Q & A Table of Contents
How Can I Get The Best Compensation As An Intern?
From: Troy, Kalamazoo, Michigan
Question: I am an co-op student in an engineering department at 'The Corporation'. I am currently interviewing for an entry-level position. Can you lend some advice on how to get the best possible pay/benifits package at this company or any other job. How much leverage will I have for an entry level position?
Response: The compensation package you pursue will reflect the length of time you'll be working for the company as well as whether it is a step on the way to a 'real job' with them once you have finished your education. In addition to that you have to do two kinds of homework; the first is to focus on your needs: how much money do you need to make to support yourself, to pay tuition or student loans, to live in your community with a reasonable lifestyle? What other elements of compensation are important to you - health insurance, retirement funds, easy commute, flexible hours, etc. Do you have any ego needs to get paid a certain amount - for example if you are doing work that is not terribly exciting, perhaps you need a greater incentive to do it.
Next you have to take a look at both the specific company and the general marketplace in which you are working. What kinds of compensation is offered to people in positions parallel to yours at your company and in other companies? Does the employer offer you a menu of elements of compensation from which you can choose 'one from Column A, two from Column B'? How does this compare with other companies in the area?
Figure out what issues are important to you and to the company as the compensation/job assignment decisions are made. Then ask questions of yourself, people you know, and folks at the company to get a sense of what you can request without seeming out of line. At that point you should be able to negotiate a good package for yourself. But preparation is the key.
Good luck,
Steve
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