Test #2 Day 2

What is a good saying to remember when asking about something you're not sure if you will get in a salary negotiation?

"you don't know if you don't ask"

What are three strategies to handle the question, "What salary are you looking for?"

1. Delay response as long as possible 2. say you are open/flexible/negotiable/competitive 3. give a salary range

What are the four factors to consider before negotiating a salary? Which two shouldn't really affect your negotiation?

1. Business Factors (economic condition) 2. Company Factors (company profitability) 3. Hiring Manager Factors 4. Applicant Factors -Business Factors and Company Factors

What are the 6 steps in preparing for a salary negotiation?

1. Figure out what you want 2. Do your research 3. Determine BATNA and aspiration level 4. Research Employer's BATNA 5. Determine the issue mix 6. Prepare for several scenarios

When negotiating salary, should the base salary be looked at separately, or should multiple benefits be looked at with the salary? What is this called? What should not be used in a salary negotiation?

-Look at the compensation package as a whole -Bundling -never nibble

What is an exploding offer, and what can be done with these? What is a saying to remember?

-an offer that has a quick accept/reject deadline -can politely ask the employer for more time -"What is not negotiable today may be negotiable tomorrow"

If a salary is non-negotiable, should that be believed? If in the negotiation and it actually isn't negotiable, what should be done?

-no, should always still try and negotiate -look to negotiate on other benefits (usually pick around 3 benefits to get)

Why is it important to research salaries prior to giving an expected amount? in terms of asking levels.

-requesting too high can get you screened out and requesting too low can limit your offer amount

On an application, if there is a one number salary preference box, what should you put? What if you use a range?

negotiable/flexible/open; put a $10,000 range, with what you want at the low end of the range

In a negotiation, should you reveal your BATNA or reservation point?

no

Other than nibbling, what should be avoided in a negotiation?

placing the employer in an ultimatum

When negotiating a salary with a company, what do you need to be?

reasonable

What is an approach that you need to use with caution? Why?

rejecting an offer in hopes of them coming back with a higher one, or remaining quiet; because they may not come back with another offer or they may assume remaining quiet means you reject it

What is the process of reaching an agreement on what the organization will pay for your skills, knowledge, and experience?

salary negotiation

What is a way to begin the negotiation process for a raise or promotion?

set a career development meeting with your supervisor

When you accept an offer, what is a fair thing to do?

stop or cancel all other interviews

Who should bring salaries up in an interview?

the employer

When negotiating, who should you try and negotiate with and why?

the hiring manager rather than an HR person because they are the ones that will be reaping benefits from you

If you are a student, what is one way you can justify higher salaries than before?

the previous experiences/internships you had were geared toward gaining skills and experience

In the salary negotiation between Kim Carlton at McKinley Consulting and Chris T. Welch, what was the main takeaway?

there were issues that were integrative and others that were distributive

When negotiating a salary offer, what is the only underlying reason that you are trying to get a higher one?

trying to get fair market value

What are you trying to do when conducting market research for salaries?

trying to find what you're worth based on several criteria and a reasonable salary to ask for in a negotiation

What was the general idea of the ColorTek case in class?

you are married and have a little kid, you are attending masters school and also want a job in the environmental industry

When negotiating a raise/promotion what three things can be highlighted for reasoning?

1. any metrics that show how you increased revenues or decreased costs for the business 2. any increases in responsibility 3. any accomplishments or awards you received

Before accepting a job offer, what are three things that should be done?

1. clarify responsibilities 2. clarify performance expectations 3. ask how performance will be reviewed

What were the two takeaways from the "Defending Your Life" clip on negotiations?

1. don't accept the first offer 2. don't make unilateral concessions

What are two ways to justify asking for more benefits or a higher salary?

1. explain to the employer how you will add value to the organization 2. explain to the employer how your skills, experiences, qualifications will benefit the business

What are three areas of strength in negotiations of new graduates?

1. higher education (master's or doctorate) 2. relevant internship experiences 3. international experiences

What are 5 common mistakes in salary negotiations?

1. not knowing self-worth or the position worth 2. lying about offers or salary history 3. failing to be realistic 4. using email to negotiate the salary 5. not getting the offer in writing (or in email)

What are three reasons some people don't negotiate their salaries?

1. they think the employer will think that they are too greedy 2. they think they will appear too aggressive 3. they don't have a BATNA

When should a salary be negotiated?

after a job offer is received but before you accept the position

Salary-wise, why is it important to negotiate?

because one person may not be willing to negotiate and another did for a higher salary, therefore if they receive the same raise percentages over their careers, the person that negotiated will make exponentially more money than the person that didn't

What is the 10% rule of thumb?

employers often have 10% wiggle room on salaries from their initial offer

In the salary negotiation between Kim Carlton at McKinley Consulting and Chris T. Welch, what was the main takeaway about the integrative and distributive issues? What were the two distributive issues and two integrative issues?

for the integrative issues, it is important to find common ground and the distributive issues will have to be hashed out -distributive = salary and start date -integrative = location and job assignment

When negotiating and wondering about applicant factors, what is a thing you should ask an employer?

how well you stack up against other candidates for the job

Are males or females more willing to negotiate for a higher salary/more benefits? Why is this?

males; males tend to advocate for themselves more while females feel the organization will reward them for good work in the future

Would a job applicant have more or less negotiating leverage over an employer if the position has been open for awhile?

more leverage