Do starting salaries
really matter?
Starting salaries matter because raises
are generally on a percentage basis; therefore, the higher the
salary, the larger the raise. Additionally, company pensions
are usually based on your highest earning years. According to
Marilyn Moats Kennedy, managing partner of Career Strategies,
"if your salary is under market, it affects you not just
once, but permanently. This is tremendously important because
you'll retire on a far smaller pension than you might have
gotten."
Salary research vs.
salary negotiation
Salary research precedes salary
negotiation. Look at the salary surveys on the ECAC Web site.
What about fringe
benefits?
Fringe benefits are also negotiable and
are worth approximately 25-40 percent of your total
compensation package. Research what is generally in a benefits
package. Typical packages consist of, but are not limited to,
health, dental, life, accident, and disability insurance;
vacation, holidays, and sick days; and retirement programs.
Sources for Salary
Research
The Occupational
Outlook Handbook lists figures for a selected list of
jobs.
The National Association of Colleges
and Employers (NACE) Salary Survey is available in the
Engineering Career Assistance Center (ECAC). ECAC compiles the
Cockrell School of Engineering salary statistics and publishes its own
salary report and includes the NACE survey.
ECAC
Salary
Information
Relocation
Salary Calculator Tell it where you live now,
what you are currently earning, and where you want to move to;
it tells you the figure you must receive to equate to your
current earning level.
When do you negotiate?
Wait to negotiate until you have a firm
offer. Remember it is okay to negotiate. The Job Search
Handbook states "don't worry about losing your
job offer. Think about why you got it in the first place. The
employer believes that you're the best person available. A
great deal of time and effort has gone into your selection,
and the last thing the employer wants to do is reopen the
search."
When questioned about salary
expectations, give a broad range (up to $5,000). Speak in
terms of the market rate and explain that your salary range is
based on your education, experience, and potential. Sell
yourself on why you are worth what you are asking.
Employers know the market rate. You
should know it from your research. Be prepared to
compromise. That is negotiation.
Don't forget the paperwork:
Whatever is negotiated should be in writing.
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