1 / 30

Mastering Salary Evaluation for Your Career Growth

Learn how to effectively evaluate salary offers, benefits, and intangibles. Discover negotiation strategies, key questions to ask, and the Aggie Code of Honor for ethical job search practices.

mwebster
Download Presentation

Mastering Salary Evaluation for Your Career Growth

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Salary Evaluation David McMahon ’69 Associate Director Career Center, Texas A&M University

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

  3. Manpower INC Contingent Regular

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

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

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

  7. Benefits • Savings & Retirement • Pension Plan • 401K • Stock Options

  8. 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)?

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

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

  11. 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 $26,210Actual Compensation $22,741

  12. Who’s Salary Range Are We Talking About? $45K $42K $35K $40K employer YOU

  13. 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

  14. 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

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

  16. Key Link

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

  18. 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.”

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

  20. 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.

  21. Questions???

More Related