Page 86 - Carlson School GBCC Career Guide

Guidelines for Negotiating your Offer (continued) Step 2: Acquire Information
Be sure to have all the necessary data to support your negotiation discussion. Salary statistics for your degree program can be found on the GBCC website. Gather industry and company information using personal contacts and online resources.
What you will need:
• Clear understanding of job opportunity, responsibilities, deliverables, and future potential
• Salary and benefit statistics from GBCC
• Industry information and company background
• Cost of living for job location
In addition, you should have a clear idea of what you bring to the table:
• Experience and related accomplishments • Education
• Salary statistics
Some students find it helpful to complete a negotiation matrix, which will allow you to lay out all of the various components of your offer. When it comes to salary discussions, be equipped with your rock bottom, fair, and ideal salary figures—and always keep the employer’s interests in mind.
ADDITIONAL TIP
Step 3: Managing the Negotiation Timeline
Ask the employer when a decision is needed, and clarify the timeline.
• Arrange a time to discuss the details of the offer with the employer before the date your final decision is due.
• Communicate with any other companies you are interviewing with or awaiting decisions from. If you’re still in process with other companies, we recommend that you let them know that you’ve received an offer from another company. Talk to a GBCC coach about your specific situation.
• Ask for an extension to the decision deadline if you need it, but keep in mind you should only ask this once. Typical extensions range from a few days up to two weeks, depending on the employer and position.
OFFER EVALUATION & NEGOTIATION
ADDITIONAL TIP
Open communication is one of the keys to successfully managing the offer negotiation and acceptance process. The GBCC can help you craft the right communication strategy to help a company accelerate their decision, or help another company provide you with more decision-making time.
Step 4: The Negotiation Session
Plan your session and your strategies in advance. Consider role- playing and practicing with a GBCC coach. Employers expect to have these discussions in person; you should never attempt to negotiate an offer via email.
• Use your negotiation matrix to complete a practice scenario.
• Always start the session with expression of appreciation for the offer, and be aware of your tone.
• Outline your “requests” one at a time. Generally, it is a good idea to start with the salary, if you are negotiating on it. You may choose to say something like, “Based on the salary statistics that I received from our Graduate Business Career Center, I am looking for a salary somewhere in the range of $______.” Then back up your request with data and information.
• Continue to other elements of the offer you wish to discuss, confirm, or negotiate.
• You may decide to accept or decline during this session. However, if you have set up this meeting to occur in advance of the decision date, you can say you will get back to them after considering any new components, information, or negotiated elements gained during this session.
Step 5: Accepting a Position
Accepting a position is a verbal commitment. It is highly unprofessional to renege on an offer, and there can be unexpected consequences. Once you have accepted, either verbally or in writing, you are committed. At this point you should cease all interview and negotiation activities with other companies. See the GBCC’s Offer Policy for additional information. As a reminder, make sure the offer letter you
sign incorporates any changes you may have discussed with the employer.
Remember: Complete an offer report form in TalentLink when you receive an offer. You can report your offer even before you make a final decision. Simply revisit the system once you have accepted or declined. Your individual information is kept confidential.
The GBCC is happy to provide you with current average and median salary data to help you in the negotiation process. This information is the most relevant data you can use when attempting to negotiate your salary.
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