Salary & Negotiation

University of Minnesota - College Pharmacy

You got an interview and maybe even an offer, now what?

Research Salary Negotiation

Know your target BEFORE an interview ALWAYS negotiate
-Do your research on similar jobs and what they typically - Only AFTER an offer is made
make (Resources on flip side of page) - Only when intending to take the position
- You may want to ask others in your profession what type of - Know who to negotiate with (sometimes it's your potential
experience they had with typical starting pay manager or HR)
- Do not be the first to give a salary number - you could be - They will be the first to give the number, then you can
way off (either lower or higher) counter offer. If they come back with a different number, that
Consider saying: "I'll consider any reasonable offer" or "I'm is the final one.
happy to negotiate with an offer on the table" - Negotiate based on skills/experiences (residency counts)
/what your bring, NOT what you need

After an Interview
- Prioritize what to negotiate (usually start with salary)
- Consider adding things on (adding a license or certification
they could cover costs for)
Follow up is ALWAYS on you
- Negotiation should occur over the phone or in person when
- Relentless yet respectful - applies to all interactions
possible.
- Ask about timelines and follow up accordingly
-ALWAYS have final offer in writing (salary & start date).
- Take Ownership but don't over do it
Sometimes your negotiation can be re-evaluated, get this in
- Rule of thumb: Attempt follow up once a week, using three
writing too
different modes of communication (phone, email, another
personnel) Examples of what to consider when comparing/considering offers
and when discussing negotiations
- Re-iterate your interest

Receiving an Offer
Be prepared for the phone call
- Express gratitude and enthusiasm
- Clarify the offer (salary and benefits)
- Ask if offer is negotiable
- If salary is not negotiable, ask what aspects of the offer are
negotiable
- Ask for timeline: "when would you like an answer from me"
- 24-48 hours is typical
- Never take an offer on the spot
- Consider walking through the offer with someone else (preferably
someone in College of Pharmacy and maybe someone outside of it)
 Salary & Negotiation University of Minnesota - College Pharmacy

Reneging on Offers Multiple Offers

Pharmacy is a small profession
- NOT recommended to take an offer and then drop out of it
- This can severely negatively impact your reputation, as well as the
reputation of the College of Pharmacy students and alumni
- Clarify the offer (salary and benefits)
- Hurts the organization and your colleagues
- Ultimately your choice
Know the timeline
- Find out when all offers need to be addressed by
- Be cautious about notifying the company that you have another
offer
- Evaluate each option on its own merit - there's always the
possibility of "something better out there" but where will you draw
the line?
- Seek consultation - faculty, mentors, support system

Reminders ADVOCATE
- Start the searching process when you are able to FOR YOURSELF
- Typically takes 3-6 months searching full time to find and secure IN YOUR
- Use multiple resources
- Every process is different
NEGOTIATIONS
- Avoid comparing to your peers What is important to
- Remember that pharmacy is a close community - highest level of you? Vacation time?
professionalism throughout the entire process Salary? Certifications?

Researching Salary:
Resources
Glassdoor.com
Salary.com
Internal sources (when possible)

How to Negotiate Your Ideal Salary: https://www.pharmacytimes.com/contributor/alex-barker-pharmd/2017/05/how-to-negotiate-

your-ideal-salary-without-blowing-the-job-offer

Three tips for Negotiating Salary: https://www.pharmacytimes.com/contributor/alex-barker-pharmd/2017/06/three-tips-for-

negotiating-your-salary-at-your-new-job-

Salary Negotiation: https://connect.ashp.org/blogs/meredith-jannsen/2011/08/01/pharmacist-job-search-salary-negotiation?

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