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Salary Evaluation

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Title: Salary Evaluation


1
Salary Evaluation
David McMahon 69 Associate Director Career
Center, Texas AM University
2
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3
Types of Employees
  • Regular
  • Full-time
  • Part-time
  • Contingent
  • Temporaries
  • Contract Workers
  • Consultants
  • Co-ops/Interns

4
Manpower
INC
Contigent
Regular
5
Compensation Package
  • Pay
  • Benefits
  • Intangibles

6
Types of Pay
  • Starting Salary
  • Salary
  • Hourly
  • Commission
  • Fee
  • Signing Bonus
  • Career Salary
  • COLA Increase
  • Merit Increase vs. Merit Bonus
  • Profit Sharing
  • Stock Options

7
Benefits
  • Insurance Health, Life, Disability
  • Retirement and/or Savings Plans
  • Vacation and Holidays
  • Education Tuition Assistance
  • Expense Account, Company Vehicle
  • Professional Organization Memberships

8
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9
Intangibles
  • Location
  • Industry Outlook
  • Promotion Opportunities
  • Responsibilities/Challenge
  • Travel
  • Life-Work Balance

10
Savings Retirement
  • Pension Plan
  • 401K (or T.S.A.)
  • Stock Options

11
Questions to ask employers about their 401(K)
  • Do you have one? Do you have a pension plan?
  • Do you contribute (match)? How much?
  • How long you have to work here in order to
    participate?
  • What are the vesting rights ?
  • Do you have choices of investments? (Beware
    company stock only)?

12
Power of Compounding (I)
  • Age Invest Value
  • 23 5,000 5,000
  • 30 0 10,039
  • 37 0 20,158
  • 44 0 40,477
  • 51 0 81,274
  • 58 0 163,193
  • 65 0 327,679
  • A 10 return on investment will double
    initial investment approximately every 7 years.
    Compound interest is added to the principle 12
    times annually.

13
Power of Compounding (II)
  • Age Invest Value
  • 23 5,000
    5,000
  • 30 0 8,150
  • 37 0 13,284
  • 44 0 21,654
  • 51 0 35,295
  • 58 0 57,531
  • 65 0 93,775
  • Values are calculated every 7 years at a
    7 return rate. Compound interest is added to the
    principle 12 times annually.

14
Invest Early
  • 35,000 160,000

15
Lifestyle Matters
  • A 45-year-old making 100,000 today plans to
    retire at age 65. Depending on his lifestyle in
    retirement, heres how much hell need.
  • of
  • Pre-retirement Nest
    egg
  • Income desired necessary
    at
  • In retirement
    retirement
  • 60 1.96 million
  • 80 2.61 million
  • 100 3.27 million
  • Assumptions Life expectancy is 90 years, no
    pension or Social Security annual salary
    increases and inflation average 3.

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17
Evaluate Two Entry-level Offers
  • Company A Company B
  • Base Salary 30,000
    Base Salary 35,000
  • Medical 0
    Medical (840)
  • Parking 0
    Parking (912)
  • 401(K) Match 1,500
    401(K) Match 0
  • (10 contribution, match first 5)
    (10 contribution, no match)
  • Perks 2,000 Perks
    0
  • (car, tuition, etc.)
  • Taxes (7,290) Taxes (8,505)
  • (27 of taxable income) (27 of taxable
    income)
  • Actual Compensation 26,210 Actual
    Compensation 24,743

18
The Six Secrets of Salary Negotiation
  • Never discuss salary until the end of the
    interviewing process, when they have definitely
    said they want you.
  • The purpose of salary negotiation is to uncover
    the most that an employer is willing to pay to
    get you.
  • During the salary discussion, try never to be the
    first one to mention a salary figure.
  • Before you go to the interview, do some careful
    research on typical salaries for your field
    and/or that organization.
  • Define a range that the employer has in mind, and
    then define an inter-related range for yourself.
  • Know how to bring the salary negotiation to a
    close. Dont leave it just hanging.
  • Source 2008 What Color is Your Parachute?
    Chapter 7 (p.115) by Richard N. Bolles

19
Points of Negotiation
  • Competing Offers
  • Salary Surveys/Information
  • Strong Relevant Experience (e.g. Co-op)
  • Extra-ordinary Skills (e.g. bilingual, technical,
    etc.)
  • Unusually high GPR
  • Cost of Living Adjustments
  • Consider a Signing Bonus
  • Supply/Demand

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Bachelors Degree Candidates By Curriculum And
Employer
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45K
42K
40K
35K
employer
YOU
27
Points of Negotiation
  • Competing Offers
  • Salary Surveys/Information
  • Strong Relevant Experience (e.g. Co-op)
  • Extra-ordinary Skills (e.g. bilingual, technical,
    etc.)
  • Unusually high GPR
  • Cost of Living Adjustments
  • Consider a Signing Bonus
  • Supply/Demand

28
Salary Information
  • TAMU Salary Survey
  • NACE Salary Survey
  • Professional Associations
  • Cost of Living Index
  • Talk to People!

29
Questions???
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