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“March Alumni Online Workshop: Determining, Discussing & Negotiating Salary”. Fuqua’s Career Management Center March 20, 2014. Agenda. Concept of Principled Negotiations Determining Salary Resources Discussing Compensation Components of Value Negotiating basics Negotiating Salary

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march alumni online workshop determining discussing negotiating salary

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

Fuqua’s Career Management Center

March 20, 2014

agenda
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
principled negotiations
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

determining salary
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.
resources
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/
slide6

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
basics of negotiation
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.
basics of negotiation1
Basics of Negotiation
  • How do I decline an offer?
    • Be honest and transparent.
    • Show appreciation and desire to maintain communication.
negotiating with a start up
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.
negotiating with a start up1
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?
negotiating pay raises
Negotiating pay raises
  • Communicating value via past history of achieving/exceeding goals.
  • Discussing a promotion or new role.
slide13

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
slide14

To schedule career coaching

alumni-careers@fuqua.duke.edu