Salary Negotiations
Practical aspects of salary negotiations
1. Ask for your offer in writing. 2. Evaluate your offer using the Negotiation Worksheet. 3. Create a Budget using cost of living estimates for given geography. 4. Inventory strengths and weaknesses of offer (include extrinsic and intrinsic values). 5. Try not to Anchor...Go Second 6. You will have a chance at a "mulligan."
Things you can negotiate with salary:
1. Salary 2. Benefits: -Health -Dental -Life -Retirement/401(k) -MATCH -Vacation/Days Off -Tuition Reimbursement 3. Signing Bonus 4.Variable Comp -Bonus 5.Work Schedule 6. Job Location 7. Career Path 8. Moving Expenses 9. COLA 10. Start Date
Three critical levels of salary negotiations
1. analysis and planning 2. interests and discovery 3. SHADOW OF THE FUTURE
Top 5 lessons for salary negotiations
1. understand your needs and the needs of the employer -"people don't buy a drill, they buy a hole" 2.understand the dynamics/context of the situation -market conditions -urgency/criticality of need -competition -fairness 3. be creative. offer solutions 4. focus on your goals not winning -know when to stop bargaining 5. employment is like a relationship -shadow of the future!!
Key to Salary negotiations:
DO YOUR HOMEWORK 1. know what: -the market suggests -your peers get -others at the same firm get 2. Leverage your alternatives (BATNA) -create a better BATNA if feasible 3. know your resistant point 4. evaluate intrinsic rewards 5.actively keep score (extrinsic and intrinsic)
T/F - Positional negotiating DOES work in salary negotiations
FALSE -understand your interests -bundle -logrolling
Why do men earn more than women?
WOMAN DON'T ASK -Women fail to negotiate initial salary offers. -Women fail to put a number on the table. -Men tend to be more confident in deploying a more active negotiation strategy.
