Are you under the impression that as a job seeker, you hold less power in salary negotiations? Think again! In this blog post, we're here to prove that notion wrong. Get ready to discover the secrets of gaining power in salary negotiations. We'll explore five effective strategies that will empower you to secure your dream salary. Get ready to take charge and achieve the compensation you deserve!
Have a strong plan B (BATNA):
First things first, develop your backup plan. We call it a Best Alternative to a Negotiated Agreement (BATNA). Having another job offer can give you a major confidence boost and power during negotiations.
During the interview process, subtly drop hints that you have other enticing options on the table. However, emphasize your genuine admiration for this company's mission and purpose. Let the employer know that while the other option is indeed appealing, you are drawn to this company's purpose on a deeper level. By showcasing a comparable alternative, you effectively highlight your value and create a sense of scarcity around your skills. This, in turn, grants you greater power in the negotiation.
Role and Title creates power in negotiation
Your role and title carry weight in salary negotiations. If you've held a prestigious title or had a significant role in your previous position, it's time to flaunt it (appropriately, of course!). But here's the trick: make sure to relate it directly to the position you're negotiating for. For example, if you were a VP in the past but are interviewing for a director role, highlight the specific aspects of your VP experience that directly apply to the new role. This way, you redirect the focus to your qualifications for the position at hand, rather than getting stuck on your previous title.
Forbes suggests, "Choose the role that will give you the best outcomes in terms of salary negotiation and emphasize how your past experience aligns with the present role to showcase your suitability."
Perception
Recall a moment from your past where you felt a sense of power and confidence. Just revisiting that memory has the potential to up your confidence levels, consequently amplifying your personal power.
According to research by Stanford University's Deborah Gruenfeld, if you exude confidence and a sense of power, it influences how the other party sees you. So, keep your head held high, maintain eye contact, and present yourself as confident. Trust me, it makes a difference!
Gruenfeld recommends, "Stay composed, maintain eye contact, and present yourself as confident. Confidence can be contagious and can influence how the other party perceives your value."
Shared Purpose
When you're in the midst of the interview process, make it a point to truly understand the challenges and problems the company is grappling with, which you'll help solve once hired. During salary negotiations, craft your approach in a way that highlights the shared purpose you have with the company and the hiring manager. Clearly demonstrate how your experience and unique contributions will play a vital role in overcoming those challenges and driving success.
By adopting a collaborative mindset, you create an atmosphere where both parties are united in pursuit of a common goal. This approach reframes how you present your case, because it now has a sense of purpose and alignment. As a result, you gain a sense of power during the negotiation, setting the stage for a win-win outcome.
High Expectations
In short, dream big!
In order to create power in your negotiation, it's essential to be intentional about aiming high and setting ambitious goals for your desired salary. Research shows that negotiators who start with high aspirations tend to achieve better results compared to those who set lower expectations. By setting your sights high, you not only demonstrate confidence but also assume a position of power in the negotiation. So, don't be afraid to dream big.
One watch-out is remember to keep your high expectations within the realm of market value. It is possible to set an extreme anchor which could put off your employer. This is why doing your research is so important.
I have included a sample script as an anchoring example in salary negotiation.
In conclusion, remember that power in a negotiation goes beyond the tangible factors of gains and losses. It lies in the realm of perception and presentation. By conducting thorough research and gaining a deep understanding of the challenges at hand, you can strategically position yourself to gain the upper hand in a salary negotiation. It's not solely about who has the most to gain or lose, but rather about how you frame your case and showcase your value.
Remember to grab the free audio training that gives you a step-by-step roadmap on getting more money in a salary negotiation - know your worth and fight for it!
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