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Salary Review and Negotiations
Do you know what you are worth? Close to 90 percent of workers rate salary as the most important factor in deciding whether to accept a job. Learn how to research salaries for your geographic area and career field, what to do when an employer asks for a salary range or history, and tips for negotiating benefits. The key is preparation, since the only time you have real power with an employer is when you get the job offer.
The following are sites that can provide useful data an salary comparisons
JobStar--Advertising, Marketing & Sales, Media Salary
Advertising Age's annual salary survey for advertising agencies, media & marketing departments is on the Web in all its glory. Regional data, base salary, ...
jobstar.org/tools/salary/
Salary Survey - American Marketing Association
Information on the 2004 Corporate Marketing Salary Survey including the article from Marketing News, and information about how to order a copy of the ...
www.marketingpower.com
Salary Surveys
Salary Survey Software on the Internet. Conduct salary surveys, benefit surveys, ... Specialized surveys include sales, marketing, software, and service. ...
www.hr-guide.com
Advertising Age - Data Center
Fact Packs, key advertising and marketing information, supplements to Special ... 2005 Salary Survey Ad Age's annual survey of ad agency, marketer and media ...
adage.com/datacenter
Salary Survey
The surveys cover a wide range of industries, including Banking and Finance, IT, Legal, and Sales and Marketing. To view the salary survey for your industry ...
www.careerone.com.au/jobs/job-search/ job-market-insider/salary-survey
Salary.com
Free search for job descriptions and basic salary report. " Compensation Market Studies. Pay for a whole job family. Like a traditional salary survey--only ...
www.salary.com
Calculate Salary Survey Data for 90000+ Jobs
Salary data, free salary calculators, personal salary reports, and executive salary surveys for employees and HR professionals calculating salaries.
www.salaryexpert.com
NEGOTIATING A JOB OFFER
STEP ONE: PREPARATION
1. Before you can assess a job offer, you must make sure you have information about
the market. Important research you should do:
Identify salary averages for your field and in your geographic area of interest.
Know what average salaries your peers received (i.e. those of Carnegie Mellon graduates with similar experiences).
Identify norms in your field as far as which things you can negotiate, and which things are non-negotiable such as health insurance or location.
Where can you find this information?: See the end of this career brief for resources. You can also network with your Career Consultant, faculty, internship supervisors, mentors, etc.
2. Identify and rank your value issues. This will help you remember that an offer is not just about salary, but it is also about what you value in a position. Issues may include:
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- Physical Work Environment
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3. Decide on the minimum amount of compensation that will make you satisfied - make it realistic with the type of job offered. Establish a budget and don't neglect to account for taxes taken out of your pay. There is no point in accepting an offer if you think you'll be unsatisfied and want to look for another job in the near future. If an employer refuses to meet or exceed this amount, it is to your advantage to keep looking.
STEP TWO: KNOW THE EMPLOYER'S COMPENSATION GUIDELINES
How does a job offer process develop? Although there are many ways that employers decide on the initial offer, they are typically presented from one of three different viewpoints. Companies fall into one of these three categories depending upon their attitude about salary and negotiation. Here are those various philosophies and what the difference might mean to you:
1. Fixed Offer: This type of company will tell you that they carefully research the job market and they make a very fair and firm offer. You can negotiate all you want, but it won't do you any good. They operate on a take it or leave it basis so you may not want to waste your time negotiating.
2. Pay-Grade System: This is a system in which a salary range has been set and you
will be paid within this range based on your experience and the duties associated
with the job. However, you can often negotiate within the salary range. The pay-grade system is the most common compensation system encountered.
3. The Negotiator: This type of system is rare because most organizations work within a structure. In this framework, the employer will have the authority to raise or lower your salary without going through bureaucratic red tape. You can definitely negotiate with this type of organization.
STEP THREE: SALARY AND BENEFIT NEGOTIATION
If an employer makes an offer that is below your expectation, you don't want to offend them so you might start the conversation by asking what the benefits include. To proceed, you might want to use one of the following approaches to begin the negotiation process:
Approach 1: "I am very interested in the position, but I would like to discuss the salary you are offering."
Approach 2: "I am very interested in your company. Thank you for the job offer. I wanted to know if the salary is negotiable?"
When using either approach, be certain to support your case by stating your skills, the average salary range for your level of experience in your field, and the average salaries for Carnegie Mellon graduates in your field. It is best to let the employer respond and then continue the discussion from his/her lead.Based on an employer's compensation guidelines, you may not be able to negotiate a higher salary. However, you may be able to increase your compensation in benefits. Negotiable areas often include: vacation time (it's often increased for more senior employees), educational reimbursement, and salary review (you might negotiate a salary review after three months rather than six months or a year). Remember, you may be negotiating with the person who will be your supervisor. Stay polite. Try to make it a win-win situation.
STEP FOUR: ASSESSING THE JOB OFFER
Consider the pros and the cons of the offer. It may help to create a chart. A chart may also be helpful if you have had more than one offer and you want to compare and contrast the merits of each offer.
Here is a sample:
| FACTOR |
OFFER A |
OFFER B |
OFFER C |
| Company Reputation/Stability |
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| Co-workers |
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| Health Insurance |
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| Job Responsibilities |
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| Location |
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| Overtime |
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Paid Vacation
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| Pension/Retirement |
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| Salary |
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| Signing Bonus |
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| Stock Options |
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| Supervisor |
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| Training/Professional Development |
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| Travel |
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| Tuition Reimbursement |
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STEP FIVE: GET IT IN WRITING!
It would be nice if everything discussed would actually occur, but unfortunately it doesn't always happen that way. To avoid problems in the future, ask for a letter of employment which states all the employment conditions agreed upon, (i.e. salary and benefits as well as a thorough job description). This way, if there is confusion at a later date, you will have a written document to refer to stating the conditions under which you were hired. This document is especially important if the conditions of your employment differ from normal company policies.
A FINAL WORD
Keep in mind that if you decide to negotiate, your job offer will not be rescinded by the employer - even if the employer decides not to negotiate. Also, if a position is acceptable to you as it is offered, you should not feel like you must negotiate.
SALARY NEGOTIATION STRATEGIES WEBSITES
Carnegie Mellon Salary Survey - includes maximum, minimum, mean and median salary information from Carnegie Mellon graduates, listed by major and degree
http://www.studentaffairs.cmu.edu/career/student/student.html#salary
Occupational Outlook Handbook - provides career and salary information for approximately 250 occupations
http://www.bls.gov/oco
Salaries and Profiles - includes an industry-by-industry look at salaries from the National Business Employment Weekly - register and search for the page of your choice.
http://public.wsj.com
Areas Include:
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- Telemarketing Professionals
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- Mutual-Fund Professionals
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- Plant and Facilities Engineers
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Quintessential Careers - provides a variety of resources and links for job seekers including resources on the web about salary negotiation
http://www.quintcareers.com/salary_negotiation.html
JobSmart - provides links to over 300 salary surveys and tips on salary negotiation
http://jobsmart.org/tools/salary/index.htm
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Tips & Info
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