Negotiate Your Next Compensation Package Like a Boss!
We talk about money and specifically negotiating tips for compensation. We even do a little role play. Now, all of this is personal and situational, but in general, here are my rules…
- Know your value: know what you are worth and what the market will bear. Do your research. Use your tools. See what your competitors are doing, what are they offering and how much they charge. Remember that value isn’t always about money; quality of life, location, educational benefits, all the things that bring value to your life.
- Don’t be desperate: taking whatever job or pay to get out of a situation that is so bad right now is neither a career nor a money making strategy.
- Listen and don’t answer with a number: in order for the role you are applying for to be opened to candidates, someone at that company had to budget for its salary. Everyone you will talk to in the process likely knows that number. You want to find out that number before you say yours: this is the only way to feel like you aren’t leaving money on the table. Gather all the facts: how long has this role been open? How quickly are they looking to fill it? How many other people are they talking to? Remember that most likely, the company desperately needs someone as special, unique and qualified as you. You are in the driver’s seat.
- Be prepared to ask for what you deserve and for the difficult conversations: this one goes hand-in-hand with my number 3. My favorite corporate leadership practice is from my IBM days: “Think. Prepare. Rehearse.” Don’t let the first time you answer the question: “What are your salary requirements?” be when you are talking to that recruiter about that job you have been dreaming of. Come to the conversation ready with a bomb answer. Grab a girlfriend and role-play before then.
- Don’t take a pay cut: specifically, always increase the value of your compensation package. If you go backwards, it will be super in the longer-term to catch up. Of course, there are extenuating circumstances, but in general, you always want to increase your salary by at least 10% job-to-job.
- The best time to negotiate is when you start a new job: because once you are in at a company, you are into the system, you are no longer a special outsider. You want to get as much as you can before you come in. Promises down the line, even in writing, don’t equate to coin in your pocket. Everything changes and none of that will likely be in your control. The only time you are in control is when you are first joining; that’s really the only for sure time you have to elevate. yourself.
Final but important note: when we take an offer that is less than we deserve, especially for us women, we are essentially diminishing the value of all of our collective work, experience, capabilities, and potential growth. This doesn’t help bridge the glass ceiling gap; to the contrary, it hinders all of us. So let’s just not do that; rather, let’s help each other out!
Need help preparing? Contact me!
Released May 28, 2019
For a great read on the topic: Chris Voss’ Never Split The Difference