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- Episode 6: How to negotiate your salary (new gig)
Episode 6: How to negotiate your salary (new gig)
Negotiation comes down to 50% delivery (confidence) and 50% knowledge (knowing when to hold the line).
Farhan Manjiyani
February 19, 2024
👋 Yo! Welcome to the next episode of How to negotiate where you learn how to grow your career and income with better negotiation strategy in less than 5 minutes.
📣 Offer for you
For anyone who wants a 1-1 consultation on negotiating salary for new job offers, I’m opening up 5 free sessions this month. We can go over your specific situation and talk through best way to maximize salary. You can also reply here with your context and we can work async.
In the last 6 years, I’ve doubled my salary twice and helped dozens of others do the same.
Negotiation comes down to 50% delivery (confidence) and 50% knowledge (knowing when to hold the line).
💎 Advice on how best to negotiate salary (for new job offers)
There are 3 concepts and 1 question you want to optimize for when going into salary negotiation for new job offers (also applicable to promotions but you often have less room to negotiate). As hard as it is, you need to focus on taking the emotion out of it and making it a logic-based argument.
The anchor (unrealistic): Your anchor is a range which the company will negotiate you down from. Said differently this is a number higher than what you are willing to take. Your anchor should be informed by what real people at the company are being paid (should be higher than top of the of the salary bands).
The north star (realistic): This is the number you have researched and know people at your level, location, experience, etc. get paid. It’s lower than the anchor number but higher than ‘the line’. You should always come back to ‘true north’.
The line (lowest): This is the number you are comfortable taking and anything below you will walk away from. This number shouldn’t be rooted in your expenses (meaning don’t just add up your expenses), but rather rooted in what real people are making in similar positions (top quarter of salary band).
🤑 Now the money question
What skills and experiences separate the (low end of band) candidates from the (high end of band) candidates?
Ask this question early on and then tailor your entire interview process to showing your mastery in those skills with previous experiences. Then when it comes to negotiation, you can literally use the company’s words against them.
With these three concepts and this question, you have all the info you need to tailor your interactions with the hiring team to get the maximum salary.
If you need any help applying these concepts, feel free to reply here and we can talk specifics. If it would be helpful to read my step by step script on negotiating salary respond ‘2x my salary’.
I can help with:
researching salary benchmarks for your role/title/location (North Star)
knowing when to drop your anchor (what exactly to say)
figuring out whether an offer is a good deal or not
valuing the equity package
As always, feedback is a gift and I welcome any/all feedback on this newsletter - good or bad. See ya next week 👋
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✨ Special thank you to Gigi Marquez who suggested I start this newsletter 🙏