CSCE 481 Lecture 6

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Salary Evaluation

Types of Employees

Regular

• Full-time
• Part-time

Contingent (contract; get foot in door)

• Temporaries
• Contract Workers
• Consultants
• Co-ops / Interns

Regular positions are usually secure. Contingent positions usually expand/contract with economy

Compensation Package

• Get offer in writing! (prevent company from withdrawing)
• Then Evaluate pay, benefits, intangibles (that should come with written offer)

Types of Pay

• Starting Salary
  • Salary (same amount of money every month regardless of how much you work)
  • Hourly (paid overtime)
  • Commission (make a percentage of what you sell)
  • Fee
  • Signing Bonus (usually with contracts)
    • Payout schedule (when do I get that bonus?)
  • Stock
• Career Salary
  • Cost of Living Assesment Increase (COLA): employers make sure they're paying enough for you to live
  • Merit Increase vs. Merit Bonus: Increase goes into base salary, bonus is a one-time check
  • Profit Sharing: get more money when company does well. Ask for average payout
  • Stock Options

Benefits

• Relocation Assistance for moving to different facilities (may be late)
• Insurance (health, life, disability)
• Vacation and Holidays (avg. 10 days per year)
• Education Tuition Assistance
• Expense Account, Company Vehicle
• Professional Organization Memberships (paid membership for IEEE, ACM, etc.)
• Savings and Retirement
  • Pension Plan
  • 401K
  • Stock Options (company only?)

Intangibles

• Location
• Industry Outlook
• Promotion Opportunities
• Responsibilities / Challenge (do you look forward to "work"?)
• Travel
• Life-Work Balance (phone calls at 2:00 am on Saturdays)

Salary Negotiation

• Don't discuss it until end of interview
• Know salary range to expect (may be first question asked; do your homework!)
• Never be first to bring it up
• Find what range company expects

Leverage:

• Competing offers (other company is offering more)
• Salary Surveys / Information (average is higher than what you're offering)
• Strong Relevant Experience
• Extraordinary skills (languages, technical, security clearance, etc.)
• Unusually high GPR
• Cost of Living Adjustments
• Consider Signing bonus
• Supply/Demand