I Negotiated My Salary When I Was 25 (pt. II)

How the right preparation will give you the confidence to ask for what you want




I covered the importance of what you leave on the table by not negotiating. Now, I want to go over some tips on how to start preparing for a negotiation.


For my job in headhunting, I am constantly negotiating job offers in the 100K - 300K salary range. I have also helped a number of my friends negotiate their job offers and salaries and ultimately negotiated my own.


For any negotiation you go into, the golden rule is preparation.


Preparation Tip : Market Research


Find out: What are other employers in similar industries paying for your same job? Glassdoor and other salary guide sites such as salary.com and payscale.com are a huge help here.


Ask yourself: Is there anyone in your current office you can talk openly about salary with? Work friends who don't mind sharing? Mentors who can provide guidance?


Prior to your negotiation, you want to start building a range in mind for the base you are asking for.


Preparation Tip : What else is on the table?


This one is HUGE, and I can't stress this enough: You might not get the base number you want! :/ That's life!


HOWEVER, while you're negotiating, think about everything else that is on the table that you can ask for.


What else can be negotiated:

Bonus

Sign-on Bonus

Re-Lo

Title

Vacation Days

Work From Home Days

Equity


Preparation Tip : What's your walkaway point?


This one comes down to you personally. You personally need to know the number you will do this work for. As you start your job search, figure out what your bottom line number is.


If the job you are interviewing for doesn't offer the comp you are hoping for, is it worth it or not? If it is, still try to close the gap. But, you need to understand your own price point.


Same thing at your current company.


Really ask yourself what are your 'needs' and what are your 'nice to haves' on an offer/raise.


Preparation Tip : What have you accomplished?


“A 2011 McKinsey report noted that men are promoted based on potential, while women are promoted based on past accomplishments.”


Knowing this, WOMEN -> Have your accomplishments handy.


What was the result of the work you have done so far? What value did you bring? What projects or events have you led? What are the key accounts you onboarded?


If you are going in for a raise, start creating a list of everything you have brought to the company since starting.


Preparation Tip : Practice, Practice, Practice


Confidence comes with knowing what you want and practicing asking for it.


Find a friend, family member, or mentor and do a mock negotiation. Record yourself asking to see how you are coming across.


LAST HUGE TIP: Be direct! Women, by and large, love to beat around the bush. Ask for what you want, especially if this is a raise negotiation! Try to cut out the small talk and just let them know what you are wanting.

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Legal Note: I am not a licensed financial advisor. The information that I coach is based off of my personal research in finance, and should be taken as such. I will introduce you to concepts and educate you in the field, but I will not advise you to invest in certain assets etc. 

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