Salary Negotiation Pop Quiz
Pop Quiz!
Thinking about salary negotiation makes you want to:
Throw up
Run away
Never ask, just be grateful to get hired
Wait, I’m supposed to negotiate?
Whether you’re new in career or a seasoned executive, salary negotiation is a critical skill that you can always improve on.
Even if you are a people pleaser, hate confrontation, don’t know how, or lack confidence, don’t miss out on the opportunity to ask for what you deserve. Remember, most people who make a request get something better than the original offer. And, if you don’t ask, you don’t get.
If salary negotiation stresses you out, check out these 8 tips to help you keep calm and earn more.
Don’t be scared to give a number.
In the beginning of the interview process, you will likely be asked about your salary requirements. There are lots of opinions out there about how to approach your response.
If you’ve done your market research, and you know where you need to be financially, it’s ok to give a range. (We recommend a range of $10k) But, if you don’t feel comfortable doing that, you can try this.
“Without knowing about your total rewards package, it’s hard for me to give you a number. Could you share the hiring range with me?”
Get perspective so you don’t take it personally.
The compensation that’s offered FOR the role is based on the value of the output needed FROM the role. So, approach the discussion with an understanding of the company’s perspective. When you receive an offer, remember you’re negotiating on the value you’ll bring to the role, not your value as a person. If you can create that emotional distance during the negotiation, you’ll be so much more effective in getting what you ask for.
You can’t put the toothpaste back in the tube.
Speaking of emotional distance, our salaries are inherently personal! A great comp package can mean more freedom, flexibility, time with family, and ultimately more joy. But if you want to maintain leverage during the negotiation, emotions don’t belong at the negotiation table. In order to find more emotional stability, create space and find ways to slow down. Take time to pause and step back from decisions to keep your emotions in check.
There’s power in the pause.
A conversation is a real-time dialogue between two people. Normally, silence in conversation is a bad thing. But in a negotiation, silence slows down the pace and allows each person to reflect and respond deliberately. When it’s time to make a request or ask for a specific number, say the words and then be quiet. Allow the silence to get awkward, if necessary because the first person who talks loses. What if a few seconds go by and they say, “Are you still there?” You can reply with this
“Yes, I was just giving you time to process my request”. And then shut up again.
Negotiate for “him/her” not “I/me.
When it’s time to think about what the role is worth to you, put distance between you and the money. A great way to manufacture objectivity is by imagining you’re advocating for someone else. When you’re working on behalf of someone, your approach is likely more factual and collaborative, right? Build your requests from this perspective to be less reactive and so the process won’t impact you in such a personal way.
It’s ok to change the number.
After learning about the position, what’s required for the role, and comparing the total compensation (benefits, bonus, 401k, etc) to what you’re earning now, you may discover the salary range you gave in the beginning of the interview process doesn’t feel right anymore. That’s OK! You can revise your range. Here are 2 sample scripts.
“Based on what I’ve learned about what the company is expecting out of this role, I need to revise my compensation expectations.”
Or
“Based on my research and what it will take to deliver what you need from this role, it looks like a salary of between X and Y will be more in alignment.”
It’s a tennis match, not a cage fight.
Remember negotiating is a collaborative conversation. When it’s time to talk about the numbers, do your research, anchor your range and then offer a collaborative question to allow them to respond. Like this
“My research shows that roles like these make between X and Y in the marketplace. Based on my experience in ABC, I’m targeting the higher end of that range. How close can we get?”
Yes, but did you die?
Negotiating is challenging when it’s not something you do every day. But the first time you successfully negotiate for yourself, you’ll create a memory that you can rely on for every negotiation in your life moving forward. You’ll feel empowered and you might just be able to help someone else achieve their first successful negotiation down the road.
We’ve had experience on both sides of the table and we want to help you avoid mistakes others have made. Schedule a free consultation to learn how to negotiate for everything you deserve.
👉What we’re reading and listening to:
In #equalpay news, research out of Vanderbilt’s Owen School of Business suggests that women ARE negotiating salaries, but organizations are simply saying no. This is contrary to popular belief that women don’t negotiate.
Speaking of salary negotiation, HerMoney has a great episode on how to negotiate fearlessly. Take a listen.
