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Do Not Just Negotiate Your Starting Salary

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Starting Salary

If you do not ask, you do not get it.

While we all know money is not everything, most job seekers only negotiate salary when negotiating a job offer.

Presuming the hiring manager says, “$85K is the best I can do,” then your next words should be along the lines of:

YOU: “Okay, I understand $85K is your best offer. I would be more comfortable if it were slightly higher, say $95K. With that in mind, could we discuss adding extra benefits and perks and revisiting the salary later, say in six months?

HIRING MANAGER: “Sure, what did you have in mind?”

Before I delve into “adding extra benefits and perks,” I want to discuss salary—the reason we hold down jobs.

Salary discussions should always take place at the end of the hiring process or, better yet, after receiving a written job offer. When “What compensation are you looking for?” is inevitably asked, I will say, “If you do not mind, I would rather leave the money discussion when you make me a job offer.” (Note I do not say, “If you make me a job offer.” Throughout the hiring process, I assume I will get the job.)

Never start to negotiate salary in the midst of the hiring process. You are not negotiating before the employer has said: “We want to hire you,” you are putting a price tag on yourself, which means that your interviewer is now going to ask themselves, “Is Bob worth the $75K he is asking?”

When negotiating salary, think about these three “Ws”:

  1. Wish:A salary you open with and wish to receive. (g., $100K)
  2. Want: Your actual salary target, which is lower than your wish. (g., $85K)
  3. Walk: The salary you will not go below. (g., $75K)

 

It would be great if all employers were upfront in the job postings regarding salary. However, for many reasons, many that are understandable, it is common for employers to refrain from posting salary information. If they do, it is a salary range. Therefore, during the hiring process, you will be asked what your salary expectation is.

In the first five minutes of an initial conversation, which is usually the interview vetting stage, regarding an opportunity, I will ask, “So we do not waste each other’s time, do you mind my asking what the salary for this position is?”

Usually, I will be given a salary range and then asked what I am looking for. Unless the salary is in my “walk” range, I will answer, as I mentioned before, that the range works for me at this point and that I would rather discuss salary when I get a job offer. If you do not feel comfortable with the salary range, do not continue the interview.

In addition to your “want” salary, seriously consider negotiating “extras” such as:

  • Bonus 

Ask what the position expectations are, then propose a bonus plan that says when—belief in absolute success, not “if“—you achieve XYZ, then you receive a bonus of X.

Employers love it when they are able to give something in return for receiving something. On the other hand, they do not like negotiating for the sake of negotiating. The key to a successful bonus conversation is understanding what a win is for the company.

 

  • Your hours

A flexible work schedule can be invaluable. Discuss how you are most productive when you work slightly different hours. (e.g., you are a morning person or an afternoon person). Maybe you have kids you want to take to school every morning or are looking after an elderly parent.

 

  • Paid time off

Employers offer a set amount of starting paid vacation time, usually 2 weeks. If you are coming from a company with more weeks, say three, ask your potential employer to match that number.

 

  • Job title 

Depending on where you are in your career, now may be an ideal time to negotiate a title with your prospective employer.

By negotiating a higher title, even if you are not getting paid more, your pay comparable will be higher at your next employer. This is because you have created the illusion of a higher-paying job.

 

  • Professional development

Professional development and training should be a part of your career management activities, regardless of your profession or position, and should align with your long-term career goals. Negotiate a budget for career-enhancing activities such as classes and conferences.

The above are just a few suggestions on what you can negotiate besides your starting salary. The list is endless, from money for grad school to childcare reimbursement to subsidizing your commuting costs. I once had a candidate ask if their industry magazine subscriptions, four in total, could be covered. Remember, if you do not ask, you do not get.

Above all, only accept a job if you are completely satisfied with the compensation package. Do not be one of those employees who complain about their agreed-to salary.

Lastly, always get everything you have negotiated in writing; otherwise, it does not exist.

_________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

 

Business

Telus prioritizing ‘most important customers,’ avoiding ‘unprofitable’ offers: CFO

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Telus Corp. says it is avoiding offering “unprofitable” discounts as fierce competition in the Canadian telecommunications sector shows no sign of slowing down.

The company said Friday it had fewer net new customers during its third quarter compared with the same time last year, as it copes with increasingly “aggressive marketing and promotional pricing” that is prompting more customers to switch providers.

Telus said it added 347,000 net new customers, down around 14.5 per cent compared with last year. The figure includes 130,000 mobile phone subscribers and 34,000 internet customers, down 30,000 and 3,000, respectively, year-over-year.

The company reported its mobile phone churn rate — a metric measuring subscribers who cancelled their services — was 1.09 per cent in the third quarter, up from 1.03 per cent in the third quarter of 2023. That included a postpaid mobile phone churn rate of 0.90 per cent in its latest quarter.

Telus said its focus is on customer retention through its “industry-leading service and network quality, along with successful promotions and bundled offerings.”

“The customers we have are the most important customers we can get,” said chief financial officer Doug French in an interview.

“We’ve, again, just continued to focus on what matters most to our customers, from a product and customer service perspective, while not loading unprofitable customers.”

Meanwhile, Telus reported its net income attributable to common shares more than doubled during its third quarter.

The telecommunications company said it earned $280 million, up 105.9 per cent from the same three-month period in 2023. Earnings per diluted share for the quarter ended Sept. 30 was 19 cents compared with nine cents a year earlier.

It reported adjusted net income was $413 million, up 10.7 per cent year-over-year from $373 million in the same quarter last year. Operating revenue and other income for the quarter was $5.1 billion, up 1.8 per cent from the previous year.

Mobile phone average revenue per user was $58.85 in the third quarter, a decrease of $2.09 or 3.4 per cent from a year ago. Telus said the drop was attributable to customers signing up for base rate plans with lower prices, along with a decline in overage and roaming revenues.

It said customers are increasingly adopting unlimited data and Canada-U.S. plans which provide higher and more stable ARPU on a monthly basis.

“In a tough operating environment and relative to peers, we view Q3 results that were in line to slightly better than forecast as the best of the bunch,” said RBC analyst Drew McReynolds in a note.

Scotiabank analyst Maher Yaghi added that “the telecom industry in Canada remains very challenging for all players, however, Telus has been able to face these pressures” and still deliver growth.

The Big 3 telecom providers — which also include Rogers Communications Inc. and BCE Inc. — have frequently stressed that the market has grown more competitive in recent years, especially after the closing of Quebecor Inc.’s purchase of Freedom Mobile in April 2023.

Hailed as a fourth national carrier, Quebecor has invested in enhancements to Freedom’s network while offering more affordable plans as part of a set of commitments it was mandated by Ottawa to agree to.

The cost of telephone services in September was down eight per cent compared with a year earlier, according to Statistics Canada’s most recent inflation report last month.

“I think competition has been and continues to be, I’d say, quite intense in Canada, and we’ve obviously had to just manage our business the way we see fit,” said French.

Asked how long that environment could last, he said that’s out of Telus’ hands.

“What I can control, though, is how we go to market and how we lead with our products,” he said.

“I think the conditions within the market will have to adjust accordingly over time. We’ve continued to focus on digitization, continued to bring our cost structure down to compete, irrespective of the price and the current market conditions.”

Still, Canada’s telecom regulator continues to warn providers about customers facing more charges on their cellphone and internet bills.

On Tuesday, CRTC vice-president of consumer, analytics and strategy Scott Hutton called on providers to ensure they clearly inform their customers of charges such as early cancellation fees.

That followed statements from the regulator in recent weeks cautioning against rising international roaming fees and “surprise” price increases being found on their bills.

Hutton said the CRTC plans to launch public consultations in the coming weeks that will focus “on ensuring that information is clear and consistent, making it easier to compare offers and switch services or providers.”

“The CRTC is concerned with recent trends, which suggest that Canadians may not be benefiting from the full protections of our codes,” he said.

“We will continue to monitor developments and will take further action if our codes are not being followed.”

French said any initiative to boost transparency is a step in the right direction.

“I can’t say we are perfect across the board, but what I can say is we are absolutely taking it under consideration and trying to be the best at communicating with our customers,” he said.

“I think everyone looking in the mirror would say there’s room for improvement.”

This report by The Canadian Press was first published Nov. 8, 2024.

Companies in this story: (TSX:T)

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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

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CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

The Canadian Press. All rights reserved.

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

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BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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