Step 7: Negotiate Your Salary
Make the most of your degree and earn the salary you are worth.
Salary Research Resources before the Interview
- Research the employer website, company culture, schedule/hours, and travel requirements
- Review the job/internship posting and/or employer website for salary range
- The Career Insider by Vault (subscription resource provided by the CMC available through your NetID) may also provide salary information by employer and/or industry
- Research average salaries by industry and location listed on the Bureau of Labor Statistics at http://www.bls.gov/oes/current/oes_nat.htm
- The Texas Workforce Commission also provides salary statistics statewide and by region at https://www.twc.texas.gov/businesses/labor-market-information
- The National Association of Colleges and Employers (NACE) provides a salary analysis for job seekers at http://www.jobsearchintelligence.com/NACE/jobseekers/salary-calculator.php
- Launch My Career Texas provides average salary information for graduates of select universities (UT Dallas is included): https://www.air.org/project/launch-my-career
- In addition, self-reported salary sites such as Salary.com; Glassdoor.com; and Payscale.com may provide additional insight. However, note that self-reported salary resources may be inflated and not as accurate as government provided resources.
The Total Compensation Package is Extremely Important
- Annual compensation is only one part of the compensation package
- Company culture and work environment (office vs. cubicle)
- Exempt or nonexempt position
- Medical and dental insurance employer coverage and employee out-of-pocket costs
- 401K and percentage of employer contribution
- Training or mentor program provided
- Tuition assistance for graduate degree or professional certification
- Relocation package (taxable income)
- Sign-on bonus (one-time payment, also taxable income)
- Amount of travel required
- Company benefits such as vehicle, cellular, laptop, iPad, flex time, telecommute privileges
Strategy for Responding to the Classic Salary Question: What Are Your Minimum Salary Requirements?
- First, thank the employer for their interest in you. If a salary range has already been provided, you may provide a specific amount you are seeking. Your number should be based on research conducted prior to the interview. When providing an amount, also reference your specific skills and contributions that would benefit the organization to justify your request.
- If no salary amount was posted or disclosed, tell the employer you are open or negotiable and can provide a specific salary when the range is provided.
- If no range is provided, base your salary requirements on the averages you discovered through your research. Take into consideration if you meet or exceed the position requirements and your performance during the interview.
- When the salary is non-negotiable, ask about frequency of performance evaluations and if salary adjustments are connected. For example, a 5% salary increase may occur after 6-months of employment.
- When an offer is provided, thank the employer and ask about receiving the offer in writing. Reasonable time to consider the offer should be provided; however, if the employer expects a response on-the-spot, request time to discuss this opportunity with your family. “Shotgun” offers are not encouraged and the CMC should be notified if appropriate consideration time is not provided.
- Remember the individual providing the offer will likely be your future supervisor and/or colleague and professionalism during the salary negotiation process helps avoid awkward situations in the office.
CMC Guidelines when Receiving Multiple Job Offers
- The strongest counteroffer is having another offer of a higher amount; therefore, the Career Management Center encourages students to participate in on-campus recruiting activities.
- Consider the total compensation package when evaluating an offer.
- Research the potential career paths available within the organization and consider the skills you would develop for your next position.
- If more than one offer of employment is received, you must respond to every offer, whether you accept or reject it. Accepting multiple offers of employment is unethical and can permanently damage your and the university’s employer relationship. The acceptance of an offer is a contract and failure to honor that contract can result in potential academic consequences and loss of CMC/Handshake privileges. This policy also includes verbal acceptances.
- Communicate your acceptance or rejection as promptly as possible in order for the employer to notify other candidates about the status of their applications.
- When you accept an offer (verbally or in writing), your job/internship search is completed and should be discontinued per the JSOM Code of Conduct and Ethics Policy for Employment and Recruitment.
- Notify the CMC immediately of your accepted offer.
FAQs – Negotiating Your Salary
It is always recommended that you negotiate because employers expect you to negotiate. Remember to do your research on what is typical in your field with your experience level and know what you are worth based on your skills that you bring. In addition, understand the total compensation package. You will negotiate using this information, not simply just asking for more money.
- LaunchMyCareertx.org
- Glassdoor.com
- Indeed.com/salary
- PayScale.com
- Salary.com
- BLS.gov
- LinkedIn Network
You will only get one counteroffer – that is the employer makes you an offer, you will make a counteroffer and they will come back to you with their final offer. At that point you have a decision to make as to whether you accept the position, but you will not try to counter their final offer.
Let the employer know that you are really happy that they offered and that you will closely review all of the information and get back to them by the deadline.
The average intern salary for undergraduates is $10 – $20 per hour. Graduate students averages$15-$25 per hour. It is not uncommon for non-profit and healthcare organizations to offer unpaid internships.
When the employer says “we would like to offer you the job” and does not indicate how much they will pay you will need to clarify it before the negotiation can move forward. For example: I’m very excited about the position and know that I’d be the right fit for the team. I’m also happy about knowing that I’ll bring a lot of value to the job. What salary are you offering?
Consider what you will learn, how this will add to your base of experience for your resume and next job opportunity, and remember that for healthcare and non-profits unpaid internships are common. You have to weigh out if an unpaid internship is a benefit to you in the long run or if you should continue to pursue a paid opportunity.