The Whitworthian

Issue date: 11/20/07 Last Updated: 11/19/07

Upon graduating, it is essential to have an understanding of financial planning and salary negotiation. Career Services has some tips and resources to help students gain this comprehension.

It is important to look mainly at what prospective employers are offering immediately upon hire, rather than benefits gained after working for one year or 10.

"Be careful of promises of riches down the line," director of Career Services Gordon Jacobson said.

Jacobson encourages people to have a sense of what is realistic in terms of insurance plans and know what is offered for insurance. Some companies have a set benefits package, while others let the employee choose what is covered. It is important to ask: What's the out-of-pocket cost for me? When does the plan begin to take effect? How are pre-existing conditions covered, if at all?

Be knowledgeable of vacation time and sick leave. How much is offered, how the employer defines sick time and benefits to not taking either. These questions are things to ask during the negotiation process of interviewing, Jacobson said.

"It's nice to see it in writing," Jacobson said. "Take as much time as you need to make the appropriate decision."

If an employer is serious about hiring, it is unlikely there will be a problem with taking information home to look over, Jacobson said.

When negotiating a salary, it is important to know how much you want to make. Factor in cost of living, regional salaries and benefits. One way to find out this information is salary.com.

This Web site has links to determine the cost of living in different areas, as well as regional salaries and links to other related Web sites. When asked about your desired salary, be sure to have an amount in mind as well as how the number was reached. Negotiations will be more favorable if numbers are justified and researched, Jacobson said.

Be sure of what you want, what is available and what is expected before going into any salary negotiation. Inquire of benefits and what will be given upon hire and what will be received later down the line, Jacobson said.

Contact Felicity Brigham at felicity.brigham@whitworthian.com.

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