GWSB F David Fowler Career Center Roadmap Module

GWSB F. David Fowler Career Center Roadmap Module Job Offer Negotiation, Evaluation and Transition Proprietary to GWSB FDFCC Page 1 1

Agenda § The Economy – Still An Issue § The Negotiation Process and Best Practices § Evaluating Offers § Guest Insights § Next Steps Proprietary to GWSB FDFCC Page 2

The Economy § § § The Facts: The Good, Bad & the Ugly Opportunities Are Out There! The Road Ahead – Preparation, Flexibility, Tenacity are Key Proprietary to GWSB FDFCC Page 3

Question What Does “Negotiation” Mean To You? Proprietary to GWSB FDFCC Page 4

Negotiation - A Four Step, Iterative Process 1. Identify Goals 2. Determine Market Value 3. Weigh Trade-Offs Proprietary to GWSB FDFCC Page 5 4. Communicate

1. Identify Goals “What matters to me? ” §Determining Compensation is a Balancing Act §Individuals Value Components in Unique Ways § Many Value Drivers are Non-Financial Ø Intellectual Challenge Ø Financial Gain Ø Security Ø Power & Influence Ø Affiliation Ø Variety Ø Leadership Ø Location Ø Altruism Ø Lifestyle Ø Prestige Proprietary to GWSB FDFCC Page 6

1. Identify Goals “What matters to me? ” § Employer’s Thought Process…. Ø Strongly needed unique skill set/background? Ø How hard to find other similar candidates and what will time permit? Ø How much are current employees making? Ø Other budget issues or other concerns?

2. Determine Market Value “How much am I worth? ” § Know the Market Ø Network Ø Professional Associations Ø Industry Statistics and GWSB Salary History § Know Your Personal Needs § Know the Value You Can Add – remember the self marketing plan and your brand? § 3 Key Salary Factors: Ø Market Salary (remember geography factors) Ø Your Highest Expectation Ø Your Minimum “Walk Away” Salary / Range Proprietary to GWSB FDFCC Page 8

3. Weigh Trade-Offs “What’s flexible, what isn’t? ” § Base Salary § Bonus § Paid Leave Ø Vacation Ø Maternity/Paternity Ø Continuing Education Ø Signing Ø Performance § Benefits Ø Insurance Ø Tuition Reimbursement Ø 401(k) Matching Proprietary to GWSB FDFCC Page 9

3. Weigh Trade-Offs “What’s flexible, what isn’t? ” § Other § Relocation Ø Moving Expenses Ø House Hunting Trip Ø Spouse Assistance § H 1 B Visa § Job Security Ø Expense Accounts Ø Memberships Ø Corporate Discounts Ø Transportation Ø Start Date Ø Flex Time / Remote Office Ø Matching Grants (NP) Proprietary to GWSB FDFCC Page 10

4. Communicate “How should I start? ” § Know Your Market / Audience / Company Culture § Be Prepared Goals, Employer’s Needs, Rationale § Communicate Effectively § Maintain a Good Attitude Positive, Realistic, Diplomatic Proprietary to GWSB FDFCC Page 11

Give and Take: Minor losses can yield big gains ¡ Concede? Ø How Ø When Ø Why ¡ Make Small Concessions Appear Large Proprietary to GWSB FDFCC Page 12

Common Pitfalls § § § § Failing to Prepare / Obtaining Hard Data Overreaching at the Outset Under/Overestimating Fair Market Value Remaining Inflexible Failing to Negotiate Non-Salary Benefits Rushing to Judgment Failing to Get a Written Offer Proprietary to GWSB FDFCC Page 13

Potential Issues § Exploding Offers § “We’ll need an answer by Monday” § Delays § “Things have changed” § Salary Information § “What salary are you looking for? ” § Apples and Oranges § “A student at XYZ Univ. accepted $10 K less” Proprietary to GWSB FDFCC Page 14

Evaluating Multiple Offers Factor Weight Job A Job B Job C Growth Opportunities 25 6 (150) 9 (225) 8 (200) Great Colleagues 20 7 (140) 8 (160) 6 (120) Challenging Work 15 6 (90) 10 (150) 8 (120) Compensation 15 9 (135) 6 (90) 7 (105) Reasonable Hours 9 7 (63) 3 (27) 4 (36) Rapport with Supervisor 9 9 (81) 5 (45) 8 (72) Recognition 5 8 (40) 4 (20) 6 (30) Transportation Benefits 2 2 (4) 0 (0) 2 (4) 703 717 687 Essential (75%) Nice To Have (25%) Total Proprietary to GWSB FDFCC Page 15

Our Subject Matter Experts Reflect On Offer Negotiation Experiences from both Viewpoints - - Offer Extender & Offer Receiver: v. How did you negotiate (or react to request to negotiate)? v. How did you calculate (or receive) initial offer? v. What was the outcome? v. What might you do differently the next time you have an opportunity to negotiate? v. Tips?

Summary - Best Practices § Put yourself on the Other Side of the § § § Desk Know Your Worth / Value Add Have a Clear “Walk Away Position” Listen More than you Talk Anticipate Potential Trade-Offs Concede as a Sign of Good Faith Proprietary to GWSB FDFCC Page 17

Summary – Best Practices § § § Negotiate with your Future Boss Negotiate with the HR Staff Avoid Revealing Your Desired or Current Salary Demonstrate that Hiring You is a Smart Investment Stay Objective and Flexible! Proprietary to GWSB FDFCC Page 18

Additional Resources § Roger Fisher, William Ury, Bruce Patton, Getting § § § § To Yes Richard Shell, Bargaining for Advantage Leigh Thompson, Mind & Heart of the Negotiator Linda Babcock, Sara Laschever, Women Don’t Ask Glassdoor. com Salary. com “Salary Calculator”, Homefair. com The Wall Street Journal’s Career. Journal. com Payscale. com Proprietary to GWSB FDFCC Page 19

Transition To The “Real World” § Read the Culture § Build Alliances / Network § Define and Align Expectations & Measurements § Focus on Early Impact Proprietary to GWSB FDFCC Page 20

Next Steps – Where Are You? Career Vision Applying, Interviewing, Negotiating! Building & Accessing Your Network Researching companies Conducting informational interviews Defining Your Target Market Creating your Self-Marketing Plan Creating your Career Action Plan Developing a target market/company list Creating a Communications Strategy Refining your Branding Statement Developing your resume & professional documents Preparing for interviews Assessing Yourself/ Defining Your Professional Goal Creating your Branding Statement Evaluating your Competencies Proprietary to GWSB FDFCC Page 21

Next Steps § Complete Resumes, Cover Letters, Self Marketing Plans, § Make Follow-up Appointments with Coaches to Review Your Strategy & Documents § Meet with Peer Advisors § Practice Interviewing-include info interviews § Network Over the Holidays Proprietary to GWSB FDFCC Page 22

Small Group Interview Sessions § Mon. 11/15: Behavioral / 12: 15 -1: 15 (email Christine Fruehwirth caf@gwu. edu) § Thurs. 11/18: Case / 4: 15 – 5: 15 Behavioral / 4: 15 – 5: 15 Sign up at the FDFCC Front Desk Proprietary to GWSB FDFCC Page 23

Role Play (20 Min. ) – Instructions § Pair Up with someone you don’t know well § Decide who will be the Employer and who will be the Candidate Proprietary to GWSB FDFCC Page 24