Career Center, Texas A&M University Salary Evaluation David McMahon ’69 Associate Director Career Center, Texas A&M University 2016-09 Fall Salary Evaluation.ppt

Types of Employees Regular Full-time Part-time Contingent Temporaries Contract Workers Consultants Co-ops/Interns

Manpower INC Contingent Regular

Get the Offer in Writing Then Evaluate Compensation Package Get the Offer in Writing Then Evaluate Pay Benefits Intangibles

Types of Pay Starting Salary Career Salary Salary Hourly Commission Fee Signing Bonus Payout Schedule Stock Career Salary COLA Increase Merit Increase vs. Merit Bonus Profit Sharing Stock Options

Benefits Relocation Assistance Insurance – Health, Life, Disability Vacation and Holidays Education Tuition Assistance Expense Account, Company Vehicle Professional Organization Memberships

Benefits Savings & Retirement Pension Plan 401K Stock Options

Questions to ask employers about their 401(K) Do you have one? Do you have a pension plan also? Do you contribute (match)? How much? How long you have to work before you can participate? What are the “vesting rights” ? Do you have choices of investments? (Beware company stock only)?

Invest Early – Pay Yourself First $35,000 $160,000

Intangibles Location Industry Outlook Promotion Opportunities Responsibilities/Challenge Travel Life-Work Balance

Evaluate Two Entry-level Offers Company A Company B Base Salary $30,000 Base Salary $35,000 Medical 0 Medical (840) Parking 0 Parking (912) 401(K) Match 1,500 401(K) Match 0 (10% contribution, match first 5%) (10% contribution, no match) Perks 2,000 Perks 0 (car, tuition, etc.) Federal Taxes (7,290) Federal Taxes (8,505) (27% of taxable income) (27% of taxable income) State Taxes (2,002) (6% of taxable income) Actual Compensation $26,210 Actual Compensation $22,741

Who’s Salary Range Are We Talking About? employer YOU

The Six Secrets of Salary Negotiation Never discuss salary until the end of the interviewing process, when they have definitely said they want you. The purpose of salary negotiation is to uncover the most that an employer is willing to pay to get you. During the salary discussion, try never to be the first one to mention a salary figure. Before you go to the interview, do some careful research on typical salaries for your field and/or that organization. Define a range that the employer has in mind, and then define an inter-related range for yourself. Know how to bring the salary negotiation to a close. Don’t leave it “just hanging”. Source: 2008 What Color is Your Parachute? Chapter 7 (p.115) by Richard N. Bolles

Points of Negotiation Competing Offers Salary Surveys/Information Strong Relevant Experience (e.g. Co-op) Extra-ordinary Skills (e.g. bilingual, technical, etc.) Unusually high GPR Cost of Living Adjustments Consider a Signing Bonus Supply/Demand

Salary Information TAMU Salary Survey NACE Salary Survey Professional Associations Cost of Living Index Talk to People!

Key Link 2016-09 Fall Salary Evaluation.ppt

http://www.bestplaces.net/cost-of-living/

2016-09 Fall Salary Evaluation.ppt

2016-09 Fall Salary Evaluation.ppt

2016-09 Fall Salary Evaluation.ppt

Multiple Interviews and Offers 1st - Inform other companies that you have a decision deadline – they want to know Anything you can provide to help their decision? When do they expect to make decision? 2nd - Ask 1st company for decision extension based on above if you need one Reasonable time frame vs. your availability Was Company cooperative/understanding? “Several companies replied to my email that day and mobilized quickly. A couple more offers are coming in now, some better than others.”

Decision Time!!! Nice problem to have… Sometimes you just have to follow your gut feel…….. Neither one is a bad decision

Aggie Code of Honor When you sign an employment contract with a firm it is exactly that, a contract. Don’t accept an offer for employment unless you are serious about it and plan to work for them. You should not be looking for other employment once you have signed that contract. It’s OK to ask for a reasonable time extension to consider other jobs. Reneging hurts not only you, but the reputation of all Aggies interviewing now and in the future.

Questions??? 2016-09 Fall Salary Evaluation.ppt