3 Tips for your negotiation conversation

Have you ever negotiated for your compensation package?

While it is a normal thing to do, many people have never actually done it before. So if you haven’t either, or if you feel a little lost about how to go about doing it, you’re definitely not alone.

I recently had a client who’d never negotiated. When she landed the job she was applying for, she wound up feeling disappointed that they were offering a significantly smaller salary than what she was hoping for. She thought about turning down the offer, because who wants to get paid less than what they deserve?

I said to her, “They’re not offering you what you want right now. What if they offered to pay you more? Would you accept the job then?” She was like “Yes!” So we started discussing how to go about negotiating for a higher salary. The result? They offered her an additional $15,000 and she took the job. Success!

So it’s possible! If you’ve never negotiated before, you can absolutely have that kind of conversation the next time you get an offer. Here’s a few tips you need to know in order to set yourself up for success.

Always Be Ready

You should be ready for the negotiation conversation from the very beginning. You never know when you might be asked about your compensation goals, and you need to have a plan for how you’re going to respond to that question whenever it comes up.

That means as soon as you start thinking about applying for a job, it’s time to also start doing a little planning and research to prepare yourself for negotiation. Do your research early! Know what your numbers are. Figure out what their range is. Expect to be asked early so you don’t get caught slippin’.

What’s The Market Value?

Basically, you need to know how much this job and similar jobs are paying.

AND…

You also need to know how you stack up against the average incumbent for the role. Are you more or less qualified than the average hire for this type of role? Are you more or less skilled? What unique experiences do you have?

This is where you’ll have to do some digging. Tap into resources like Glassdoor, O*net, LinkedIn, and networking opportunities to uncover valuable information that will help you negotiate the best deal.

Win-Wins Win

A successful negotiation scenario is one that feels like a win for both parties: You get what you want, and your employer gets what they want. You want a compensation package that allows you to take care of your needs and lead the lifestyle you envision for yourself. Your employer wants to bring on a strong new employee in a timely manner and stay within budget.

Of course, you have to be your own champion, and that means you have to advocate for what you need AND want. Remember, once you’ve been made an offer, you’ve been identified as the most valuable candidate available. So be confident and make the ask! But also remember to be a caring partner in the engagement. Be upfront about what you want and why you should have it, and do what you can to make the employer happy about things too.

Because starting off on the right foot will go a long way when it comes time for you to show up and actually work there.

Wrapping Up

Negotiating is your friend.

Negotiating is your friend.

Negotiating…is your friend!

Think about this: What you lose out on in negotiations, you will likely never recuperate. If you miss out on that extra 5k in salary, that 5k will blossom into 25k in 5 years. Even if you manage to secure some raises, you’ll be starting from a point that’s 5k lower than what you could’ve been starting at.

So it’s definitely worth it to at least attempt to negotiate for whatever it is you want and need. But you need to be prepared, and you need to prepare early because you never know when the conversation might come up.

Ideally, it’ll happen when you receive an offer, but sometimes relevant questions get asked earlier in the process. I have specific tips for what to do when that happens, but we’ll address that another time.

In the meantime, here’s what I want you to do. If you’re currently job searching or even thinking about it, I want you to use the box below to let me know what your biggest job search-related challenge or concern is. Let’s talk about it!