How to WIN at Negotiations
Negotiations are a critical step to ensuring YOU and the other organization you are working with both understand that you are a VALUABLE asset to the team.
And here is WHY negotiation is important: when you are undervalued or underpaid in a work situation, you will feel unappreciated. #truth
Your productivity may diminish, your confidence may drop, and the work really will begin to turn into 💀WORK💀, which is not the aim when you are trying to thrive in your career AND life.
Although it may be challenging and anxiety-inducing, negotiation conversations are an ABSOLUTE must when you are entering a new contract or a new work situation.
In today’s blog, we are going to focus on negotiations and why they are critical to creating a successful career.
FIRST THINGS FIRST, WHAT IS NEGOTIATION?
Negotiation is when you enter a conversation with someone with an ideal discussion with two mature parties that want to come to a mutual agreement – we want everyone to be happy that is the goal here.
When we negotiate, our goal is to set everything up so that we can THRIVE in our role and be successful.
It may take some practice, but you will keep improving your skills at negotiating so that you can set up each new role to be better than the last!
The truth is that ANY and ALL conversations, all meetings, all communications forums can be used for negotiations.
I believe negotiations are much better handled in person. However, if email is a must, then here is a great example of what you can say to the hiring manager or recruiter:
“I am so excited about this opportunity to work with you! I think it is an awesome fit for both you and myself. As we discussed during our lunch, I am interested in the role at an hourly rate (or annual rate) of XX, and you agreed that you might be able to meet me in the middle at hourly rate of XXX (or annual rate). I would love to accept this position and begin working for you on XYZ date (the sooner the better) if you can come up to XYZ rate. Look forward to hearing from you! ”
WHEN YOU ABSOLUTELY NEED TO NEGOTIATE
Before we dive into how you can do a great job negotiating, let’s cover when you should negotiate:
When you are starting a new job. This is when you have the MOST leverage. Oftentimes, employers are also the most open to negotiations during this phase.
When you are entering a new contract. Remember, se once it is one paper, IT IS SEALED and signed and that is it!
When you are going in for a performance evaluation. Prepare ahead of time to discuss why you deserve XYZ due to your stellar performance. With the data in front of them, you’re more likely to succeed in your negotiations.
When you are considering leaving or you have another opportunity. Some employers don’t take kindly to “I have a new offer, give me a 10k raise or I’m leaving.” However, you can finesse this approach to note that you are a great asset, add value to the company, and that you would like to renegotiate some terms prior to considering/looking for other opportunities.
Any high-stakes meeting where key players are around. If you are trying to win over a new client or contract, that is a fantastic time for negotiations. Similarly to starting a new job, being in a high-stakes meeting is THE time to negotiate – not after a contract is signed.
HOW TO WIN AT NEGOTIATIONS
Here are my top tips for coming out of a negotiation on top:
Be ready to walk away.I highly recommend that you go into a discussion or negotiation with the power to walk away. Why? If YOU are the perfect fit for the role, this company has got to meet you halfway.
Know the marketplace and your value in the marketplace. This will keep you from accepting lowball offers.
Know what problems you can solve for them. Assess the work environment before you enter a negotiation. Ask questions to the interviewer/hiring manager or any key stakeholders and make sure YOU are the exact person they need to hire (or give a raise to) to solve their issues. Moreover, prepare a case to back up why you want them to raise your starting salary and the other points you are negotiating. That includes knowing what value you can bring to them and what problems you solve.
Negotiations are ALWAYS business focused, not emotional or personal. When it comes down to it, you have to be able to protect yourself, pay your bills, and live your best life. Negotiations are not personal, it is ALL business related. Keep your eye on the prize $$$ #goals
Doing some research before you enter any form of negotiation is CRITICAL. A basic Google search on what the average person at your level gets paid can take you a long way. A lot of times, there is NO real data-driven information out there about salary, so you need to start TALKING to your colleagues and network before you ever drop a number amount on your worth..
NEVER give the first number. Seriously, I mean NEVER EVER EVER give a number first. A dollar amount because you never know. Now with this said, I know this can be incredibly challenging so what you want to do is AVOID the number discussion until you have a solid offer in place.
Know what’s important to you. If you are absolutely NEVER going to accept a job that pays less than say $200,000, you should be up front with your expectations even before you enter any form of salary discussion. This is just the raw truth. If you have an opportunity to be flexible, then WAIT as long as you possibly can to hold out to hear the salary they pitch first.
Don’t forget about other opportunities to negotiate if salary is off the table:
Flex days
PTO
Work from home days
Parking lot fees
Cafeteria and lunch perks
401k matching
Veterinary or dental insurance
Get everything in writing from this company. The offer letter should include promised vacation, benefits, work schedules, PTO, etc. Verbal promises are worth nothing.
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