I’m working on a business case study and need an explanation to help me learn.
It is important to know your worth to an employer, however, we also should have reasonable expectations on how much we should be compensated based on some of the following factors: education, work experience and expected job responsibilities.The case study below will help you develop strong skills and strategies to negotiate salaries.
1. Read the case study below and answer the associated questions. Once you have completed the questions please upload your responses to Canvas to receive credit.
How do you negotiate when it’s your dream job?
Current pay: $55,000 with great benefits
Background: Stan was working a good hospitality job with great benefits, but through networking and hard work, he landed an interview at his dream company, Marriott Corporate. Not only was this an internationally recognized organization, but this particular company was ranked among the top in the world. Note that this was not an open, posted position, but rather was something the company was thinking of creating just for him. The problem? It’s hard to negotiate when it would be unbearably difficult to walk away from an offer.
When asked during an initial phone call with Marriott for his salary expectations for this job, he stated a range of mid-to-upper $40,000 for his base.
While the upside is that he knew what he was looking for and was honest and upfront, the downside is that by going first, and not knowing how they structured their positions, he might have been too high or too low in his request.
Questions: 1. What would you have done differently if you were Stan? Would you have done anything differently? 2. Do you think that Stan went too high or too low with his offer? Why? 3. If Stan is offered the position at the salary of $41,000, do you believe he should accept or negotiate a higher salary? Do you think he should stay in his current position? Why?