Don't go in cold: How to negotiate a salary, a home sale and ev…

Transcript

Prezi presentation adapted from content by Josh Bernick; original available at

https://www.linkedin.com/pulse/dont-go-cold-how-negotiate-salary-home-sale-else-josh-bernick/

At first glance, negotiation can feel like a zero-sum game, whereby the candidate is trying to maximize his or her salary while the company tries to acquire talent at a low cost to stay within budget.

Negotiating a job offer

NEGOTIATION

A pie is only so large, so every little sliver your opponent cuts for themselves is a sliver you can’t eat.

Cooperation

Cooperation

If both parties are fixated on maximizing their respective share of the pie, there likely isn’t much cooperation going on.

Often, job seekers focus so much on the salary aspect that even if they get what they want, they end up unhappy because they didn’t take into consideration all the compensation issues that matter to them.

Focus on more than the salary.

Focus

As a negotiator, the first thing you need to do is make sure to capture all the compensation items that matter most to you.

STEP 1

Capture the issues that matter

In this negotiation, the items that matter are:

Ability to work from home

Bonus structure

Vacation and time-off policies

1

2

Salary

3

4

Consider compensation beyond your salary. Create a list of items that are valuable to you.

Document your considerations

Document your considerations

Some care about being able to manage people or want assurances about their promotion trajectory. Whatever matters to you, be sure to document your compensation considerations for quick reference during the negotiation process.

Make your position on each item as clear as possible to yourself.

STEP 2

Clear position

Examples:

These positions are based on where you're at today, and what you think you need to be compensated in order to make the job switch.

1

I want to be able to work from home twice per month.

I’m targeting $100,000 for my salary.

2

I’m targeting a 15% annual bonus.

I want at least 15 days paid vacation, plus holidays.

3

4

You know your stance on working from home and your bonus.

Prioritizing items by value before the negotiation.

STEP 3

Which one matters more to you?

Guess what: It depends on your values.

If a company tells you that you can only have one, which would you choose?

Will the bonus allow you to take that trip you’ve been dreaming about?

Considerations

Considerations

Does working from home mean spending more time with your newborn baby and avoiding the cost of a nanny?

Choices

Both of these issues can be important to you, so the tough part here is teasing out what’s most important. Hopefully, you can get everything you want, but just in case, you better be ready to make the tough choices.

Choices

Prioritization

As part of the prioritization process, you should physically reorder and rank your list to make your priorities abundantly clear.

Prioritization

Salary - $100,000 target

Example

Example

Bonus - 15% annual target

2

Vacation days - 15 days, plus holidays

Ability to work from home - twice per month

1

3

4

The fourth step is taking time to think through what the party you’re negotiating with wants.

Think about what’s important to the other party.

STEP 4

Are there issues they care about which aren’t on your list yet?

What do you think their positions are on the issues you’ve identified, and how do you think they prioritize the issues?

Without thinking it through from their perspective, it’ll be hard to anticipate how the negotiation will go down. It also might be difficult to articulate items in a concise manner, thus reducing the potential value you need to create for both parties.

Perspective

Perspective

Observe their strategy

To the best of your abilities, try to document their negotiation strategy for future reference.

Observe their strategy

Example

Example

Their priority

Issue

My priority

My best guess about their position

My position

1

Willing to go to $100,000 with the right candidate

Salary

$100,000 target

1

4

10% target is standard

Bonus

2

15% of tase salary

2

15 is standard

15 minimum

Vacation Days

3

WFH

3

4

Discouraged, but OK with valid reason

As needed; ideally once per week

ANTICIPATION

If you take this preparation work seriously, you should be able to anticipate what’s going to happen when you begin the negotiation process.

Anticipation

Preparation

Don’t forget: Preparation is key.

Following these steps will better equip you to focus on the items and priorities that matter to you most.

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