How to Negotiate Salary in 2024 | Tshidi Khunou

Summary

In this video, TI discusses effective strategies for salary negotiations, emphasizing the importance of research and preparation. He advises using tools like Glassdoor, PayScale, and LinkedIn to understand salary ranges and to identify mentors for insights. TI highlights key negotiation tactics, such as anchoring your salary expectations, articulating your value, and practicing silence during discussions. He also introduces techniques like the 'if-then' approach and knowing when to walk away from an unsatisfactory offer. Overall, the video provides practical tips to boost confidence and ensure fair compensation.

Takeaways

• 😀 Do your research before salary negotiations using tools like Glassdoor, PayScale, and LinkedIn to understand salary ranges and expectations.
• 😀 Always anchor your salary at the minimum amount you’re willing to accept, never giving a range lower than your desired salary.
• 😀 Clearly articulate your value to the company by showcasing past achievements, such as revenue increases or cost savings, to justify your salary expectations.
• 😀 Silence is a powerful tool in negotiations. After stating your salary expectations, let the other party respond without additional commentary.
• 😀 Use the 'if-then' technique to negotiate effectively. If the company offers less than your expected salary, propose adjustments or other benefits.
• 😀 If the salary offered doesn’t meet your expectations, don’t hesitate to walk away. This shows that you value your worth and are not desperate for the job.
• 😀 Avoid giving a salary range that could lead to a lower offer. Always propose the amount you're willing to accept or higher.
• 😀 The key to successful salary negotiation is being confident in your worth and being willing to walk away if the offer is unsatisfactory.
• 😀 Treat salary negotiation as a professional conversation, not a taboo topic. It’s an expected part of the hiring process.
• 😀 Understand that salary negotiations are a two-way street. Be willing to share your expectations, but also listen to the company's offer and adjust accordingly.

Q & A

Why is salary negotiation considered critical in a career?

Salary negotiation is crucial because it determines your worth within a company for the next 2 to 3 years. It impacts your compensation, job satisfaction, and future career trajectory.

What are some common fears associated with salary negotiation?

Many people fear negotiating salary because it's intimidating. There is also worry about not getting the job if the negotiation goes poorly, and even seasoned professionals can feel anxious about it.

What are some tools to use for salary research before negotiation?

Tools like Glassdoor, Payscale, and LinkedIn are useful for researching salary ranges and understanding what similar roles at specific companies are paying.

Why is anchoring your salary important in negotiations?

Anchoring sets the baseline for your salary expectations. If you start with a range too low, employers may offer less than what you'd accept. By anchoring at a higher point, you increase the chances of receiving an offer closer to your desired salary.

How can you articulate your value during salary negotiations?

When articulating your value, discuss what you’ve already accomplished in similar roles, such as specific contributions or financial achievements, like increasing sales by a certain percentage.

What role does silence play in salary negotiations?

Silence is a powerful tactic. After stating your expectations, it’s important to remain quiet, as it forces the other party to respond, which can lead to a better offer or more information.

What is the 'if-then' technique in salary negotiations?

The 'if-then' technique involves responding to an offer with a conditional statement, such as 'If you offer X, I would accept, but if you offer Y, I may need to reconsider the responsibilities.' This helps align salary expectations with job responsibilities.

What should you do if the employer’s offer is significantly below your expectations?

If the employer’s offer is far below what you were hoping for, it’s okay to communicate that and explain your expectations. If they remain firm, you may choose to walk away from the offer.

How can you determine whether to walk away from a salary negotiation?

You should walk away if the offer consistently falls below your minimum acceptable salary, despite your attempts to negotiate. This demonstrates that you are not desperate and are valuing your worth.

Why should hiring managers avoid making salary negotiations a taboo?

Hiring managers should avoid making salary negotiations a taboo because it can create unnecessary tension and confusion. Open, transparent salary discussions ensure both parties understand expectations and avoid misalignment.