“March Alumni Online Workshop: Determining, Discussing & Negotiating Salary” Fuqua’s Career Management Center March 20, 2014

Agenda Concept of Principled Negotiations Determining Salary –Resources Discussing Compensation –Components of Value –Negotiating basics Negotiating Salary –Corporate vs. start up environment –Negotiating pay raise

Principled Negotiations* Principled Negotiation, a specific negotiation method that aims for Win-Win agreements. Soft on people and hard on the problem. Separate people from the problem. Objective is to achieve mutual gain and fairness. Getting to Yes, Roger Fisher, William Ury

Determining Salary How do I prepare? Get 3 Sources… –Ask other people in your field. –Professional organizations in your industry. –Look at similar positions on online job boards to see if salary ranges are listed. –Ask agency recruiters what similar positions are paying. –Look at government salaries, which are required by law to be publicly available- not always a perfect parallel to private sector jobs. –For leadership roles in Nonprofit - –Glassdoor.com for medium to larger organizations. –Angellist’s ( salary feature for startups.

Resources (use their free salary calculator)

QUANTITATIVE QUALITATIVE Signing Bonus Annual Bonus Relocation Equity (options/restricted stock) 401k contribution/match Vacation/PTO Cost of living State tax rate Other benefits i.e. airline perks, expense cellular/data bill Decision date Start date Geographic location Working remotely Stability of the company Long term career opportunity at company Exit opportunity Amount of travel Compensation is more than base… Discussing Compensation

Basics of Negotiation When do I negotiate? –Negotiate after you receive an offer either verbally or in writing and before you accept it. –When you are ready to move forward with a job decision. How do I start the discussion? –“I had a chance to look at the compensation package and I wanted to go over areas where there might be room for discussion.” –Be prepared with what you want and in order of importance. –Give and take.

Basics of Negotiation How do I decline an offer? –Be honest and transparent. –Show appreciation and desire to maintain communication.

Negotiating with a Start Up Fundamentally different from negotiating an offer with an established company. Less straightforward. Requires more digging and possibly more datapoints. Determine your risk tolerance at that given time. Some considerations: –FIT, FIT, FIT –Assessing management team and reputation.

Negotiating with a Start Up Assessing viability of the business and determining worth Cash flow, annual revenue generated, recent funding, sources of funding. When do you anticipate breaking even? What is your exit strategy? What are your primary revenue streams? What is your business plan? What is the company worth? Pre IPO vs. post IPO?

Negotiating pay raises Communicating value via past history of achieving/exceeding goals. Discussing a promotion or new role.

Q&A

Last words of advice… Negotiate for what matters most to you. Do not be apologetic Listen Always be ready to express what it would take to come to an agreement – you might be asked, and you need to have a confident answer Have a backup “ask” if you don’t get what you are asking for

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