How To Negotiate Compensation Like A Boss

Summary

In this episode of 'Life Engineered,' Steve hosts Brian Liu, founder of Aurora, a company that empowers tech professionals to negotiate better salaries and career terms. Brian shares three key tips for effective salary negotiation: framing the negotiation as a win-win alliance, understanding and strengthening one's BATNA (Best Alternative to a Negotiated Agreement), and debunking the myth that good work alone will be recognized. He emphasizes the importance of proactive communication and self-advocacy in achieving career success and offers a special discount for viewers interested in Aurora's services.

Takeaways

• 😀 The channel 'A Life Engineered' provides a structured engineering approach to life and career, with a focus on under-discussed topics like salary negotiation.
• 📧 Brian Liu, the guest, is the founder of Aurora, a company that helps technical talent negotiate their careers, charging a commission only on successfully negotiated increases.
• 🤝 The key to successful salary negotiation is creating win-win deals, viewing the negotiation as an alliance where both parties benefit.
• 💼 It's a misconception that asking for more money appears greedy; instead, focus on creating value for the company to justify the increase.
• 📝 Aurora's clients create a document during the offer stage outlining expectations and outcomes, which helps align with managers and set the stage for negotiation.
• 🚀 A real-life example shows how aligning on role expectations can lead to a higher job level and increased compensation without damaging relationships.
• 🤔 The BATNA (Best Alternative to a Negotiated Agreement) is crucial; understanding and strengthening your BATNA can lead to better negotiation outcomes.
• 🙅‍♂️ Rejecting an offer is not the end; it can lead to better opportunities and should be considered a valid part of the negotiation process.
• 📈 Over-communicating your work and achievements can make you more visible within a company and set you up for successful compensation negotiation.
• 🔄 Creating a feedback loop with your manager by asking for feedback, mapping it to skill development, and showing improvement can enhance your negotiation position.
• 📊 Maintaining a 'brag document' or 'brag book' to catalog your achievements helps in showcasing your impact and is beneficial for future negotiations.

Q & A

What is the main topic of discussion in the 'Life Engineered' channel video?

The main topic discussed in the video is salary and compensation negotiation, specifically how to approach it in a way that is beneficial for both the employee and the employer.

Who is the special guest featured in the video?

The special guest in the video is Brian Liu, the founder of Aurora, a company that helps technical talent negotiate their careers.

What is the unique aspect of Aurora's business model?

Aurora's unique business model involves charging a commission only off the negotiated increase in salary (the 'Delta'), meaning they only take money if they successfully help their clients negotiate a higher salary.

What is the concept of an 'alliance' in the context of salary negotiation?

An 'alliance' in salary negotiation refers to a mutually beneficial deal where both the employee and the manager negotiate terms that benefit both parties, creating a win-win situation.

How does Aurora help its clients create a win-win negotiation?

Aurora helps its clients by creating a document at the offer stage that outlines expectations and outcomes for the role, aligning with the manager, and then using this document to advocate for the client's needs in a way that shows added value to the company.

What is the significance of the BATNA concept in salary negotiations?

BATNA, which stands for 'Best Alternative to a Negotiated Agreement', is significant because it represents the negotiator's alternative options. A strong BATNA gives the negotiator leverage and confidence in the negotiation process.

Why is it a mistake to believe that the company is the only option during a job negotiation?

It's a mistake because it leads to a scarcity mindset where the negotiator feels they have no other options. In reality, there are often many opportunities available, and having a strong BATNA can lead to better outcomes.

What is the role of visibility in salary negotiations and career advancement?

Visibility is crucial as it ensures that a person's work and contributions are recognized within the company. By over-communicating and making one's work and achievements visible, an employee can set themselves up for successful compensation negotiations and career advancement.

What are the two quick hacks suggested by Aurora to set oneself up for successful compensation negotiations?

The two quick hacks are negotiating for feedback to understand performance expectations and mapping this feedback to work that allows developing the necessary skills, and over-communicating one's accomplishments and priorities to make work visible within the company.

What is the 'state of me' email and why is it recommended by Aurora?

The 'state of me' email is a weekly and monthly communication tool where employees share their accomplishments, areas where they are blocked, and their priorities. It is recommended to make an employee's work visible, especially in large organizations.

How can someone learn more about Aurora and potentially benefit from their services?

To learn more about Aurora, one can visit their website at www.teamrower.com. They offer a discount for those coming through the 'Life Engineered' YouTube channel, providing a mutually beneficial arrangement.