presented by: allison f. corkey assistant director/executive coach february 27, 2008
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Presented by:Allison F. Corkey
Assistant Director/Executive Coach
February 27, 2008
The Graduate Business Career Center
Agenda
What Is Negotiable?
Preparing For Negotiation
Having an Offer in Play
Working with an Executive Recruiter
Internal Negotiation Tips
Resources
Before You Negotiate
What are your key evaluation criteria? Will opportunity support your short/long-
term objectives? Industry and company’s position within
industry Company culture Compensation Location
What is Negotiable?
Compensation and Finance Pay Bonus Signing bonus Next scheduled merit review Profit sharing Restricted Stock/ Options Moving expenses
What is Negotiable?
Other Compensation and Finance elements of package: 401K or other saving plans Medical / Dental Benefits Tuition Reimbursement Policies
Typically these are not negotiable, but you need to consider the financial impact and compare to your current situation or offer
What is Negotiable?
Lifestyle
Start date
Vacation time/Time off
Spousal assistance
Flexible work arrangements
Memberships
Car allowance
What is Negotiable?
Career
Title and level of responsibility
Specific assignments/Next assignment
Geographic location
Training
What You Need For Negotiating
Acquire Information: About the company Clear understanding of job opportunity,
responsibilities, deliverables, future potential Industry information Company background
NegotiableNon negotiable
Cost of living for job location
What You Need For Negotiating
What you bring to the table:
Experience -- related accomplishments
Education
Your market value
Track record of success
Other highlights, non-business Use negotiation matrix to be sure you are capturing your
current total compensation situation
Do I Have to Negotiate?
All negotiations involve risk
Not negotiating involves risk
Why would you want to? Offer is not consistent with your research
Desired elements are not included in the offer
Current situation/Other offer(s) with different or
better package
What To Do When Offer Is Made
Always show appreciation for the offer
Make sure you obtain the offer in writing -- avoid
negotiation without an offer letter
Review the letter for necessary information
Consider timeframe for your decision
Request any additional information to provide
complete picture of offer and opportunity
Managing the Negotiation Timeline
When you receive an offer, ask when a decision is
needed
Manage your timeline:
Negotiate for an extension if needed--but once only
Work to negotiate faster decisions from other
companies you are still waiting for if you are in a
search mode and are talking with multiple companies
Set up a time to discuss offer - in advance of your
response deadline
The Negotiation Session
Plan your session and your strategies
Role play and practice in advance
Be aware of your tone
At first session, you are discussing the offer
—you are gathering information, not
necessarily accepting during this session
The Negotiation Session (cont’t)
Always start the session with expression of
appreciation for the offer
Outline your “requests” one at a time
Start with salary, if you are negotiating on it
Consider this language:
“I am looking for a salary of $____________, “
then back up your request as to why you are
asking for that figure.
The Negotiation Session (con’t)
Consider this language as a preface to your requests:
“As I consider this offer (over the next 2 days,) I would like
to discuss your flexibility on some components of the
package.”
-This language protects you from the company assuming
you are strictly countering and have no desire to accept
the offer or certain components as it stands.
The Negotiation Session (con’t)
Wrap up session with indicating that you will be
considering their offer as it stands now (taking into
account any negotiated elements) and will get back to them
by the deadline-- then follow up on that date or before.
OR
You can choose to accept then, if you wish, asking for an
addendum to the offer letter if you have negotiated
changes to your package.
What “They” May Say
We don’t negotiate—this is our top offer
We pay market price.
Do you have other offers?
Where did you hear that?
We think the opportunity is worth the difference.
I will have to talk to someone and get back to you.
How Much Negotiation Is Too Much?
Series of counter offers
Not listening to their position and needs
Surprise! -- Adding new elements after
initial discussion
Meet my demands or I’ll walk
Accepting A Position
Write acceptance letter or sign their offer letter
After formally accepting, you are committed If you have negotiated on certain items, be sure
to get offer addendum in writing
“Reneging” should not be in your vocabulary Burning bridges at one company can come back to
haunt you
Turning Down A Company
Respond verbally to main contact whom you have had ongoing relationship, then send letter
Respond in written form to individual who signed offer letter
Notify any additional individuals who had been particularly helpful and supportive
Be positive and appreciative Mention “an opportunity that better fits my
career objectives”
Working with an Executive Recruiter
How is this process different? The search firm will have gathered all of
your compensation needs/current situation before presenting your candidacy to a client company
Be sure you have been accurate in reflecting your current situation
Negotiation process may be handled by executive search firm
Internal Negotiation Tips
Career Management
Lateral Move
Recognition for Augmented Responsibilities
Reward for Completion of graduate degree
Negotiation for Promotion
Internal Negotiation Tips: Communication
Know your company culture Gain insights by talking with others as
appropriate Remember your BATNA—if you are
going to “walk”, then you have more leverage
Strike a delicate balance
Internal Negotiation Tips: Career Management
Open the dialogue at appropriate time Set goals and objectives early for your
graduate program in conjunction with your supervisor
Prepare your opening language in your own words, something along the lines of:
“ I am pursuing my [MBA/MA-HRIR] and have made these contributions…what does this mean to the company?”
Internal Negotiation Tips: Lateral Move/Recognition
The opportunity may arise for a lateral move or increased responsibility.
Consider this language:“ I accepted my current position prior to
pursuing my [MBA/MA-HRIR] program so I would like to see my enhanced contributions reflected in my salary. As I consider this move, is there an opportunity to discuss salary adjustment?”
“…I would like to have this considered as an offer is prepared.”
Internal Negotiation Tips: Promotion/Offer
Situation for Internal Promotion Ask clarifying questions, consider this
language:
“As I consider this offer over the next couple days, is this an offer that is open to negotiation?”
Then be prepared to negotiate and lay out your expectations
Internal Negotiation Tips: Promotion/Offer
If you want to turn down internal offer—either leaving the company or staying in current role (if that is an option)
Consider this language:
“ It’s not a match for my expectations.”
Negotiation Tips Summary
Set up appointment with coach to discuss strategies when you receive offer—this is when we can help the most. We can talk in specifics
Don’t accept offer immediately Get offer in writing - don’t forget offer
addendum Express enthusiasm Don’t change after achieving objectives Think long-term
If you’ve never or rarely negotiated before: Head to the Negotiation “Gym” NOW!
1. Negotiate easy stuff in daily life
2. Negotiate 5 harder things
3. Ask for twice as much as offered
4. Ask for 3 long shots
5. Ask for too much (more than you deserve)
6. Actively court “no”
Acknowledgement: Ask For IT by Linda Babcock and Sara Laschever, 2008
Negotiation Consultation
To set up negotiation conversation:
Call the GBCC front desk at 612.624.0011 to make an
appointment when you know you will be receiving an offer.
Email in advance the negotiation matrix with the specifics
of your offer as well as your questions so that we can
focus on your priorities.
Resources
Salary websites – www.salary.com
www.jobstar.org
www.salaryexpert.com
www.vault.com
www.wetfeet.com
Cost of living calculators –
www.moving.com
www.monstermoving.com
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