Salaries, Offers, and Benefits, OH MY! Emily Burris, Coordinator Student Financial Management Center

Transcription

1 Salaries, Offers, and Benefits, OH MY! Emily Burris, Coordinator Student Financial Management Center

2 Student Financial Management Center Mission The LSU Student Financial Management Center (SFMC) is committed to helping students create and maintain financially responsible behaviors through providing resources, knowledge sharing, and educational opportunities. The SFMC endeavors to educate and empower each LSU student in an effort to assist them in making positive financial decisions and foster healthy financial management behaviors. Purpose To provide financial literacy education through campus outreach Evaluate student s financial challenges & provide applicable information on subjects Provide resources to LSU students to help them make healthy financial decisions. Empower LSU students through financial education

3 Today we ll cover: Evaluating an Offer Salary Negotiation Tips Benefits

4 Evaluating an Offer Salary Benefits Office Environment Corporate/Company Culture Commute Time Your Co-Workers/Boss

5 Only about 20%of employees negotiate their salary offers or benefits packages

6 4 Salary Negotiation Tips 1. Don t disclose your pay requirements during the interview process. The first person to provide numbers establishes the range. If you give a number first, the interviewer will either tell you you re in the same ballpark as him, or you re too high. 2. Do not negotiate until you have an offer in writing. Here s why: Let s say 2. Do not negotiate until you have an offer in writing. Here s why: Let s say the job pays a salary and a performance bonus, but you don't know about the bonus part. If you do not get a written offer specifying the pay elements before you start negotiating, then you might negotiate a higher base salary but lose a portion of your bonus. Get the full offer in writing so you know what you have to work with during your bargaining.

7 4 Salary Negotiation Tips 3. Do your research and plan your attack. To know what to ask for in negotiations, you MUST know the pay range for your position. Find the top of the salary range and ask for that. Show the hiring manager your research and remind her why you are worth the top of the range. 4. Know what you need. Each person is compensated in different ways 4. Know what you need. Each person is compensated in different ways and not always monetarily. Decide what's important to you and what trade-offs you'll make pay wise, but be honest with yourself. Don t give up being paid more because you hate negotiating.

8 Salary Negotiation From the Employer s Point of View Salary negotiation leeway may depend on these factors: the level of the job within your organization the scarcity of the skills and experience needed for the job in the job market the career progress and experience of the individual selected the fair market value for the job you are filling the salary range for the job within your organization the salary range for the job within your geographic area the existing economic conditions within your job market the existing economic conditions within your industry company-specific factors that might affect the given salary such as comparative jobs, culture, pay philosophy, and promotion practices

9 Employment benefits can comprise 40%, or even more, of your total compensation package

10 Evaluating your benefits package General Coverage Medical Insurance Dental Insurance Vision/Eye Care Insurance Life Insurance Accidental Death Insurance Disability Insurance Vacation Holidays Sick/Personal Days 401(k) Plans Pension Plans Profit Sharing Stock Options/ESOPs Health Clubs Dependent Care Employee Assistance Programs Overtime/Travel/Comp Time Parking Reimbursement Commuting Cost Reimbursement Expense Reimbursement Mobile Phone Reimbursement Child Care Provided

11 Looking at other PERKS Paid time off, health insurance, and retirement plans are standard benefits provided by many companies. In addition, your job offer may include other perks of value to you: Company discounts:your employer may extend certain discounts as an incentive to employees. You may qualify for reduced prices on company products or those offered by partner programs. Transportation passes:some employers offer monthly bus or light rail passes as an added perk. The passes may be free or sold at a substantial discount. Tuition reimbursement:some companies offer tuition reimbursement as a way to keep qualified employees. Through these programs, your employer reimburses you for some or all of your approved education expenses. Training or professional development:some companies will help you to develop professional goals and then pay for you to attend classes, workshops or conferences in order to gain or improve skills.

12 Employee Benefit Questions to Ask Does the employee pay for health insurance coverage? If so, how much for individual coverage and/or family coverage? Is the premium deducted from my paycheck? How much is the deductible? Can I review a summary of the health insurance plan options? What restricts and limitations are there? What about pre-existing conditions? When does coverage begin? How much sick time, vacation time, and holidays are provided. When do benefits start to accrue? What type of pension plan is there? How much does the company contribute? Is life insurance provided? Does the company offer short-term and long-term disability coverage? Are there educational and training benefits? If so, are they are available for my family, as well as for myself?

13 Decision Factors Review the benefits offered. Are the programs what you need? What benefit costs are you responsible for paying? How much will this cost on an annual basis? If you have a family -is the workplace familyfriendly?

14 When you put it all together Gross Pay Net Pay Tax Sheltering Taxable Income

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16 What will it look like for you Take Home Pay Calculator

17 Check out our new website!

18 Thank you! For more information: LSU Student Financial Management Center B-4A Coates Hall (225)