How to Master Salary Negotiations
How to Master Salary Negotiations
Guidelines to follow during the negotiation process
First of all, โThe Hustling Engineerโ turned 1000 subscribers this week and I cannot thank you enough for all the love and unconditional support.
I have negotiated more than 100K$ across different jobs. This is a lot of money at least for me and I would not have got it if I would not have asked. Companies are willing to pay top notch for your skills so donโt sell your skills for less
There is a very popular saying
"In business, you don't get what you deserve, you get what you negotiate".
The same applies for salary negotiations as well. Negotiation is an art in itself and you need to prepare beforehand when negotiating. In this newsletter, I am sharing some guidelines I follow during negotiation process which might also be helpful to you.
๐ญ. ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฆ๐ฎ๐น๐ฎ๐ฟ๐ถ๐ฒ๐
Always know your worth, use websites like Levels.fyi to know what other folks are getting and always aim for top.
Before getting on a negotiation call, always have a range in mind. My goal is to get more than the max I can see on levels.fyi in last 12 months.
๐ฎ. ๐ก๐ฒ๐๐ฒ๐ฟ ๐ด๐ถ๐๐ฒ ๐๐ต๐ฒ ๐ถ๐ป๐ถ๐๐ถ๐ฎ๐น ๐ป๐๐บ๐ฏ๐ฒ๐ฟ๐
Always ask recruiter to give the initial offer, consider the number and based on that make your next move.
If you give the initial number, it might seem too high or too low. Both can go against you.
๐ฏ. ๐๐ผ๐ป๐๐ถ๐ฑ๐ฒ๐ฟ ๐๐ต๐ฒ ๐ฒ๐ป๐๐ถ๐ฟ๐ฒ ๐ฝ๐ฎ๐ฐ๐ธ๐ฎ๐ด๐ฒ
Look beyond the base salary; evaluate benefits, bonuses, RSUs and perks to ensure a comprehensive compensation package.
401K Match, PTOs, Wellness benefits, maternity/paternity leaves are something which are often ignored but should not be.
๐ฐ. ๐๐ผ๐ปโ๐ ๐ฏ๐ฒ ๐ฎ๐ณ๐ฟ๐ฎ๐ถ๐ฑ ๐ฎ๐๐ธ๐ถ๐ป๐ด ๐ณ๐ผ๐ฟ ๐บ๐ผ๐ฟ๐ฒ
Companies expect negotiations and usually have a wiggle room. Donโt be afraid of quoting your ideal numbers.
Do not reject the offer you want in your head. Let the company reject it
๐ฑ. ๐๐ฒ ๐ฃ๐ฎ๐๐ถ๐ฒ๐ป๐
Allow time for the negotiation process, and avoid rushing decisions that might impact your long-term satisfaction.
Compensation discussions and approvals take time, let companies take their time and keep a periodic check with your recruiter.
๐ฒ. ๐จ๐๐ฒ ๐๐ผ๐บ๐ฝ๐ฒ๐๐ถ๐ป๐ด ๐ข๐ณ๐ณ๐ฒ๐ฟ๐
Competing offers are a great way to have a leverage during interviews. You can negotiate with both parties and ask for more.
Use the offers to your advantage and make sure your preferred company match your other offers. Donโt stretch too much though, always know the limits.
7. Look at the Bigger Picture
Donโt get enticed by joining bonuses and donโt just focus on how much money you will make in year 1.
Research what are the refresher policies in companies and look for how much average money you will make in next 4 years.
Always remember that โIf you donโt ask, the answer is always NOโ.
What tips do you have ?
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This should be more of an ongoing process. You should always know what you are worth in the market. Donโt get complacent and always be interviewing if you suspect that you are undervalued.
Negotiating is hard. Thanks for sharing these tips. Should be helpful to those interviewing right now.