 Pat Rhodes, MS, CPRW  IUPUI Career Services  Assessing and Negotiating a Job Offer  May 9, 2016

Forecast Calls for a Downpour of Negotiation Opportunities ASSESSING AND NEGOTIATING A JOB OFFER

Negotiation

Purpose of Negotiation  Overall right decision for the applicant  Outcome on personal, professional and family goals  Long term planning

Goal of Negotiation  The ultimate goal of negotiating is to get what you want!  Developing effective negotiating skills is critical to this outcome !

Negotiation Requirements Do Your Homework!  Assessment of organization and culture  Nature of the job  Future opportunities  Salaries and benefits

The Organization  Financial condition of the company  Size  Years in existence  Reputation

Resources  Annual report  Press releases  Company newsletters  U.S. Department of Labor  Bureau of Labor Statistics

Questions To Keep In Mind 1. Does the organization’s practices match your own interest and beliefs? 2. Will the size of the organization affect the type of opportunities available to you? a. Larger firms generally offer a greater variety of programs and career paths B. More managerial levels for advancement c. Better benefits than smaller firms d. More advanced technologies

Questions To Keep In Mind 3. Are you willing to work for an organization that is new or does the stability of a well-established organization appeal to you? a. Some graduates are willing to take the risk with a newer company due to the possibility of sharing in the company’s future 4. Does the organization have a good reputation within the community?

Understanding The Job  Duties, responsibilities and desired weekly hours  Turnover rate, if high? Reason?  Future opportunities available within the organization and how these can be acquired by accepting the current job offer  Salary and benefits: pay raises, travel allowance and continuing education  Location  Expectations

Negotiable Factors  Location of the position  Appraisal review dates-salary increases received  Relocation benefits  Start date  Sign-on bonus  Salary  Overall benefit package

Job Location and Relocation Benefits  Advancement in technology and computers have significantly increased flexibility in job location  Home or satellite office  Relocation required?  Research the new community  Relocation package offered? Depend on level of position -Entry level-not offered often

Job Location and Relocation Benefits  Possible re-location benefits  House-hunting trip expense  Lodging fees  Moving expenses  Mortgage/closing fees  Spouse re-employment expenses  Temporary housing expenses  Brokerage fees

Start Date  Employer may have specific start date in mind  Inform employer of any issues that require a postponement of start date as well as known pre-planned days off

Schedule of Appraisal and Salary Increase  Salary increases often tied to appraisal reviews  Ask for earlier due date  Ask for multiple review dates within the first year

Sign-on Bonuses  If sign-on bonus not offered, inquire about one  If offered, request more

Salary  Determine potential salary range  Applying for job that offers a salary significantly lower than your requirements with the hopes of negating is not wise  Establish minimum salary range  Hiring range-the range within which a salary is determined based on the expertise of the new hire-where you will start on the pay scale  Salary range-the range of the salary for the position over the course of employment  The top of the salary range indicates the highest amount you can earn in that position unless the range is increased

Salary  Resources for researching salaries  Salary.com  Payscale.com  Jobstar: profession-specific salary surveys  SalaryExpert.com  Newspaper and online job listings  Bureau of Labor Statistics  Securities and Exchange Commission  The American Almanac of Jobs and Salaries  Professional Trade Journals and Business magazines

Steps for Negotiation Preparation  Be realistic  Differentiate needs from desires  Know the reasonable limits  Aim high  Negotiate to your strengths  Avoid naming a specific salary-range always recommended  Remember other benefits in the package  Recommend not to accept the offer when initially made  It is always good to ask for some time to consider all the details of the job offer

Overall Benefit Package  Medical insurance  Dental insurance  Optical/eye care insurance  Life insurance  Accidental death insurance  Business travel insurance  Disability insurance  Vacation days  Paid holidays  Sick/personal days/family leave  Parking, commuting and business reimbursements  Profit sharing  Stock options  Tuition reimbursement  Health club membership  401(k) plans  Paid creditional

Steps To Successful Negotiation  Prepare-research company  Be professional-potential co-workers  Know your needs and limits  Use your judgement  Total candor is not always necessary  Always be honest  Respect the employer’s position  You have limits so do the employer

Steps To Successful Negotiation  Remember there is more than salary  Get the offer in writing  review written request  Know when to stop  Avoid appearing greedy and/or unreasonable  Remain objective  Clearly state your position without signs of emotions  Stay focused on your goal  It’s not about wining or losing but reaching a mutually agreeable employment situation for all parties involved

Assessing and Negotiating a Job Offer

Best wishes and thank you for your attention today!