Workshop: Job Offers and Salary Negotiations

11/21/2007

Job Offer & Salary Negotiations 134 Mary Gates Hall (206) 543‐0535 (206) 543 0535 ccsncslr@u.washington.edu careers.washington.edu

Overview 11/21/2007

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Employer’s concerns Negotiations timing and strategies Negotiations timing and strategies Scenario Employer turn offs Cautions C Comparing offers i ff Acceptance and follow up Further info

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Salary Negotiations 11/21/2007

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• The idea is to approach the issue as if problem solving with both you and the interviewer solving with both you and the interviewer working for the same objective ‐ fair compensation • Express appreciation and acknowledge the p pp g interviewer’s investment of time and effort

Employer’s Concern 11/21/2007

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• The employer is mostly concerned about…

– a) getting you at a bargain a) getting you at a bargain – b) finding a good match regarding your value and the position at a fair salary – c) what you need to survive – d) whether you fit into their budget

– b) finding a good match at a fair salary

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Employer’s Concern 11/21/2007

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• “How can you be valuable to me?”

• Ways to demonstrate value and worth ‐ – Strengths, accomplishments, results in ... academic coursework and projects, jobs, internships, student organization experience, volunteer experience, activities

Added Value Items 11/21/2007

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• Special skills and training – up to 5% increase

• Related experience – Internships, co‐ops, jobs – 1‐3% increase

• Hot Jobs – up to 5% increase

• University Reputation University Reputation – 1‐2% increase for better programs

• All dependent on company needs and labor market conditions

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When to Accept?

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• The best time to accept a job offer is…

– a) as soon as you get one a) as soon as you get one – b) during the second interview – c) after you get all your offers – d) after you have had time to think about it – e) within one week of receiving it

• d) after you have had time to think about it

Discussing Salary 11/21/2007

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• The best time to discuss salary is…

– a) before the job is offered so they see the a) before the job is offered so they see the bargain you are – b) after the job is offered – c) at the end of the first interview – d) best not to discuss and just take what is offered

• b) after the job is offered

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Researching Salaries 11/21/2007

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– NACE Salary Survey – Web Resources via Career Center website – Books and Guides – Vault Online Career Library via UW Libraries

Scenario • Tom has been interviewing with several companies and has received a job offer from a smaller local firm that would allow him to work on a variety of projects develop new skills and him to work on a variety of projects, develop new skills and continue taking courses at the UW. The company has given him one week to review their offer. During that week Tom interviewed with another large well‐known out of state firm that would look good on his resume. At the end of the week he had not heard from the large company, so he accepted the job offer from the small local firm. A half hour later he received a call from the large company offering him a job at received a call from the large company offering him a job at $8,000 more annually plus a signing bonus.

What are his options?

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Got the Offer?

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• Once you have accepted an offer…

– a) you can ignore it if a better job comes along a) you can ignore it if a better job comes along – b) you keep looking for other jobs to get the employer to raise their salary – c) you stop your job search – d) you jump up and down and say “Yes!”

• c) you stop your job search

Second Thoughts?

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• If you accept an offer and back out…

– a) the recruiter will forgive and forget ) g g – b) you can reapply later and it won’t matter – c) the recruiter will remember you and think less of your integrity – d) you will likely never be able to work for that company – e) your reputation in the industry will be diminished • c, d, and e) your integrity and reputation will be impacted and the company won’t likely hire you in future

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What Does It Cost To Hire?

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• The average cost‐per‐hire for a company is approximately… pp y – a) $1,000 – b) $4,000 – c) $6,000 – d) $1 0,000 c) $6,000 – though could be more than $30,000 depending on the level of the position Source: National Association of Colleges & Employers, and Electronic Recruiting Exchange

Salary Negotiations 11/21/2007

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• Emphasize fairness and trust – Both parties are working towards the same goal – Both parties are working towards the same goal fair compensation

• See Salary Negotiation Tips – When, What, How??

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When Do You Negotiate?

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• Getting the job offer before you discuss salary gives you more leverage gives you more leverage • Tips for what to do if an employer asks about salary before offering you the job • If an offer is not meeting expectations – Below what you are worth – Below industry standards

What to Negotiate 11/21/2007

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• Most negotiable – Paid time off Paid time off – Relocation – Flex time – Additional training/schooling

• Other negotiable items

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How to Keep Negotiations Going 11/21/2007

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• Ask questions…

– “What What do you think? do you think?”

– “How can we make this work?”

– “What is the salary range for this position?”

• Don’t ask…

– “Why can’t you pay me more?” y y p y – “I need more to live on…”

• Use silence

Employer Turn‐Offs • Comparing their offer with other company offers to other students offers to other students – Especially if only small differences: ($1,000‐$2,000)

• Applicants who are focused only on money and try to negotiate every item • Negotiating performance review dates egot at g pe o a ce e e dates different from company policy

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Other Strategies 11/21/2007

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• Negotiate for the future

• Hip‐pocket job

Cautions and Caveats • • • • • •

You might be happy with first offer Asking “Is Asking Is it negotiable? it negotiable?” if not sure if not sure Be aware of monetary and cultural cues Use caution with email salary negotiations Think before you speak H How you negotiate sets the tone for how you ti t t th t f h enter the organization

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Comparing Offers 11/21/2007

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• Financial ‐ salary, bonus, stocks, relocation expense retirement plans expense, retirement plans • Benefits ‐ medical, dental, other insurance • Challenging projects • Growth ‐ Growth training and development training and development • Other ‐ conference attendance, vacation and other leaves, flexible hours, on‐site amenities

Acceptance & Follow‐up 11/21/2007

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• Get job offer and salary in writing • Acceptance/Withdrawal letters • Acceptance remorse – attitude ‐ no regrets y • best decision at time based on information you have • consider your own integrity and ethics

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Further Information • Web Resources via Career Center website g Library Career Section y • UW Odegaard

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– 2nd Floor

• CollegeGrad.com – Click on Salaries and Job Offers

• CareerJournal.com – click on Salary & Hiring Info

• Questions??

Job Offer & Salary Negotiations 134 Mary Gates Hall (206) 543‐0535 (206) 543 0535 ccsncslr@u.washington.edu careers.washington.edu

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