Salary Negotiations

[Stunt]

How can I determine my value, from the perspective of my company?

Is there a rule of thumb that can equate;
Education
Experience with company
Past Year's implemented Cost Savings
Reduced Liabilities through secondary safety role
Investment in my training
Future replacement of very old management staff

 

[z0mb13]

usually they only go by what its typical for the market

all the other factors you mentioned but education and experience is almost meaningless

 

[Stunt]

Originally posted by: z0mb13
usually they only go by what its typical for the market

all the other factors you mentioned but education and experience is almost meaningless

Implemented cost savings mean nothing??

 

[BatmanNate]

Originally posted by: Stunt

Originally posted by: z0mb13
usually they only go by what its typical for the market

all the other factors you mentioned but education and experience is almost meaningless

Implemented cost savings mean nothing??

Well, you obviously don't work for the government.

 

[Stunt]

Originally posted by: BatmanNate

Originally posted by: Stunt

Originally posted by: z0mb13
usually they only go by what its typical for the market

all the other factors you mentioned but education and experience is almost meaningless

Implemented cost savings mean nothing??

Well, you obviously don't work for the government.

Haha, nope.

 

[Kelvrick]

So you're negotiating a starting salary, or your raise?

 

[Stunt]

Originally posted by: Kelvrick
So you're negotiating a starting salary, or your raise?

Raise...my contractual raises (4% every 4months) run out in july.

 

[sygyzy]

This is a very good question that pops up often. You are correct. There is a formula you can use, specifically one that incorporates your suggested criteria. I present it to you as thus:

Education (years x $1000 + years grad x $1250)
Experience with company (years x $700)
Past Year's implemented Cost Savings (dollar amount x 0.10)
Reduced Liabilities through secondary safety role (dollar amount x 0.03)
Investment in my training (training costs, estimated, x 0.15)
Future replacement of very old management staff ($500)

Add this to a base value, normally $30k, and you have your amount. Let us know how your negotiations go.

 

[Stunt]

Originally posted by: sygyzy
This is a very good question that pops up often. You are correct. There is a formula you can use, specifically one that incorporates your suggested criteria. I present it to you as thus:

Education (years x $1000 + years grad x $1250)
Experience with company (years x $700)
Past Year's implemented Cost Savings (dollar amount x 0.10)
Reduced Liabilities through secondary safety role (dollar amount x 0.03)
Investment in my training (training costs, estimated, x 0.15)
Future replacement of very old management staff ($500)

Add this to a base value, normally $30k, and you have your amount. Let us know how your negotiations go.

My starting rate out of school was ~$57k, add that to the above?
Or start with $30k?

 

[sygyzy]

Originally posted by: Stunt

Originally posted by: sygyzy
This is a very good question that pops up often. You are correct. There is a formula you can use, specifically one that incorporates your suggested criteria. I present it to you as thus:

Education (years x $1000 + years grad x $1250)
Experience with company (years x $700)
Past Year's implemented Cost Savings (dollar amount x 0.10)
Reduced Liabilities through secondary safety role (dollar amount x 0.03)
Investment in my training (training costs, estimated, x 0.15)
Future replacement of very old management staff ($500)

Add this to a base value, normally $30k, and you have your amount. Let us know how your negotiations go.

My starting rate out of school was ~$57k, add that to the above?
Or start with $30k?

No you can't add to that because some of the criteria includes stuff pre hire and some are as a result of you already working there and adding value and gaining experience. You'll need to seperate it out and find a common ground between 30 and 57.

 

[Stunt]

Ok, very nice...thanks for the advice.

 

[Stunt]

Originally posted by: sygyzy

Originally posted by: Stunt

Originally posted by: sygyzy
This is a very good question that pops up often. You are correct. There is a formula you can use, specifically one that incorporates your suggested criteria. I present it to you as thus:

Education (years x $1000 + years grad x $1250)
Experience with company (years x $700)
Past Year's implemented Cost Savings (dollar amount x 0.10)
Reduced Liabilities through secondary safety role (dollar amount x 0.03)
Investment in my training (training costs, estimated, x 0.15)
Future replacement of very old management staff ($500)

Add this to a base value, normally $30k, and you have your amount. Let us know how your negotiations go.

My starting rate out of school was ~$57k, add that to the above?
Or start with $30k?

No you can't add to that because some of the criteria includes stuff pre hire and some are as a result of you already working there and adding value and gaining experience. You'll need to seperate it out and find a common ground between 30 and 57.

Are 4% wage increases every 4 months normal?
What are typical wage increases after first year of employment?

 

[chambersc]

Originally posted by: sygyzy
This is a very good question that pops up often. You are correct. There is a formula you can use, specifically one that incorporates your suggested criteria. I present it to you as thus:

Education (years x $1000 + years grad x $1250)
Experience with company (years x $700)
Past Year's implemented Cost Savings (dollar amount x 0.10)
Reduced Liabilities through secondary safety role (dollar amount x 0.03)
Investment in my training (training costs, estimated, x 0.15)
Future replacement of very old management staff ($500)

Add this to a base value, normally $30k, and you have your amount. Let us know how your negotiations go.

what if, in my situation, I excelled in school and skipped roughly 3-4 years from school? Surely my pay shouldn't be punished.

 

[JS80]

Depends on the industry. What industry are you in and in what market (city)?

 

[Stunt]

Originally posted by: JS80
Depends on the industry. What industry are you in and in what market (city)?

Manufacturing
City doesn't matter.

 

[JS80]

Originally posted by: Stunt

Originally posted by: JS80
Depends on the industry. What industry are you in and in what market (city)?

Manufacturing
City doesn't matter.

Of course the city matters...

Manufacturing? Your salary should be decreasing due to outsourcing. So yea 4% increase every 4 months is not normal.

 

[Stunt]

Originally posted by: JS80

Originally posted by: Stunt

Originally posted by: JS80
Depends on the industry. What industry are you in and in what market (city)?

Manufacturing
City doesn't matter.

Of course the city matters...

Manufacturing? Your salary should be decreasing due to outsourcing. So yea 4% increase every 4 months is not normal.

What I make cannot be outsourced.

 

[sygyzy]

Originally posted by: chambersc

Originally posted by: sygyzy
This is a very good question that pops up often. You are correct. There is a formula you can use, specifically one that incorporates your suggested criteria. I present it to you as thus:

Education (years x $1000 + years grad x $1250)
Experience with company (years x $700)
Past Year's implemented Cost Savings (dollar amount x 0.10)
Reduced Liabilities through secondary safety role (dollar amount x 0.03)
Investment in my training (training costs, estimated, x 0.15)
Future replacement of very old management staff ($500)

Add this to a base value, normally $30k, and you have your amount. Let us know how your negotiations go.

what if, in my situation, I excelled in school and skipped roughly 3-4 years from school? Surely my pay shouldn't be punished.

chambersc - Most companies will give similar credit to experience as they do to schooling. I hope you did something in those extra years you had ahead of your peers.

 

[JS80]

Originally posted by: Stunt

Originally posted by: JS80

Originally posted by: Stunt

Originally posted by: JS80
Depends on the industry. What industry are you in and in what market (city)?

Manufacturing
City doesn't matter.

Of course the city matters...

Manufacturing? Your salary should be decreasing due to outsourcing. So yea 4% increase every 4 months is not normal.

What I make cannot be outsourced.

I've audited manufacturing co's. I've never seen raises above COL for below management positions.

 

[sygyzy]

Originally posted by: Stunt

Originally posted by: sygyzy

Originally posted by: Stunt

Originally posted by: sygyzy
This is a very good question that pops up often. You are correct. There is a formula you can use, specifically one that incorporates your suggested criteria. I present it to you as thus:

Education (years x $1000 + years grad x $1250)
Experience with company (years x $700)
Past Year's implemented Cost Savings (dollar amount x 0.10)
Reduced Liabilities through secondary safety role (dollar amount x 0.03)
Investment in my training (training costs, estimated, x 0.15)
Future replacement of very old management staff ($500)

Add this to a base value, normally $30k, and you have your amount. Let us know how your negotiations go.

My starting rate out of school was ~$57k, add that to the above?
Or start with $30k?

No you can't add to that because some of the criteria includes stuff pre hire and some are as a result of you already working there and adding value and gaining experience. You'll need to seperate it out and find a common ground between 30 and 57.

Are 4% wage increases every 4 months normal?
What are typical wage increases after first year of employment?

This is certainly NOT normal. The average raise annually is between 2-4 percernt. A lot of it is dependent on cost of living. For example, if you live in an expensive city that has a COL increase of 3% and you only get a 2.5% raise, you can view that as effectively taking a paycut.

 

[Stunt]

Originally posted by: sygyzy

Originally posted by: Stunt

Originally posted by: sygyzy

Originally posted by: Stunt

Originally posted by: sygyzy
This is a very good question that pops up often. You are correct. There is a formula you can use, specifically one that incorporates your suggested criteria. I present it to you as thus:

Education (years x $1000 + years grad x $1250)
Experience with company (years x $700)
Past Year's implemented Cost Savings (dollar amount x 0.10)
Reduced Liabilities through secondary safety role (dollar amount x 0.03)
Investment in my training (training costs, estimated, x 0.15)
Future replacement of very old management staff ($500)

Add this to a base value, normally $30k, and you have your amount. Let us know how your negotiations go.

My starting rate out of school was ~$57k, add that to the above?
Or start with $30k?

No you can't add to that because some of the criteria includes stuff pre hire and some are as a result of you already working there and adding value and gaining experience. You'll need to seperate it out and find a common ground between 30 and 57.

Are 4% wage increases every 4 months normal?
What are typical wage increases after first year of employment?

This is certainly NOT normal. The average raise annually is between 2-4 percernt. A lot of it is dependent on cost of living. For example, if you live in an expensive city that has a COL increase of 3% and you only get a 2.5% raise, you can view that as effectively taking a paycut.

My city is dirt cheap to live in. My expenses are about half my take home pay.

 

[Stunt]

Originally posted by: JS80

Originally posted by: Stunt

Originally posted by: JS80

Originally posted by: Stunt

Originally posted by: JS80
Depends on the industry. What industry are you in and in what market (city)?

Manufacturing
City doesn't matter.

Of course the city matters...

Manufacturing? Your salary should be decreasing due to outsourcing. So yea 4% increase every 4 months is not normal.

What I make cannot be outsourced.

I've audited manufacturing co's. I've never seen raises above COL for below management positions.

Good thing I'm in management🙂...didn't think about that did you?😉

 

[JS80]

Originally posted by: Stunt

Originally posted by: JS80

Originally posted by: Stunt

Originally posted by: JS80

Originally posted by: Stunt

Originally posted by: JS80
Depends on the industry. What industry are you in and in what market (city)?

Manufacturing
City doesn't matter.

Of course the city matters...

Manufacturing? Your salary should be decreasing due to outsourcing. So yea 4% increase every 4 months is not normal.

What I make cannot be outsourced.

I've audited manufacturing co's. I've never seen raises above COL for below management positions.

Good thing I'm in management🙂...didn't think about that did you?😉

hah touche. good measure is market wage + cost to obtain and train new employee + a$$ kiss factor

 

[Kelvrick]

Originally posted by: Stunt

Originally posted by: JS80

Originally posted by: Stunt

Originally posted by: JS80

Originally posted by: Stunt

Originally posted by: JS80
Depends on the industry. What industry are you in and in what market (city)?

Manufacturing
City doesn't matter.

Of course the city matters...

Manufacturing? Your salary should be decreasing due to outsourcing. So yea 4% increase every 4 months is not normal.

What I make cannot be outsourced.

I've audited manufacturing co's. I've never seen raises above COL for below management positions.

Good thing I'm in management🙂...didn't think about that did you?😉

When he asked what industry, your answer kinda indicated you were manual labor or assembly line. Although you didn't lie, you shoulda said management 😀

 

[Stunt]

Originally posted by: JS80
hah touche. good measure is market wage + cost to obtain and train new employee + a$$ kiss factor

You must NOT be in management...