ACS Webinar - Know Your Worth
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1 ACS Webinars We will start momentarily at 2pm ET Slides download at: Contact ACS Webinars at ACS WEBINARS Knowing Your Worth: Strategies to Negotiate for Salary or Pay for Chemical Professionals Speaker: Meredith Dow PROVEN Inc. Moderator: David Harwell American Chemical Society Slides download at: Contact ACS Webinars at
2 Upcoming ACS Webinars Register now for a great lineup of ACS Webinars in June! June 3 - Effective Technical Writing Tips and Strategies Every Scientist Should Know with Aline Harrison, instructor with the ACS Office of Professional Education. June 10 - Covering Your Elements - Understanding Professional Liability Concerns Facing Scientific Consultants and Strategies to Protect Yourself with Richard Kissel, Partner at KPHW Law. June 17 - A Life of Innovation Finding Your Passion with David Walt, Robinson Prof. of Chemistry, Prof. of Biomedical Engineering at Tufts University, HHMI Professor, and a successful entrepreneur. June 24 - Exit Strategies A Measure of Success for Chemical Entrepreneurs and Small Business with Kenneth Polk, Director, ACS TechCatalyst. ACS Webinars Upcoming Events: Got Questions? Join the post-webinar discussion on LinkedIn! Continue the discussion with Meredith Dow and your colleagues! Search Group: ACS Webinars
3 ACS Webinar Knowing Your Worth: Strategies to Negotiate for Salary or Pay for Chemical Professionals Meredith Dow, Senior Partner, Scientific Practice PROVEN Inc. May 27, 2010 What you will learn How to assess your worth in the current market Negotiable elements of a compensation package How to negotiate the best possible compensation in a down market
4 3 Scenarios/times in your life when you will be looking for this info: Negotiating a raise at your current company Unemployed and looking for a job Employed but looking for a job with a new company My background 13+ years industry experience in Scientific/Life Sciences/Clinical staffing in California. Started and maintained the top scientific office for a $1B staffing company Top performer for the last 9 of the 10 years I was with the company Senior Partner in locally owned/employee owned staffing firm, PROVEN 4 yeas industry experience in biotech as a Biochemist for small San Diego start up company, performing immunoassay development BS degree Zoology, UC Davis Active in the scientific community ACS, BIOCOM, PDA, AALAS, etc.
5 How to assess your current worth Gather data on compensation: Salary.com (use with caution) Glassdoor.com (pretty good, requires you to enter your info) ACS salary survey (even better) Radford survey does your company own this? Gather your own stats your physical proof of why you are worth more: Performance reviews Accomplishments what have you done for the company Inventions/patents/publications New skills you have obtained How to assess your current worth Other points to consider: Factor in geography. What part of the country you live in and/or are moving from/to. Some areas naturally pay less (San Diego), some naturally pay more (Boston, Bay Area). Factor in the size of the company/company s financial situation are they a start up? Where are they with finding? Ask yourself if this is a good time to be asking for a raise or a good time to be looking for a job in your area. Are there a lot of people on the market with your skill set? Flexibility is key!! How long has it been since you have had a raise/performance review How do you differentiate yourself from other people within the company? Have you taken initiative to learn new skills? i.e. Hybrid worker?
6 How to assess your current worth If unemployed and looking: assess your skills against the job description you are applying for and be realistic. Do you really have all of the skills in the job description? Would you be willing to take less to get those skills? Negotiable Elements of a Compensation Package Salary (But salary is not/should not be the most important thing!) Benefits: Medical, Dental, Vision, etc. cost not negotiable but factor in what they cost. How much do you pay vs. the employer. Vacation time/pto Flex time/flexible hours/telecommuting Equity: Stock options, 401(k) match, profit sharing/ownership Ability to learn new skills Is the base salary the most important to you? If so, what are you willing to trade to get there?
7 Negotiating the Best Compensation The greater your perceived worth to the company, the greater leverage you have to negotiate compensation. Make sure in everything you do attitude, skill level, flexibility, that you are of value to them. Be a Hybrid worker! Old adage/cliché: the 1 st one to name a figure is the 1 st to lose not necessarily so! When asked directly for your salary figure: Salary is not the most important thing. I am excited to learn more about the company I am excited to work for your company I would like to learn more about the position/company before I can answer that question. Negotiating the Best Compensation What to do if you are told you are overqualified for the position/salary was much higher in your last position/higher than what they are offering. This is often an excuse to out you. Leave them with the impression that you are worth more/worth the risk. Greater value for the same price!
8 Negotiating the Best Compensation Do s and Don ts when Negotiating Compensation (okay, all Don ts): Do not compare yourself to another colleague unless you know their situation for certain and even then be careful! Maybe they traded one aspect of their package for a higher base. Maybe they have a more advanced degree or more overall industry experience. Do not get hostile or defensive at any time, keep your cool! Be humble. Do not lie or pad your salary, you may be asked to provide a W 2! Q&A LinkedIn: ACS Webinars Group
9 Q&A SESSION Knowing Your Worth: Strategies to Negotiate for Salary or Pay for Chemical Professionals Speaker: Meredith Dow PROVEN Inc. Moderator: David Harwell American Chemical Society Please submit your questions for the speaker via the Questions Panel in GoToWebinar Slides download at: Contact ACS Webinars at Still Got Questions? Join the post-webinar discussion on LinkedIn! Continue the discussion with Meredith Dow and your colleagues! Search Group: ACS Webinars
10 Upcoming ACS Webinars Register now for a great lineup of ACS Webinars in June! June 3 - Effective Technical Writing Tips and Strategies Every Scientist Should Know with Aline Harrison, instructor with the ACS Office of Professional Education. June 10 - Covering Your Elements - Understanding Professional Liability Concerns Facing Scientific Consultants and Strategies to Protect Yourself with Richard Kissel, Partner at KPHW Law. June 17 - A Life of Innovation Finding Your Passion with David Walt, Robinson Prof. of Chemistry, Prof. of Biomedical Engineering at Tufts University, HHMI Professor, and a successful entrepreneur. June 24 - Exit Strategies A Measure of Success for Chemical Entrepreneurs and Small Business with Kenneth Polk, Director, ACS TechCatalyst. ACS Webinars Upcoming Events: ACS Webinars Winner of the Career Makeover is One lucky participant will be randomly selected to win a free 30-minute consulting session with expert career consultant Meredith Dow! Drum Roll Please
11 ACS Webinars Congratulations! <INSERT NAME> You just won a free 30 minutes career makeover with expert career consultant Meredith Dow! Register for Future ACS Webinars :
We will start momentarily at 2pm ET. Download slides: http://acswebinars.org/borchardt. Contact ACS Webinars at acswebinars@acs.
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