🤑Negotiation
In this resource you will learn:
How to Prepare for Negotiation
Negotiation Basics
Negotiation Templates
Reminders
A negotiation is just a conversation
A negotiation is a win-win situation
They want you just as much as you want them
Negotiating will not cause your offer to be rescinded
Practicing talking about money can help with negotiation
How to prepare for a negotiation
The key to a successful negotiation is to have all the information and know what you want! That way you know exactly what to ask for and why.
The steps to preparing for a negotiation are as follows:
Research your Salary and Establish a Salary Range
Make a list of negotiable items
Identify what fears you have about negotiation
Review Negotiation Templates
Hit Send!
Research Salary
Researching Salary is the best way to guarantee that you will get a salary that is in line with your expectations. The best websites to use are below:
You’ll want to search for the role and the city to see what the average salary range is and use that as a baseline for creating your salary range.
Establish a Salary Range
Once you have your average salary range from your research, you’ll want to use the rule of 20% to establish a salary range. You take the median salary range and subtract 20% to get the lowest end of your salary range and then add 20% to get the highest end of the salary range.
If you are not satisfied with the low end of the range, you can always add back a bit to a number you feel more comfortable with.
Example:
If your median salary is $120,000, then 20% of that is $24,000.
If we subtract 20%, the low end of the salary range is $96,000.
If we add 20%, the high end of the salary range is $144,000.
Then your salary range would be $96,000 - $144,000.
Make a list of your negotiable items
Sometimes we get a salary that we are happy with (you should still negotiate!) or the company can’t budge on our monetary compensation, but that doesn’t mean that you can’t negotiate other things in your offer.
Some other negotiable items are:
Equity
Vacation
WFH
401K
Health Care
Commuter Benefits
L&D
Relocation
Sick Leave
Meals
If you decide to negotiate these items, you can include them in the negotiation email you send over to the recruiter.
Identifying Negotiation Fears
Many times we have a few subconscious fears of negotiation that keep us from actually negotiating due to the money mindsets that we have developed. The first step to changing our money mindsets and overcoming our fears is to identify them.
Below are some common negotiation fears:
Fear of not getting the job
Feeling guilty for asking for more
Feeling nervous talking about money
Not knowing what to say
Not wanting to be a burden
Feeling grateful to just be there
Once you have identified your negotiation fears, you will want to research some strategies to changing your money mindset and if you want to chat through your fears, you can schedule a 1:1 coaching call.
Understand Your Why and your Reasons
I am a big believer in negotiating always for practice, however there need to be good reasons for you to ask for more money or benefits so you can build more of a case.
Some common why’s include:
Performing very well in the interview
Having prior experience that could help you ramp up faster in the role
Having a competing offer
Finding an offer median that is higher than the salary given
Unsure if it is a good offer
Negotiation Templates
The following are Negotiation Templates you can use for 4 different offer scenarios
Scenario #1: Offer Extension
Hi (Recruiter Name),
Thank you for taking the time to share the offer details with me and for all the support you’ve provided for me throughout this process! I also wanted to let you know that I am very excited to potentially join your team and think that (Company Name) would be a great place for me to continue growing my career.
Before moving forward in the process, I wanted to let you know (or remind you if you’ve chatted with them before about it) that I am in final stages with a few other companies and would really appreciate a 2-week extension on my offer, if at all possible. I am happy to jump on a call to chat through different possibilities if that is easier for you.
Please let me know if that would be possible and what any next steps would be.
(Warm signoff),
Your Name
Scenario #2: Offer Negotiation (without other offer)
Hi (Recruiter Name),
Thank you for taking the time to share the offer details with me and for all the support you’ve provided for me throughout this process! I also wanted to let you know that I am very excited to potentially join your team and think that (Company Name) would be a great place for me to continue growing my career.
Before moving forward in the process, I wanted to discuss some items in the offer that I’d love to start a negotiation conversation around. Please see items below:
The offer details that were given fall below the national median for the role by X%. My prior experience at (Company Name) with (X technology) has helped me develop the skills necessary to ramp up very quickly in a new environment and contribute on day one. Would it be possible to get closer to (High End of your Salary Range)
The signing bonus was not included in this offer, but when doing research on salaries, that was standard for offer. I’m very about pay parity and would love to confirm if there is any way to include the sign-on bonus with this offer to be on par with industry standard
The vacation standard of 2 weeks sounds great to me, but I already had a trip planned for after my start date for 1 week. Would it be possible to block out that time or start after that date?
If there can be some flexibility around the items mentioned above, I can get the offer signed to you by the end of the week.
Please let me know if you need anything else on my end and I am looking forward to hearing from you. Thank you again!
(Warrm signoff),
Your name
Scenario #3 Offer Negotiation (with other offer)
Hi (Recruiter Name),
Thank you for taking the time to share the offer details with me and for all the support you’ve provided for me throughout this process! I also wanted to let you know that I am very excited to potentially join your team and think that (Company Name) would be a great place for me to continue growing my career.
Before moving forward in the process, I wanted to discuss some items in the offer that I’d love to start a negotiation conversation around. Please see items below:
I currently have received one other offer that is higher than your offer by XX%. I’d love to accept your offer, but as it stands, financial stability is a big deciding factor in my situation currently. Would there be any possibility of matching that offer?
If there is a possibility to match the offer, I can have the updated offer signed by end of week. Please let me know if that would be possible and any next steps required on my end.
Looking forward to hearing from you!
(Warrm signoff),
Your name
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