: –Commuting distance and options to job –Culture/ atmosphere of the office –Work Schedule –Management style These may be as important to your overall job satisfaction as the salary and benefits.
Job Offer Negotiations Before You Begin You have decided that you want to negotiate. Before you begin: –Know what you are worth- research salaries for your position and level. –There are many salary surveys that can give you an indication of average salaries for different positions. Check the class web site for links to these. –Remember that most salary surveys give a national average salary. These averages vary widely by geographic region.
Job Offer Negotiations Before You Begin You can get information that is more geographically specific from: –Salaryexpert.com –Relocation Salary Calculator- lets you compare salaries for different cities and states http://www.homefair.com/homefair/cmr/salcalc.html Know what you need in order to meet your needs- rent, food, etc. Create a budget to figure this out. Rather than a specific number- like $35,000- have a $5- $7,000 range in mind.
Job Offer Negotiations How: The Offer Once you have done your research, you can begin to negotiate. –Before you even begin, thank them for the offer and express your enthusiasm about the job and your interest in the position. –Indicate that you were “hoping” to make more, and offer your range. Be prepared to accept the low end of your range. –If you have other offers for more money, it is okay to say so, but never lie.
Their Final Offer If the employer comes back with a new offer that is within your requested range: Congratulations!!! You have successfully negotiated your offer. Enjoy!
Their Final Offer If they can’t meet your salary requirements: The ball is back in your court. –Weigh- and if possible negotiate- benefits. –Consider the amount of experience you’ll gain. –Make a list of pro’s and con’s.
Benefit Negotiations Most benefits are standard for all employees, but some areas that may be negotiable include: –job title –start date –review date- especially important if a performance review can be tied to a salary increase –amount of vacation –flexible schedule- i.e. a compressed work week, or non-standard hours.
Summary It is always worth trying to negotiate salary. Once the negotiation is done, however, the decision is up to you and must be based on the entire package including: –Salary –Benefits –Overall experience