Dr. Nancy Li, Founder of Product Manager Accelerator, shares tips on negotiating PM salaries. They discuss when to ask for a raise, overcoming discomfort in comp conversations, and strategies for securing better compensation. Learn about the importance of timing, mindset, and building a personal brand for salary negotiations.
Changing the mindset to understand one's worth is crucial in negotiating PM salaries.
Providing a specific number, understanding employer budgets, and using the right language are key in PM salary negotiations.
Deep dives
Negotiation Challenges for Product Managers
Product managers face challenges in negotiating salaries due to fear of asking for more, lack of information about budget constraints, and difficulty in effectively selling themselves. Overcoming these challenges requires changing the mindset to understand one's worth, gaining insight into company budgets to make informed salary requests, and learning how to effectively communicate value to employers.
Mistakes in Negotiating Initial Job Offers
One of the biggest mistakes product managers make when negotiating their first job offers is not asking for more due to fear and lack of negotiation skills. Asking for too much can also be detrimental, as can not knowing how to communicate salary requests effectively without competitive offers. Providing a specific number, understanding employer budgets, and using the right language during negotiations are crucial in this process.
Advice on Negotiating Remuneration
When negotiating salaries with a new employer, it is essential to have the right mindset, gather information about company budgets, and focus on showcasing the value you can bring. Using insider information or competing offers strategically can lead to successful negotiations. Timing plays a critical role in negotiations, so planning ahead and preparing a strong case for your worth is key.
Strategies for Internal Pay Increase Negotiations
To negotiate a pay increase internally, product managers should focus on timing, building their internal branding, and having clear evidence of their contributions. Understanding the company's budget allocation timeline and proactively discussing salary adjustments can lead to successful outcomes. Effective communication, providing concrete examples of achievements, and giving a specific number during negotiations can strengthen the case for a pay raise.
Negotiating your salary as a PM can often feel daunting. But, with the right strategies and insights, you can confidently approach these discussions and secure the compensation you deserve.
In this episode, Hannah Clark is joined by Dr. Nancy Li—Founder of Product Manager Accelerator & Host of Product Insider—to share negotiation tactics, when to ask for a raise, and advice for overcoming discomfort during compensation conversations.
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