I recently hosted a live Q&A on practical and effective negotiation strategies that have helped my clients achieve 10-50% compensation increases. Now it’s time to give you my top strategies for assessing your salary negotiation power to ensure your success!
What is salary negotiation power? Your negotiation power is the amount of influence you have based on your unique skill-sets, in-demand experience, and the situation you’re in. It’s a combination of both internal and external factors that play into the job offer you just received. Translation: it’s not only dependent on how much you think you’re worth.
My top tip: assess your situation holistically to determine your negotiation power and whether it’s in your best interests to start the negotiation process. Here are four questions to ask to help you assess your salary negotiation power:
1. Are you currently unemployed?
If you’re currently unemployed, you’re not receiving a salary and your Hiring Manager won’t perceive that he or she has to offer more to take you away from a comfortable opportunity. If you are employed, you will have higher negotiation power because you’re not desperate for a new role.
2. How important is the role to your employer?
This is where it becomes important to have a comprehensive understanding of your targeted role and how important it is to the organization at large. You can do this by asking your Hiring Manager, reading strategic reports, and considering your core responsibilities. The more important the role, the more valuable you are as the right candidate, which means you have higher negotiation power.
3. Do you have a unique skill-set to offer?
Think back to the interview process and the feedback you received from your Hiring Manager and Recruiter. Did they say anything about your unique experience that they particularly liked? Did they focus on a certain skill-set you have? These are key indicators that you have a unique skill-set that’s in-demand and that your new employer will be willing to pay more for.
4. How many years of experience do you have?
The more years of experience you possess, the more valuable you will be to employers. This means that as a new graduate or recent MBA graduate, you don’t yet have specialized skills that will be of significant value to employers. In other words, your salary negotiation power is extremely low and I recommend not negotiating if you are at this stage of your career.
Still have questions about salary negotiation power and want to learn more practical strategies about the negotiation process? Check out the Q&A recording below!
2:10 – Salary Negotiation Success Story
4:30 – When You Should Negotiate
6:30 – How to Assess Your Negotiation Power
10:50 – What to Do When Negotiating
16:00 – How to Prepare for a Negotiation
18:10 – What Can You Negotiate?
24:20 – How to Respond When You’re Being Low-Balled
31:00 – How to Negotiate to Receive Your Fair Market Value
36:00 – What to Consider If You’re Moving Overseas
44:45 – The Three Most Important Things to Remember When You’re Offered a Job