“March Alumni Online Workshop: Determining, Discussing & Negotiating Salary”

1. “March Alumni Online Workshop: Determining, Discussing & Negotiating Salary” Fuqua’s Career Management Center March 20, 2014

2. Agenda • Concept of Principled Negotiations • Determining Salary • Resources • Discussing Compensation • Components of Value • Negotiating basics • Negotiating Salary • Corporate vs. start up environment • Negotiating pay raise

3. Principled Negotiations* • Principled Negotiation, a specific negotiation method that aims for Win-Win agreements. • Soft on people and hard on the problem. Separate people from the problem. • Objective is to achieve mutual gain and fairness. Getting to Yes, Roger Fisher, William Ury

4. Determining Salary • How do I prepare? Get 3 Sources… • Ask other people in your field. • Professional organizations in your industry. • Look at similar positions on online job boards to see if salary ranges are listed. • Ask agency recruiters what similar positions are paying. • Look at government salaries, which are required by law to be publicly available- not always a perfect parallel to private sector jobs. • For leadership roles in Nonprofit - www.guidestar.com • Glassdoor.com for medium to larger organizations. • Angellist’s(https://angel.co/) salary feature for startups.

5. Resources • www.salary.com • www.payscale.com • www.monster.com (use their free salary calculator) • http://vault.salary.com • http://au.hudson.com/node.asp?kwd=salaryguides • http://www.glassdoor.com • http://www.greythornsalaryindex.com/

6. Discussing Compensation Compensation is more than base… QUALITATIVE QUANTITATIVE • Decision date • Start date • Geographic location • Working remotely • Stability of the company • Long term career opportunity at company • Exit opportunity • Amount of travel • Signing Bonus • Annual Bonus • Relocation • Equity (options/restricted stock) • 401k contribution/match • Vacation/PTO • Cost of living • State tax rate • Other benefits i.e. airline perks, expense cellular/data bill

7. Basics of Negotiation • When do I negotiate? • Negotiate after you receive an offer either verbally or in writing and before you accept it. • When you are ready to move forward with a job decision. • How do I start the discussion? • “I had a chance to look at the compensation package and I wanted to go over areas where there might be room for discussion.” • Be prepared with what you want and in order of importance. • Give and take.

8. Basics of Negotiation • How do I decline an offer? • Be honest and transparent. • Show appreciation and desire to maintain communication.

9. Negotiating with a Start Up • Fundamentally different from negotiating an offer with an established company. • Less straightforward. Requires more digging and possibly more datapoints. • Determine your risk tolerance at that given time. • Some considerations: • FIT, FIT, FIT • Assessing management team and reputation.

10. Negotiating with a Start Up Assessing viability of the business and determining worth • Cash flow, annual revenue generated, recent funding, sources of funding. • When do you anticipate breaking even? • What is your exit strategy? • What are your primary revenue streams? • What is your business plan? • What is the company worth? Pre IPO vs. post IPO?

11. Negotiating pay raises • Communicating value via past history of achieving/exceeding goals. • Discussing a promotion or new role.

12. Q&A

13. Last words of advice… • Negotiate for what matters most to you. • Do not be apologetic • Listen • Always be ready to express what it would take to come to an agreement – you might be asked, and you need to have a confident answer • Have a backup “ask” if you don’t get what you are asking for

14. To schedule career coaching alumni-careers@fuqua.duke.edu