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!