I’ve been an employer. And I’ve been an employee. And I’ve been on the board of a staffing agency and advised dozens of other companies on hires. I’ve seen every salary negotiation possible.

99.9% of hires make mistakes in the salary negotiations.

That’s perfectly fine. They have a bigger vision for their careers and they are excited about the job so the tendency is to just agree and get to work. I get it.

But nobody is offended by a good negotiation. If a company is motivated to hire you and you are motivated to work at a company, then a good discussion about the job makes everyone happier.

VERY IMPORTANT: A good salary negotiation is win-win. Both sides get more motivated. The pie gets larger.

MISTAKE #1: Having a smaller list.

It’s not just about the money. The side with the bigger list of terms wins. Because then you can give up the nickels in exchange for the dimes.

Things to be negotiated: vacation time, medical leaves, bonuses, what requirements are in place for promotions, what’s the non-compete, employee ownership (in some cases), potential profit participation, moving expenses, etc.

Again, the bigger list wins.

MISTAKE #2: Negotiating at the wrong time of day.

This is a secret weapon nobody uses.

Carl Icahn, one of the greatest negotiators in business history, has a trick. Let’s borrow his trick from him.

He schedules negotiations late in the day. Then he sleeps all day.

Every human experiences “willpower depletion”. They have the willpower to avoid cake in the morning, but they run out by evening.

If you are offered a job in the morning, say, “This is great. Let me go over it and figure out logistics and family issues and call you back later.” Then SLEEP. Then call back as late in the day as possible to negotiate.

MISTAKE #3: Thinking too short-term.

You’re not going to be there for two weeks and then quit. Ask about the long-term.

What is the potential for the company? What is the potential for someone in your division to rise up in the company? Is the company doing well?

Have a vision for your career path. This directly motivates how much money and other things you might need up front.

MISTAKE #4: Saying Yes too fast

The best negotiation I ever had was when I said, “let me think about it”. And then waiting.

And really thinking about it. Making my list. Doing due diligence. Really thinking if there are other offers. Or potential offers.

Your value on the job market works like value on every other market: supply and demand. Really determine what the supply is for your services and if you can potentially be in demand.

When you first get interest in being made an offer, you have to determine immediately what the supply is. If supply is zero, you put yourself in a bad position.

But regardless, you can act like supply is great by being patient and saying first, “Let me go over all of this. It’s a lot to take in. I’m really grateful for the offer. How about we talk in a day or so.”

Trust me: this is a scary thing to say but it has worked for me at least three different times and I was scared to death each time.

[ RELATED: Using the 5/25 Rule to Learn to Say “No” ]

MISTAKE #5: Bad Math

What are people with comparable skills making in the industry?

What monetary value do you bring to the company (really your salary should be a function of that).

If you were a freelancer or a company doing the work, what would you charge? Your salary + perks should be in the ballpark.

Prepare by doing all the math.


Please read the rest here: http://www.jamesaltucher.com/2016/11/worst-mistakes-salary-negotiation/?utm_source=activecampaign&utm_medium=email&utm_term=salary-negotiation&utm_content=&utm_campaign=investing

Neteller here: www..com.ng

Oh please spare me such crap. If I know my worth, it's my right to tell u the exact monetary value of it instead of undermining it.

Nice topic,maybe it will reach front page

dingbang:
Oh please spare me such crap. If I know my worth, it's my right to tell u the exact monetary value of it instead of undermining it.

lol sometimes is not all about your worth,sometimes it is about what u can offer and d economy of the country..

Just 1. Not researching about the salary structure for that organization or the payment being paid for that position in that industry.

Ozavize88:
lol sometimes is not all about your worth,sometimes it is about what u can offer and d economy of the country..

Hmmmm. You are 120% right. Before finishing my service, I was aiming 100 to 120k salary per month but now that am through, after so many interviews, telling interviewers that I want six digit figures salary during g negotiations , they would just screen. It was done on me that they can't pay that. And am just starting up my career with little or no experience. There should be a starting point. I was even advised by so many to beat my price down due to the economic situation. That does not mean the company may not increase it. But I should start first, get experience and maybe look out for other opportunities.
Went for an interview in a coy some weeks ago, when it got to salary, the staff asked that we negotiate it. I had to remove 5k out of what I gave to them. In which my siblings believed that the original amount I gave to them was still small. I had to go online to search on the amount paid to graduates by the cry after the interview. Only to realize that 20k plus the original amount I gave is what they pay graduates. Was I regretting reducing my amount? ? Not at all. Not because I don't know my worth. I must have been wrong for not researching the right amount before the interview. But the deed has been done. the way the staff was passionate about me negotiating the amount I gave. I still have a feeling that when I land the job, there would still be something positive. I just want to leave home every morning.

ANSWERS LIKE; HOW MUCH LAST? JALE JALE

That leave and bonus na be the koko, cus after you must have started you would start seeing terms and conditions you never knew existed and ridiculous deadlines and targets. Pffft!


But the truth still remains, know your worth and there's nothing that gives self confidence like having a money making alternative when searching for a job.