585314_Dartmouth Career Decks_111419
Professional Certificate in Applied Data Science
Salary Negotiation
Professional Certificate in Applied Data Science
Facilitator Notes:
Welcome to this week’s Module! Today, we will be talking about salary negotiation. Before we get started…
2
Write 3-5 STAR stories
Practice STAR stories
Draft 3 – 5 follow-up questions (30 min)
Rehearse pitch for interviewing (30 min)
Draft 3 – 5 follow-up questions (30 min)
Professional Certificate in Applied Data Science
Checking In: Homework
3
You will be able to:
Answer the question “What are your salary expectations?”
Effectively respond when you receive an offer
Determine what’s most important to you
Negotiate your offer for a mutually beneficial outcome
Professional Certificate in Applied Data Science
Learning Outcomes
4
What Are You Looking for in Base Salary?
An Early Conversation…
You are called by …. Potential Responses
Networking Contact
Internal Recruite
Search Firm Contact
Hiring Manage
NOTE:
It is illegal in some states to ask salary history
“I consider it confidential.” I haven’t had a chance to look at the market value for the job you describe. Would you explain the general compensation structure and the range you’ve been asked to work within?
As I am not actively seeking right now, I am interested in learning more about the opportunity before we discuss compensation.
Adapted from Patricia Buchek,
MBACWP Presentation 2.15
Professional Certificate in Applied Data Science
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What Are You Looking for in Base Salary?
You initiate contact… Potential Responses
Networking Contact
Internal Recruite
Search Firm Contact
Hiring Manage
I’ve done some preliminary research and it looks as if there is a base salary range of $110 to $130 for work at this level. What are your insights?
I’ve been working in a different role, so it’s not comparable. Redirect… and I am extremely interested in this data scientist position and will
ing xyz skills to it.
Adapted from Patricia Buchek,
MBACWP Presentation 2.15
Professional Certificate in Applied Data Science
.
6
During the Interview Process
Get as much information as possible about all the factors important to you
The work, your development, the manager, how it fits with your goals
Observe the culture
How do people interact with one another?
Is it a place you could see yourself?
How are you feeling during the interview process?
Wait to
ing up questions of flexibility, benefits, compensation
.
7
What Are Your Salary Expectations?
You Are The Candidate….
Talking to Potential Responses/Questions
HR Manage
Hiring Manager What makes the most sense for you within your structure?
I’d like to come in at a competitive level and situated to succeed in the short -and long-term.
For the work I’ve done in the past…
Will you please propose a package that you think makes sense, given our conversation so far?
From your perspective, what parameters do we need to work with?
Adapted from Patricia Buchek,
MBACWP Presentation 2.15
Professional Certificate in Applied Data Science
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Potential for Negotiation
(not exhaustive)
Monetary Non-Monetary
Base Salary
Signing Bonus
Performance Bonus
Relocation
Equity/Stocks
Location
Work at Home
Early promotion/with salary discussion
Visa
Job hunting resources/partne
Temporary remote
a
angement
Additional house-hunting
Training/development
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Congratulations – We Want You!
Thank you!
Listen. Carefully.
”I will need time to review the offer and will follow up with you after I receive it.”
Ask clarifying questions, if needed
Do not say yes immediately
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Negotiation Powe
Relevance
(how relevant are
you to the job)
Differentiation
(how well have you differentiated
yourself from the competition)
Among well defined targets…
Negotiation Powe
Among well defined targets…
Professional Certificate in Applied Data Science
11
Salary Negotiation Considerations
What are your minimum requirements? Prioritize.
What creative ways might you address the interests of both you and the employer?
What is your Best Alternative to a Negotiated Agreement (BATNA)?
Who are you negotiating with and what is the best way to communicate?
PREPARATION IS CRITICAL
Source: Professor Jared Curhan
MIT Thought Leader Series interview XXXXXXXXXX
Facilitator Notes:
We will discuss these in more detail. Some important points: you will want to practice what you want to say to get comfortable. And, stop talking after you say it and listen. This can be hard to do when you are nervous or feel there is a lot at stake. You want to balance assertiveness with empathy. You also want make it clear you are truly interested in the opportunity and they can get you.
Source: Professor Jared Curhan
,MIT Thought Leader Series interview XXXXXXXXXX
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1) What Are Your Minimum Requirements?
Meets Expectations Needs Clarification Discussion or Improvement/Prioritized
Position Performance Metrics
Flexible Work Hours
Culture Benefits Base Salary
Opportunity fo
Development Sign On Bonus
Professional Certificate in Applied Data Science
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2) What Creative Ways Might You Address the Interests of Both You and the Employer?
Your Interest $15K more in base pay; due to your skills and experience
Employer's Interest Maintaining salary equity on the team; offered you top $
Possible Solutions Bring you in at low end of next salary range?
Early review - possibility of promotion & salary increase?
Or….
Is increase in your base what’s most important? Would a sign-on bonus or increase to sign-on work?
Professional Certificate in Applied Data Science
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3) IMPORTANT: Know Your Best Alternative to a Negotiated Agreement (BATNA) Before Negotiating
List all alternatives to the cu
ent negotiation
Evaluate the value of each alternative
Select the alternative that provides you with the most value (BATNA)
Determine the lowest value deal you would accept
Source: https:
corporatefinanceinstitute.com
esources/knowledge/deals/what-is-batna
PREPARATION IS CRITICAL
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4) Communication:
Who? How?
HR often extends offers
Understand who has power to influence what outcome
Recommend negotiating face-to-face/video conferencing
Email for confirming information discussed, if needed
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Salary Information Resources
Websites
Glassdoo
Indeed.com
Salary.com
TransparentCaree
Cost-of-Living
Economist Intelligence Unit ($)
Sperling’s Best Places, CNN (U.S.)
General Labor Market Information
Classmates, colleagues in data science, associations
Talking with search firms
Professional Certificate in Applied Data Science
v
17
What Have We Learned?
How to:
Answer the question “What are your salary expectations?”
Effectively respond when you receive an offer
Determine what’s most important to you
Negotiate your offer for a mutually beneficial outcome
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Homework
Create a list and prioritize what is important to you in your next position (30 min)
Research salary data for positions of interest (60 min)
Practice a mock negotiating discussion with coach, classmate, friend (30 min)
Final Career Coaching Meeting
How can I help you as you plan your next step?
What additional information/feedback/help would be useful?
Wrap up your coaching relationship
Thank you!
Professional Certificate in Applied Data Science
21
Career Services Information:
Salary Negotiation
Key Learnings
You will be able to:
• Answer the question, “What are your salary expectations?”
• Effectively respond after an offer has been made.
• Learn the likely levers to negotiate.
• Determine what’s most important.
• Negotiate offer for a mutually beneficial outcome.
When salary conversation is initiated by someone…
• You may answer or not, as a response is not required or necessary at
this stage.
• Ask the person reaching out to provide more information first.
When you initiate salary conversation…
• Be prepared to share a range and be able to back up your answer with
esearch.
• Anchoring: The first offer or salary number mentioned at the beginning
of a negotiation will become the anchor or reference point for the rest
of the negotiations.
- You should only share a range you are very confident in.
Salary Discussion- During Interview(s)
• Gather information around all important compensation factors i.e.
function
ole, leadership, career goals.
• Observe culture:
- How do people interact with one another?
- Is it a place you could see yourself?
- How are you feeling during the interview process?
- Wait to
ing up questions of flexibility, benefits, compensation.
Items Generally Negotiable
• Position:
- Title.
- Location.
- Department/Group.
• Compensation:
- Base Salary.
- Signing Bonus.
- Performance Bonus.
- Relocation.
• Defe
ed Compensation:
- Equity (possibly).
- Timing (unlikely).
- Vesting (unlikely).
Items Generally Not Negotiable
• Benefits:
- 401K Plan / Retirement Plan.
- Insurances (health/dental).
- Insurances (disability).
• Confidentiality and Inventions:
- Definition of confidential.
- Definition of invention.
- Non-compete agreement.
Congrats – an offer has been made!
• Say thank you.
• Listen to all details carefully.
• Ask clarifying questions.
• Do not say, ‘Yes’, immediately.
• Emphasize the need to review the offer and that you will initiate follow up.
When the formal process begins…
• Initiator:
- HR contact.
- Hiring Manager.
- Internal Recruiter.
- Search Firm Contact.
• Intent:
- To ensure expectations are mutual / aligned.
- Avoid being disrespectful of either party.
Considerations
1. What are your minimum requirements? Then, prioritize.
2. What creative ways might you address the interests of both you
and the employer?
3. What is your Best Alternative to a Negotiated Agreement (BATNA)?
4. Who are you negotiating with and what is the best way to communicate?
• Consider minimum requirements.
• What creative ways might you address the interests of both you
and the employer?
• IMPORTANT: Know your Best Alternative to a Negotiated Agreement
(BATNA) before negotiating.
- List all alternatives to the cu
ent negotiation.
- Evaluate the value of each alternative.
- Select the alternative that provides you with the most value (BATNA).
- Determine the lowest value deal you would accept.
• Communication.
- Who?
» HR often extends offers .
» Understand who has power to influence what outcome .
- How?
» Negotiate face-to-face/video conferencing .
» Use email for confirming information discussed, if needed.
Resources
One Way to Organize Your Wants/Needs:
Negotiation Power Chart:
Relevance
(how relevant are
you to the job)
Differentiation
(how well have you differentiated
yourself from the competition)
Negotiation Powe
Among well defined targets...
A
m
on
g
w
el
l d
efi
ne
d
ta
g
et
s.
..
Meets Expectations Needs Clarification
Discussion o
Improvement
Prioritized
... ... ...
... ... ...
... ... ...
Salary Information:
• Websites:
- Glassdoo
- Indeed.com
- Salary.com
- TransparentCareer.com
General Labor Market Information:
• Classmates, colleagues in data science, associations.
• Talking with search firms.
Cost-of-Living:
• Economist Intelligence Unit (fee).
• Sperling’s Best Places, CNN (U.S.).
• Create a list and prioritize what is important to you in