How to Master Salary Negotiations
Guidelines to follow during the negotiation process
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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 don’t 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.
𝟭. 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗮𝗹𝗮𝗿𝗶𝗲𝘀
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.
𝟮. 𝗡𝗲𝘃𝗲𝗿 𝗴𝗶𝘃𝗲 𝘁𝗵𝗲 𝗶𝗻𝗶𝘁𝗶𝗮𝗹 𝗻𝘂𝗺𝗯𝗲𝗿𝘀
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.
𝟯. 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿 𝘁𝗵𝗲 𝗲𝗻𝘁𝗶𝗿𝗲 𝗽𝗮𝗰𝗸𝗮𝗴𝗲
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.
𝟰. 𝗗𝗼𝗻’𝘁 𝗯𝗲 𝗮𝗳𝗿𝗮𝗶𝗱 𝗮𝘀𝗸𝗶𝗻𝗴 𝗳𝗼𝗿 𝗺𝗼𝗿𝗲
Companies expect negotiations and usually have a wiggle room. Don’t be afraid of quoting your ideal numbers.
Do not reject the offer you want in your head. Let the company reject it
𝟱. 𝗕𝗲 𝗣𝗮𝘁𝗶𝗲𝗻𝘁
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.
𝟲. 𝗨𝘀𝗲 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝗻𝗴 𝗢𝗳𝗳𝗲𝗿𝘀
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. Don’t stretch too much though, always know the limits.
7. Look at the Bigger Picture
Don’t get enticed by joining bonuses and don’t 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 ‘If you don’t ask, the answer is always NO’.
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. Don’t 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.