Negotiating Compensation Package/Salary

Generally, salary is determined by several criteria:
your education, work experience, salary history, the organization's needs, industry, geographical region and perhaps if you have other competing job offers.

When your position is one that generates revenue, the amount of revenue it generates is often a factor in determining the salary as well.

Salary negotiation is the last step in the job search process. In some cases, a salary figure may be offered early in the interviewing process; in others, a firm financial policy may exist for new employees. You may only be able to accept or reject the job and salary offer together. More frequently, however, you will have an opportunity to negotiate your salary and possibly other aspects of your compensation package.

A comprehensive discussion of compensation and benefits includes:

  • Compensation: salary and when appropriate, commissions
  • When and how work is evaluated (timing of performance appraisals and standards used to determine salary increases and bonuses)
  • Health, retirement, and life insurance benefits
  • Vacation, paid holidays, and sick time
  • Administrative support: support staff, office, orientation and training, resources such as consultants, computer hardware and software
  • Professional development: continuing education and training (e.g., tuition allowances, membership in professional associations, travel to conferences)
  • Miscellaneous: expense account or moving/relocation costs
  • Job-related expenses: if an employer cannot offer you a salary which meets your requirements, she or he may be able to offset some or all of the difference by covering job-related expenses that are usually paid for by the employee.

Your knowledge of competitive salaries in the field can be of real advantage to you. Do your homework and research the salary range for the position under consideration . You may be able to obtain specific information by calling the Human Resources Department and inquiring about the job grade and associated salary range.
 

Negotiation Resources
 

Salary
Indeed.com
Monster Salary Center
Salary.com
SimplyHired Local Jobs
U.S. Bureau of Labor Statistics Occupational Outlook Handbook

Job Market and Geographic Information:
The Chronicle of Higher Education
CNNMoney.com Best places to live
Cost of living index calculator
ePodunk (research communities around the U.S.)
WSJ.com/CareerJournal.com salary information
 

Related

Contact Us


Kristy Liu '08
Assistant Director of Recruiting and Technology
kliu@wellesley.edu
781.283.2452

Irma Tryon
Director of Recruiting Program
itryon@wellesley.edu
781.283.2489

 


 

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