Salary

Salary can be expressed in two ways:

Salaried rate.  For workers hired on a weekly, monthly or annual basis, the rate of pay normally expressed in terms of dollars per week, month or year as opposed to payment for an hour of work.

Hourly rate.  Usually the rate of pay, expressed in dollars and cents per hour, for work paid on a time basis.

When considering salary, candidates need to be aware that “exempt” employers are not subject to the provisions of the Fair Labor Standards Act and are not paid for “overtime”.  Professionally-oriented jobs may be exempt and the person is paid for the job, not the hours worked.

Most professionally-oriented jobs will be salaried (paid for the job, not the hours) and candidates need to be prepared to discuss salary in these terms.

To convert hourly salary into yearly, multiply by 2080 (52 weeks x 40 hours/week).

Compensation  in addition to salary might include:

Merit Pay.  An incentive plan implemented on an institutional wide basis to give all employees an equal opportunity for consideration, regardless of funding source. The merit increase program is implemented when funds are designated for that purpose by the institution's administration, dependent upon the availability of funds and other constraints.

Profit Sharing.  An incentive based compensation program to award employees a percentage of the company's profits.

Employee Stock Ownership Plan (ESOP).  An ESOP is a defined contribution employee benefit plan that allows employees to become owners of stock in the company they work for.

Gainsharing.  A technique that compensates workers based on improvements in the company's productivity.

Discussing Salary

Do your homework!

When submitting your resume and cover letter, only provide salary information IF requested.  Two common requests include:

Salary history.  Provide brief information in the cover letter.  Given that most recent graduates have had casual or part-time employment, the history should be “couched” in these terms.  You may want to suggest your anticipated salary also.

Salary requirements.  Know the typical salary for the position in your geographic area and suggest a $3-5000 range based on the information you collected.

Discussion of salary in the Interview

Your aim at the interview is to get the job offer.  Be sure you understand the responsibilities and ask all your questions.  You may want to inquire when/how your performance will be evaluated; there may be the potential for a salary increase.

Be aware of the total compensation package; benefits can add considerable value!  Request the offer in writing so there are no questions about the details.  Included in this letter would be compensation including benefits, start-date, conditions of employment, immediate supervisor, etc.

SOURCES OF SALARY INFORMATION

NACE - National Association of Colleges and Employers.  Extensive salary information given for recent graduates by majors and job functions.  View copy in The Career Center.

Wisconsin Careers - Salary given by area of the state and comparisons to Chicago and national figures.  Obtain directions to use web site in The Career Center.

Occupational Outlook Handbook - published by the US Department of Labor.  Go to www.bls.gov/oco

http://jobstar.org/tools/salary/index.cfm

http://www.salary.com

http://wageweb.com/ - use “view” sections for several employment areas

http://www.bestplaces.net/html/citycompare.asp - salary comparisons between cities