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You Got the Offer. Now What? Tips for Managing and Negotiating Job Offers. Keith Munson, Career Specialist Strommen Career & Internship Center Augsburg College Lower Level Anderson Hall. Topics for Today. What to expect when you receive an offer. Typical aspects of job offers.
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You Got the Offer. Now What?Tips for Managing and Negotiating Job Offers. Keith Munson, Career Specialist Strommen Career & Internship Center Augsburg College Lower Level Anderson Hall
Topics for Today • What to expect when you receive an offer. • Typical aspects of job offers. • Preparing for negotiations. • Negotiation strategies. • Others?
Let’s take a quiz….. • At what point should you discuss salary (ideally)? • When you apply. • During the interview process. • After you have been extended a job offer. • Your first day of employment.
Quiz Answers • At what point should you discuss salary (ideally)? Answer: After you have been extended an offer. • You then know the company is interested and you have more leverage. • You avoid being excluded b/c of salary requirements.
Let’s Take a Quiz….. • True of False: You should always be the first person to state a salary figure. Answer: False. It is in your best interest to let the employer state the first number. If you are the first to state a figure, there is a better chance of “leaving money on the table” with a low figure or taking yourself out of the pool with too high of a figure. Let the employer “go first”.
Let’s Take a Quiz….. • True of False: You MUST always negotiate. Answer: False. • Some companies may expect you to negotiate but it is always your decision. • The decision to negotiate should be based on the terms, not a general rule. • Not all companies negotiate.
Let’s Take a Quiz….. • What items are included in most job offers? • Base salary • Signing Bonus • Start Date • Health benefits • Vacation • All except B.
Quiz Answers • What items are included in most job offers? Answer: F. All except signing bonus • Bonuses and other “perks” are becoming less common. • Most offers include: salary, vacation, start date, health benefits • Extras may include company car, cell phone, tuition benefits, and moving expenses.
Let’s Take a Quiz….. • What aspects of an offer are typically negotiable? • Salary • Bonus • Start Date • Health benefits • Vacation • Review date
Quiz Answers • What aspects of an offer are typically negotiable? Answer: Everything except health benefits. Health benefits are almost always the same for every employee and not open to negotiation. Salary, bonus, start date, and vacation can be negotiated based on experience and skills, but health benefits typically can not.
Let’s Take a Quiz….. • What information do you need BEFORE beginning negotiations? • Market salary range • A personal budget • Offers extended to other candidates • A sales pitch of your skills • All of the above, except C.
Quiz Answers • What information do you need BEFORE beginning negotiations? Answer: All of the Above, except C. • You need to know typical salary range. • You need to know what you need in order to pay typical bills • You must be prepared to convince an employer of your worth with a strong sales pitch. • The offers to the other candidates is NOT information you should expect to receive-your offer is based on YOU, not other candidates.
Resources for Salary/budget information. • Salary • Strommen Career & Internship Center website. • Glassdoor.com • Payscale.com • Salary.com • Budget • Sample budget form • Sample job offer comparison
Important Negotiation Strategies • Let the employer state the first salary figure. • Don’t put yourself out of the market by stating a number that is too high • Don’t “leave money on the table” • Always state a range rather than a concrete number • Do your research on the market for that type of position/employer.
Important Negotiation Strategies • Wait for an offer before discussing salary (if possible). • You want the employer interested before you talk money. • Discussing salary before you have an offer may hurt your chances. • “I’m very interested in this position and would like to talk more about the fit before we discuss salary. If there is a good fit, I’m sure we can work out a fair salary”.
Important Negotiation Strategies • Handling an offer when you still have interviews/other opportunities • You may be able to “speed up” an employers decision but informing them of an offer from another company….BE CAREFUL. • Don’t bluff about other offers. Maintain ethics and honestly in negotiations. • Using other offers as a reason to increase an offer is a dangerous game! BE VERY CAUTIOUS!
Important Negotiation Strategies • Take time to consider an offer. • Don’t accept an offer “on the spot”. • “Sleep on it”-allow yourself at least one night to consider the offer. • Thank the employer for the offer. • Ask if the employer has a time limit for your consideration.
Important Negotiation Strategies • Prioritize your areas to negotiate: • Start with salary~typically most impact on your earning long term. • Bundle the areas you’d like to discuss. • Don’t “surprise” the employer with additional requests after each change to the offer. • “The offer looks very good overall. There are two areas I’d like to discuss, moving expenses and start date. Are these things we can discuss?”. • Decide what is most important to you and negotiate that aspect first.
Job Offer Ethics • Remain professional in follow up and language • Avoid negative phrases • Focus on win-win strategies • Remember you will be working with the people you are negotiating with • Maintain honesty • Appreciate the job offer and thank the employer….even if you don’t take it.
