Some folks think that #salarynegotiation is about finding the correct data in the marketplace, and working to achieve that number. That is absolutely ❌WRONG❌.
But why doesn’t it work that way?
🪄 There is no “magic number.”
Many folks believe that there’s a single correct number for how much a certain job pays. That’s a myth. There’s a broad range of pay for any single role (as you can see if you search the web for pay data).
🔢 Companies use many inputs…
Companies set pay ranges based on a number of things (multiple salary surveys, economic data, other benefits they provide, creating sensible pay progressions, where they want to position themselves relative to competitors, history with recruiting/retention for certain roles, ability to pay, and much more). There are some generally accepted practices, but no two companies solve the pay puzzle the exact same way.
🔠 …And many outputs.
Total rewards is an interconnected system of pay and benefits that’s different for each company. In addition, how the company pays its individual employees is also complex and interdependent.
🔮 We can’t know their side of the equation.
We don’t have access to the organization’s market data, their pay structure, their pay practices, or who’s getting what internally. While it’s nice to have a general idea of the going rate for similar roles, it’s impossible to know much more than that, and it can never be the complete picture. That said, the biggest clue about their side of the equation is their actual offer.
🤔 They don’t know your side of the equation.
And you’ll want to share some parts of your equation with the person you’re negotiating with (like your relocation needs), but not all of it.
👍🏽 We can know your side of the equation.
I’ve found over the many years working with clients on salary negotiations, that one of the more valuable things we do together is to clarify what they need from a compensation & benefits perspective. Many folks come in with an “I’ll know a great offer when I see it” perspective. But when we explore more deeply, there are certain elements, or combinations of elements, that they need to move forward.
🔐 The key to salary negotiation is match.
You’ve proven you’re a great match for the job, and they’ve proven they’re a great match for you as an organization. That’s awesome! And it’s table stakes. The match that we work on in salary negotiations is the match between your side of the equation and theirs. It’s not about matching the offer to the market “magic number.”
💎 The value to salary negotiation coaching is multi-faceted.
I help clients:
- Understand as much as possible about the company’s offer (not just what’s on the page, but what the client should ask for to get more specifics on the offer)
- Clarify their own needs and desires in the comp, benefits, & work terms space
- Identify potential differences from their current package and their new one
- Understand market practices around pay & benefits elements
- Learn about negotiation practices and techniques
- Know what to say in the negotiation conversations
- Navigate the multi-phase negotiation process
Need help with your negotiation? Drop me an email. Or check the blog for more free articles that can help!