Josh Doody, a salary negotiation coach, discusses the importance of negotiation, common pitfalls, and strategies for maximizing earning potential. Topics include negotiating without a counteroffer, changing companies for higher salaries, and debunking fears of offer rescinding. Learn how to navigate salary negotiations effectively in the tech industry.
Negotiating involves being open to changing companies for better earnings and responsibilities.
Having competing job offers can strengthen your negotiation position, but highlighting your unique value is essential.
Changing companies every few years can accelerate earning potential and offer growth opportunities beyond internal negotiations.
Deep dives
Negotiating Strategies for Better Compensation
Negotiating for better compensation involves being open to changing companies to enhance earning potential or broaden responsibilities. It's not just about the numbers, but also understanding your value and fitting into the role. Leveraging your network and actively seeking opportunities can help you stand out in a competitive market. While the current market may make getting job offers trickier, once you have an offer, negotiating remains a crucial step towards maximizing your earnings.
Using Competing Offers in Negotiations
Having competing offers can strengthen your negotiation position, but they are not essential. Implicitly mentioning other opportunities can indicate high value, while explicitly mentioning superior offers from direct competitors adds leverage. However, relying solely on competing offers may not always be feasible, making it vital to highlight your unique fit and value when negotiating.
Negotiating with Current Company vs. New Offers
To accelerate earning potential, changing companies every few years is often more beneficial than negotiating within your current role. Moving to new positions can offer higher compensation and increased responsibilities that may not be available through internal negotiations. While negotiating within your current company is an option, exploring new opportunities can lead to greater growth and financial gains.
Seeking Support for Negotiations
Engaging a negotiation expert like Josh Doody can significantly enhance your negotiation outcomes, particularly when negotiating new job offers. Professional guidance can help you navigate the negotiation process effectively, optimize your compensation package, and secure the best possible terms. Aligning with industry experts can provide valuable insights and strategies to advance your career.
Adapting Negotiation Strategies to Market Trends
In the current employer-centric market, securing job offers can be challenging, making negotiations critical for maximizing compensation. While the market dynamics have shifted, the principles of effective negotiation remain constant. Leveraging industry insights, networking, and strategic positioning can help you navigate the evolving job market and enhance your negotiation outcomes for optimal career advancement.
Josh Doody has coached 200+ high earners in tech through salary negotiations, leading to an average of 16% increase in liquid first year compensation. He’s a published author of Fearless Salary Negotiation and shares tips regularly on YouTube.
In this episode, we talk about:
* Why people should negotiate
* What’s a typical negotiation timeline
* How to negotiate without a counteroffer
* Go over common negotiation pitfalls/mistakes
* How to negotiate in the current job market (Q1 2024)
* Why changing companies every 2-3 years optimizes earning potential
If you enjoyed the episode, feel free to learn more about Josh through these links: