AMMI Salary Negotiation

Transcription

1 AMMI Salary Negotiation Kirk Kluver University of Iowa

2 More than salary and compensation Advancing your position Gaining new responsibilities; finding new challenges Ultimately it is about managing your career and trajectory

3 Art and Science Science Rebekah Curry, Financial Services Expert & Writer on Career, Finance and Lifestyle Topics NYU Wagner Office of Career Services Art David Burge, George Mason University; Nathan Fuerst, University of Connecticut; Kirk Kluver, University of Iowa

4 Two Career Scenarios 1. Promotion/salary negotiation within your current organization. 2. Seeking, evaluating and negotiating opportunities at other institutions.

5 Scenario #1: Promotion within your current organization Employee enters Manager s doorway, Do you have a minute? Manager: Sure. Employee: I would like to ask for a raise. Manager: Have you spoken with your supervisor? Employee: No. Manager: Why do you think you deserve a raise? Employee: I haven t had one in a while and I hear others have. Manager: Set up a time with Barbara so we can discuss in more detail.

6 Scenario 1: Opportunities at Your Current Institution Overcome your fears of asking for a raise/promotion (Curry) Research market conditions (Curry) Understand limitations Schedule an appointment Preparation for the negotiation Research policies regarding promotions, advancements, market adjustments Read through last performance evaluation (Curry) Put it in writing

7 Scenario 1: Opportunities at Your Current Institution Answer the why? Do your current duties reflect your original job description? Are you asking for additional responsibilities? Write Your Own Job Description/Responsibilities Lead, Manage, Do Focus on your performance Yesterday, Today and Tomorrow Master your portfolio, and be to explain your mastery Have open dialogs with your manager (Curry) What else besides salary would improve your overall job satisfaction and performance?

8 Proactively seek new experiences Supervise staff or students Manage a process Develop training programs Develop data tools Budget responsibility Liaison w/ campus or community partner Technology implementation Student search and communications Manage a vendor relationship Audit meetings Committee involvement Launch a new initiative or program

9 Map out your trajectory Where are you today? Where will you be in five years? Ten years? What do YOU need to do to get there? How will you need to produce? Results Matter! What will you need to learn? Who will need to help you? Where are you willing to go?

10 Is it time for an Advanced Degree? Is it required for advancement in the profession? Does your institution have a remission program? Employee scholarship program? Will your employer be flexible with time?

11 Evaluating/Negotiating Opportunities at Another Institution Build your network Working with a search firm Meet them at NACAC Send a resume upload on their site Build and maintain the relationship Refer colleagues Should I apply?

12 Some questions to consider Can you move? Will you move? Who will you be working with? Who will you report to? Is there stable leadership? What are the goals/expectations? Are they realistic? Does the campus support them? Is there a commitment to provide the resources necessary to meet those goals? Opportunities for promotion? Where is the person who occupied the position previously?

13 You got an offer! Ask for an initial offer, unless forced to do otherwise Don t accept an offer on the spot. Express appreciation and excitement for the offer. Ask for a few days to consider the offer and permission to call with questions. Always negotiate in good faith. Negotiating in person or over the phone is preferred. Can be a rewarding experience for both employer and employee.

14 Scenario 2: Evaluating a Job Opportunity What is the REAL cost of moving? Calculate take home pay based on new salary How do benefits compare? Do a budget based on new income and expenses Cost of living differentials? Real estate, taxes, commuting expenses, parking, etc. Moving expenses and interim housing covered? Will they fly significant other out for a visit? Ensure you retain perks you have now; and gain new ones Establish a schedule for future recognition of your talents

15 5 Negotiating Principles According to NYU Wagner Career Services 1. Salary is best discussed when the employer has made you an offer..you ve successfully demonstrated your full worth as a prospective employee. shifts the employer s focus from your attributes to your requirements.

16 5 Negotiating Principles According to NYU Wagner Career Services 2. Salary should be viewed in the context of other employment issues Salary is only one piece of a complete compensation package, which can also include health insurance, time off, flexible hours, loan forgiveness, and bonuses.

17 5 Negotiating Principles According to NYU Wagner Career Services 3. Know what you are worth and what the current market will bear Research, Research, Research

18 5 Negotiating Principles According to NYU Wagner Career Services 4. Most offers are negotiable Many employers will initiate salary discussions by proposing a salary figure that is at the lower end of the position s allocated pay scale. This is to allow room for the candidate to negotiate.

19 5 Negotiating Principles According to NYU Wagner Career Services 5. It is okay to ask for what you want As long as you are tactful and realistic, it is unlikely that an employer who has a vested interest in you will withdraw an offer because you tried to negotiate a better compensation package.

20 Request to Enhance the Offer Before the Deadline As I mentioned before, I m very interested in the position and I believe that I can bring and to the institution. I was wondering if it were possible to enhance the offer in terms of [salary, vacation, benefits, opportunities for review, etc]? Say nothing else until prospective employer responds. *NYU Wagner Career Services

21 If Employer Agrees to Consider Request Always express appreciation Don t state exact figure, rather a realistic round number slightly above desired figure. I was hoping to move towards $$ *NYU Wagner Career Services

22 Unusual things to negotiate that some request Stipends: Cell, Auto, Home Internet, Temporary Housing Allowance Spouse employment Specific technology needs Commitment of resources for the department Increases to benefits vesting schedule? Support for continuing education Title Bonuses? Minimum years in contract

23 Closing Thoughts Actively Manage your trajectory Avoid comparing yourself to others It s not just about the money! Place emphasis on your performance; not your money/title When you start focusing on your performance, the rest will fall in to place.

24 Questions?