Career Success Guide

Offers & Negotiation - Salary Negotiation

SALARY NEGOTIATION Many employers expect potential employees to negotiate their salary and benefits and will not make the first offer the best offer. Others will not have the flexibly to negotiate. Be prepared for either situation. There is no substitute for knowing the facts and using them to your benefit. Timing is important. Until you have a clear understanding of the job and have had an opportunity to discuss your qualifications, it is premature to discuss salary. However, an employer can bring it up at any time during the process. To avoid being caught off guard, be prepared. Know Your Worth Do your homework; research the market salary range for someone with your level of experience in your target industry located in the same geographical area. Federal law requires each state to post quarterly labor market information online for public viewing. Check out our favorite salary tools on Career Services StoutCloud site under “Navigating Job Offers and Salaries” to complete the following tasks: • Research labor market information to determine salary levels of like positions and experience levels. • Evaluate realistic personal salary requirements. How much do you need to earn a living? • Develop a salary range (not too broad) with a high, low, and middle range. • Assess your skills and experience level (co-ops, internships, education level, additional experience, etc.). • Location: become familiar with the cost of living for the local area. • Examine employers hiring history, check employers’ websites for salary information along with other popular resources like Glassdoor and Indeed. • Determine how you can benefit the employer along with your role in meeting the employer’s goals.

CALCULATE TAKE HOME PAY

Annual Salary: Annual AVG. Merit Pay/ Bonus/Profit Sharing: 35% Taxes/Social Security Insurance Premiums Retirement/Life Insurance

NET INCOME

MONTHLY BUDGET

Review cost of living comparison charts to accurately plan by location

Housing (rent/mortgage) Utilities (power, water, trash) Vehicle payment Fuel/oil change/tires/repairs Phone/internet/streaming/loans Food (groceries, lunch, restaurants) Clothing/shoes Entertainment Savings

TOTAL MONTHLY EXPENSES

Scan to visit the Financial Wellness & Literacy Center’s website for more guidance on overall financial wellness.

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