How do I know if I'm getting paid enough?

[Doctor Jay 23]

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I recently accepted an offer from a retail pharmacy. I haven't signed any paperwork, and I've been listening to my friends talk about what they think this year's salary average will be and my offer is a little on the low side. Is there anything I can do?

 

[type b pharmD]

you can convince them you are worth more. to be specific, that you're worth more than the 'average' or whatever they are offering to you and your classmates. if you're better than them for whatever reason, tell them why you should be paid more.. more experience, faster worker, better with customers, better at meeting the #'s goals, etc. that's what theyre paying you for, so if you are better or can bring something better to the table, you could/should be paid better.


a general question deserves a general answer

 

[shopsteward]

I recently accepted an offer from a retail pharmacy. I haven't signed any paperwork, and I've been listening to my friends talk about what they think this year's salary average will be and my offer is a little on the low side. Is there anything I can do?

How sure are you that your friends know what they are talking about?

If you want to do something, you've two choices -

1) You negotiate for more before you sign the papers. It will be difficult to do this if you have already verbally accepted what they offer. Do you have any reasons which you can give for asking for more? Any other offers out there (or which you can convincingly say are out there?), or additional costs which you can factor in? Even if not, you could say "Since you made the offer I've researched the market in this area, your offer is below what would be expected, are you able to offer me X?"

or

2) You accept the offer, start the job, and then start working on asking for a rise, based on what you have shown you can offer, the value you provide to the company, and the costs to the company if you leave. You could ask for a rise after 6 months, maybe, depending on how things are going. Are you going to be happy working those 6 months at less than you now think (based on what your friends say) you are worth? Are you likely to get the rise in 6 months time?

Unless you are desperate for a particular job, it is a good idea, when you are made an initial offer, to ask whether they are able to make a better offer. If you don't ask, you don't get.

It's also good to negotiate from a position of strength - which means that you feel you have other options if the negotiations don't work out. Always start a negotiation knowing that you have a plan of action whichever way it turns out.

Also, be aware, this is an anonymous internet post, as are nearly all the others on this site, and you follow any advice in it at your own risk.

 

[Electrode]

I recently accepted an offer from a retail pharmacy. I haven't signed any paperwork, and I've been listening to my friends talk about what they think this year's salary average will be and my offer is a little on the low side. Is there anything I can do?

Okay, let's recapitulate:

You want to gamble on a job offer you got amidst an unstable job market that has been coated with a concurrent bad economy, all because of what YOUR FRIENDS THINK?
You probably have multiple job offers or some sort of back up plan....otherwise...Goodluck

 

[bigpharma]

What is your work worth to you? Do you like the practice setting? The schedule?

There is so much more that can go into a choice like this than just the dollar amount.

If I went into retail, I'd want to earn $15,000 more per year to work long shifts at a major chain than to go work at a slower-paced grocery store. And I'd probably choose the grocery store.

Where I live (in a university town) there is such glut of pharmacists right now that mostly only floater positions are available. The schedules are volatile and many pharmacists have to drive long distances. But the new grads that want a job here chose a more competitive market, and probably had to accept lower pay and worse schedules to remain here. Pay is different based on location, too.

 

[J ROD]

you dont ask questions like this.....

 

[Doctor Jay 23]

you can convince them you are worth more. to be specific, that you're worth more than the 'average' or whatever they are offering to you and your classmates. if you're better than them for whatever reason, tell them why you should be paid more.. more experience, faster worker, better with customers, better at meeting the #'s goals, etc. that's what theyre paying you for, so if you are better or can bring something better to the table, you could/should be paid better.


a general question deserves a general answer

Thank you for that general answer. But I get what you're saying. I guess because this is my first job, I don't know how specific, or forward, is too much.

 

[Doctor Jay 23]

Okay, let's recapitulate:

You want to gamble on a job offer you got amidst an unstable job market that has been coated with a concurrent bad economy, all because of what YOUR FRIENDS THINK?
You probably have multiple job offers or some sort of back up plan....otherwise...Goodluck

The market is unstable. That's why I don't want to feel short-changed with my salary.But, I guess I should not think about $$$ as much. All i know, is that I've got loan and a life I want to start. You can always get raises right?

 

[Doctor Jay 23]

How sure are you that your friends know what they are talking about?

If you want to do something, you've two choices -

1) You negotiate for more before you sign the papers. It will be difficult to do this if you have already verbally accepted what they offer. Do you have any reasons which you can give for asking for more? Any other offers out there (or which you can convincingly say are out there?), or additional costs which you can factor in? Even if not, you could say "Since you made the offer I've researched the market in this area, your offer is below what would be expected, are you able to offer me X?"

or

2) You accept the offer, start the job, and then start working on asking for a rise, based on what you have shown you can offer, the value you provide to the company, and the costs to the company if you leave. You could ask for a rise after 6 months, maybe, depending on how things are going. Are you going to be happy working those 6 months at less than you now think (based on what your friends say) you are worth? Are you likely to get the rise in 6 months time?

Unless you are desperate for a particular job, it is a good idea, when you are made an initial offer, to ask whether they are able to make a better offer. If you don't ask, you don't get.

It's also good to negotiate from a position of strength - which means that you feel you have other options if the negotiations don't work out. Always start a negotiation knowing that you have a plan of action whichever way it turns out.

Also, be aware, this is an anonymous internet post, as are nearly all the others on this site, and you follow any advice in it at your own risk.

I received another offer for around 8k more a year. But that area is a hard area to recruit for. I told the current offer this and they didn't seem interested in an increase.

 

[hckyplyr]

How low of an offer are you talking here? Also, what area of the U.S are you looking? You can ballpark a figure it that makes you more comfortable. Demographic will play a role in your salary and offer selection, thats the only reason I ask

 

[Doctor Jay 23]

How low of an offer are you talking here? Also, what area of the U.S are you looking? You can ballpark a figure it that makes you more comfortable. Demographic will play a role in your salary and offer selection, thats the only reason I ask

Other offers I've heard, or that have been estimated are around 117-120k. Said offer is not that much.

 

[shopsteward]

I received another offer for around 8k more a year. But that area is a hard area to recruit for. I told the current offer this and they didn't seem interested in an increase.

OK, a few more things to think about -

1) If it's a matter of money for its own sake, you've the higher offer to take.

2) If it's a worry that the money is objectively enough for you but you are subjectively concerned (based on what you/your friends consider the going rate) that the offer undervalues you, you need to consider how much of an issue that is or will be for you. Can you live with it, or will it make you miserable?

3) Based on the dealings you have had with your prospective employer to date, how receptive do you think they will be to giving you a pay rise in 6 months/1 year's time? What would you do if you didn't get such a pay rise?

Negotiating skills is an area of life that gets neglected by academic education, but a good grasp of the basics makes life easier and better. Understanding the process of negotiation, plus some practice, would help you sort these sorts of situations out better in the future. Personally I think it's probably best to find something fairly serious that explains the general process through the various principles, which you can then adapt and apply, rather than one of those "5 minute pay rise" things.

 

[pharmkj]

I would ask fellow classmates what they are getting, but you also have to factor in the years/amount of internships that had too (more experience = more money). Another factor you have to consider is whether or not you are willing to accept the scholarship and sign an extended contract.

I talked with a big retail chain recruiter, and they told me that for the most part they arent really trying to cheat you out on a salary. They actually research (each year) and take into consideration the job market demand, the economy, cost of living in that area, the cost the company is willing to spend on the salaries for pharmacists for that fiscal year etc etc and the list goes on.

Hence people's salary from last year might be higher than this year due to the economy/market. They also take into consideration the amount of applicant they have that will sign on as well. If you demand too high of a salary then they can easier and are more than willing to hire the other grad intern waiting to be hired.