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Salary Evaluation

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Salary Evaluation David McMahon 69 Associate Director Career Center, Texas A&M University – PowerPoint PPT presentation

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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
Contingent
Regular
5
Compensation Package
  • Get the Offer in Writing
  • Then Evaluate
  • 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
  • Vacation and Holidays
  • Education Tuition Assistance
  • Expense Account, Company Vehicle
  • Professional Organization Memberships

8
Benefits
  • Savings Retirement
  • Pension Plan
  • 401K
  • Stock Options

9
Questions to ask employers about their 401(K)
  • Do you have one?
  • Do you have a pension plan also?
  • Do you contribute (match)? How much?
  • How long you have to work before you can
    participate?
  • What are the vesting rights ?
  • Do you have choices of investments? (Beware
    company stock only)?

10
Intangibles
  • Location
  • Industry Outlook
  • Promotion Opportunities
  • Responsibilities/Challenge
  • Travel
  • Life-Work Balance

11
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12
Rule of 72 Compounding _at_ 10
  • 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
Rule of 72 Compounding _at_ 7
  • 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
  • A 7 return on investment will double initial
    investment approximately every 10 years. Compound
    interest is added to the principle 12 times
    annually.

14
Invest Early Pay Yourself First
  • 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.

16
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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.)
  • Federal Taxes (7,290)
    Federal Taxes (8,505)
  • (27 of taxable income) (27 of taxable
    income)
  • State Taxes (2,002)
  • (6 of taxable income)
  • Actual Compensation 26,210
    Actual Compensation 22,741

18
Whos Salary Range Are We Talking About?
45K
42K
40K
35K
employer
YOU
19
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

20
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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25

Bachelors Degree Candidates By Curriculum And
Employer
26
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27
Salary Information
  • TAMU Salary Survey
  • NACE Salary Survey
  • Professional Associations
  • Cost of Living Index
  • Talk to People!

28
Questions???
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