Summary
LinkedIn collaborated with Austin Bellac to publish a comprehensive report with over 93,000 data points on job offer negotiation. This summary breaks down the report's key takeaways and provides three practical negotiation techniques to enhance your career earnings.
Key Takeaways
- 💰 Double Your Earnings: People who negotiate can earn up to twice as much over their careers. Despite this, 54% do not negotiate.
- 😱 Fear of Negotiation: Half of the candidates fear losing their job offer if they negotiate, but 84% of employers expect it.
- 📈 Successful Negotiations: 93% of candidates who negotiate receive more than the original offer.
Highlights
- Calculations show that negotiating a 10% pay increase every five years can result in significant cumulative earnings over a 40-year career.
- Employers generally do not retract offers and are prepared for negotiation, viewing initial offers as opening bids.
- Employers have budgeted for negotiation, with 73% not offended by it, and 84% expecting it.
Key Insights
- 💡 Negotiation Techniques: Here are three practical techniques to enhance your negotiation skills.
- 🔍 Avoid Early Salary Discussions: Focus on aligning with the company's budget rather than disclosing your current salary.
- 📊 Prepare Your Bolstering Range: Research and prepare a salary range rather than a specific number to increase your chances of a better offer.
- 🏆 Adhere to the Double Nope Rule: Be ready for three rounds of negotiation to reach a final offer.
Practical Tips
- 🎯 Use resources like levels.fyi, Glassdoor, and H1B data to research salary ranges for your role.
- 🗣️ Use a pre-memorized negotiation snippet to minimize awkwardness during the process.
- 👥 Seek advice from professionals who recently navigated the negotiation process successfully.
For those looking to improve their negotiation skills and career outcomes, practicing these techniques and understanding employer expectations can significantly impact long-term earnings and job satisfaction. Remember, effective negotiation begins with preparation and understanding your worth in the market. 📈
Watch the Video
Video URL: https://www.youtube.com/watch?v=e2_HXKNIzaM
