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Salary Negotiation:

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Old 01-16-2008, 10:22 AM   #16
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Re: Salary Negotiation:

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Originally Posted by Mattyk72 View Post
I would agree. In most companies you're going to get your money coming through the door so don't be afraid to shoot high. Not ridiculously high of course, but keep in mind they're going to come at you on the lower end of things so they are playing the same game you will be.
True. My thought was, if $40-$55K is the range and he doesn't have any experience, shooting for $50-$55K might be unreasonable. Yes, lowballing/highballing is part of the game and everyone knows it, but there's some truth to the idea that going too high can adversely affect your chances of landing the job.

Daseal, can you clarify what you meant by $40-$55K being the median salary? Does that include employees with no or tons of experience? Is that range the industry standard, or specific to this particular company? Is your school considered good in that field? Do you have other experience that qualifies you for the job. All of those factors, IMO, affect what you should ask for.

As Matty said, it's a good idea to show you've done your due diligence. If you are forced to throw out a range or a specific number, have some reasons for asking for that amount/range. IMO, a big mistake in negotiations is to demand X and have no foundation upon which that demand is based. Conversely, the best negotiators aren't the "fist pounders," but those who articulate bona fide arguments as to why their demands are reasonable.
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Old 01-16-2008, 10:26 AM   #17
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Re: Salary Negotiation:

Oh and good luck buddy!
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Old 01-16-2008, 10:30 AM   #18
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Re: Salary Negotiation:

SGG -- The range was compiled from 3 or so salary sites, and the job itself since it's a tier 1 job is for folks with 0-2 years of experience.

Below are the links I used (Can't find one again, but the data was about the same).

HotJobs.com - Salary News
Free U.S./Canadian Salary Report
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Old 01-16-2008, 10:35 AM   #19
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Re: Salary Negotiation:

Some definite sound advice here.

If the median salary is $40-55k, I'd think about the lowest amount you are willing to take as an offer, and bump it up about $5k. That'll give them some leeway, and assure that you aren't taking anything below your bottom line.

And since you are in the DC area, most firms know that they are going to have to pay top dollar to keep recruits. If the median is $40-55k, they probably already have the higher end of that scale in mind when hiring for this position.

To be comfortable, I'd budget it out your monthly expenses, and then figure out what your monthly income would be at various ranges. This will also allow you to figure out how much you can contribute to 401K, savings, etc. I wish I had contributed more when I was living at home and had the chance to...
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Old 01-16-2008, 10:39 AM   #20
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Re: Salary Negotiation:

I'll kind of echo some of the other things said here. While you want to give an idea of what you're seeking, you don't want to get pinned down. Leaving it open is key, it puts the ball in their court to offer you a salary they think you'll like. Tell them what you want and what you think you're worth by giving a range. I think as long as you say something within the $40 - $55K you found, you won't be pricing yourself out of the market.

Whatever they end up offering you, ask for 5% more. The worst they can say is no, our offer is take it or leave it.
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Old 01-16-2008, 10:45 AM   #21
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Re: Salary Negotiation:

Yeah, I appreciate the help guys -- one of the things I want to do immediately is max out an IRA every year. I had a business English class where the teacher educated us a bit about money management -- it was amazing how fast they can grow.

I really appreciate the help. Interviewing is not a strong point for me so I'm hoping I can knock this one out. Hard to market yourself when you have no experience!
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Old 01-16-2008, 10:56 AM   #22
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Re: Salary Negotiation:

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Yeah, I appreciate the help guys -- one of the things I want to do immediately is max out an IRA every year. I had a business English class where the teacher educated us a bit about money management -- it was amazing how fast they can grow.

I really appreciate the help. Interviewing is not a strong point for me so I'm hoping I can knock this one out. Hard to market yourself when you have no experience!
Good call on the saving money thing. Socking that away early will save you SO MUCH in the long run. It could make the difference between retiring at age 67 or at age 62. Or it could make the difference between having money to travel for a week overseas every year in retirement or not. Or it could make the difference between having the dough for season tickets, or not!

The two smartest financial moves you can make:
- Start saving money TODAY (it's never too late, and definitely never too early)
- STAY OUT OF CREDIT CARD DEBT
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Old 01-16-2008, 10:59 AM   #23
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Re: Salary Negotiation:

Not only that, check out a savings account online that's going to get you at least four percent.

I have one from Emmigrant Direct that's making me 4.5% a month. Compounded daily.
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Old 01-16-2008, 11:18 AM   #24
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Re: Salary Negotiation:

ING direct has great interest rates on savings accounts and they have interest bearing checking accounts as well.
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Old 01-16-2008, 11:21 AM   #25
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Re: Salary Negotiation:

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Yeah, to be honest the salary doesn't really concern me that much -- it's answering the question I'm afraid of -- I think I'm going to say 40-50K, thats a broad range and hopefully good. I'll still try to avoid the question if possible, but we'll see!
Don't do that - you've just told them that you will take $40k, thank you very much. What others are suggesting is to aim in the middle, but make it clear that this is a negotiation, not a firm offer on your part. You do that by saying something like:

"I think, given X and Y, that $ZZ,000 is an appropriate salary. However, I understand that there may be considerations on your side that I am not aware of, and I would be interested to hear what you think would be appropriate given my background."
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Old 01-16-2008, 11:37 AM   #26
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Re: Salary Negotiation:

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Originally Posted by Mattyk72 View Post
ING direct has great interest rates on savings accounts and they have interest bearing checking accounts as well.
They're definitely good. If you look around, you can even find some that'll give you 6%...
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Old 01-16-2008, 12:06 PM   #27
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Re: Salary Negotiation:

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Originally Posted by Mattyk72 View Post
If you know the approximate salary range, don't be afraid to throw that out there and say something like "based on the research I've done the range for this position appears to be X amount to Y amount (at that point you could ask if they agree with said range), and I'm comfortable discussing a figure in this range".

I would definitely avoid getting pinned down to an exact figure.
This really is the best advise you can get. I have seen several people get backed into a corner and now they make less than thier co-workers with the same position as they have.
I would also suggest saying something along the lines of, "well I would expect that I would be compensated along the same lines as others in this position." (assuming you won't be the only one). You say that even though you don't have any experience. If you had experience, you'd say the same thing but add that you expect to be paid what the other experienced employees are getting paid for the same position.
Usually they will let it go, then when it comes hiring time, then negotiations hit full swing. They already want you, so all you have to do is hit thier pre-determined range, and you're set. Most companies have guidelines on salaries arranged by the CEO or board of directors etc. As long as you're within the range, you're golden.
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Old 01-16-2008, 12:14 PM   #28
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Re: Salary Negotiation:

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Originally Posted by Schneed10 View Post
The two smartest financial moves you can make:
- Start saving money TODAY (it's never too late, and definitely never too early)
- STAY OUT OF CREDIT CARD DEBT
Absolutely true! That's great advice for someone.
It's not just about saving either, it's about saving wisely. Make your money work for you. I know that is cliche, but it's true. Why put your money in a low 1% savings account, when you can put it in an IRA that yields 10-13% annually?
If you don't know how to invest or save, speak with a financial consultant. Edward Jones type people that know how to maximize your money.

About Credit Card debt...that will destroy most families. The debt is almost permanantly stuck to you unless you pay it completely off. It takes like 47 years to pay off at just paying the minimum payment. Best advice is to not buy something unless you have the cash. I know that's tough sometimes, so at the very least, do not borrow on a revolving account (that's a CC type account) borrow on an account that has terms like X amount of monthly payment for 3 or 4 years...like how you woud buy a car. Credit cards may seem better cause of the low monthly payment, but after all is said and done, you've been bent over a barrel.
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Old 01-16-2008, 12:16 PM   #29
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Re: Salary Negotiation:

Ask them what they pay people who hold the same position in the company. Never give a specific number, throw the range at them. Never take the low number unless your really like the job (let them know you're taking the low number because you like the job). If they press you for a specific number say "It depends on the benefits but xxx sounds like a reasonable number." If this is your first interview don't bring up salary discussion, let them do it. You don't really have experience so if I were you I would ask for 52K. Whatever you do don't seem desperate, nobody likes that.
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Old 01-16-2008, 12:18 PM   #30
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Re: Salary Negotiation:

Whatever you do, don't walk in dressed in a velvet sweatsuit, whip out your package and lay it on the table, and proceed to ask how much will they give you to remove said package from the table. I heard that's frowned upon.
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