How to Negotiate Your Salary to Boost Earnings and Benefits

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Jul 25, 2024

Negotiation expert Catherine Tinsley talks about strategies for salary negotiation, including making the first offer, leveraging market data, and overcoming emotional hurdles. They discuss increasing income, job offer components, power dynamics, and tips for successful negotiations.

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ADVICE

Get a Bigger Paycheck

Negotiate salary, either by asking for a raise or finding a new job.
Changing jobs offers significantly higher potential salary increases.

ADVICE

Negotiate With Yourself First

Identify your priorities, including non-monetary benefits like flexible work arrangements.
Consider all aspects of compensation, like bonuses and training, to expand negotiation options.

ADVICE

Do Your Homework

Research the other party's priorities to approach negotiation as mutual problem-solving.
Benchmark comparable salaries in your industry and location to justify your ask.

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Learn how to negotiate for a higher salary and better benefits when you get a job offer. Plus: Tips for boosting your earning potential.

What are the best ways to negotiate for a higher salary?

How can you elevate your earnings and overall compensation package?

Hosts Sean Pyles and Alana Benson discuss strategies for increasing your income and negotiating for a raise to help you understand how to navigate salary discussions confidently and effectively. Alana speaks with Catherine Tinsley, Raffini Professor of Management at Georgetown University’s McDonough School of Business, about who should make the first offer, how to leverage market data, and the challenge of overcoming emotional hurdles. They also discuss the benefits of changing jobs for higher salary potential, practical advice on boosting your earning potential, and why understanding power dynamics and perceived expertise could help you come out ahead in your next negotiation.

In their conversation, the Nerds discuss: salary negotiation, negotiation tactics, boost earnings, salary raise tips, new job offer negotiation, making the first offer, leveraging market data, non-monetary benefits, workplace negotiations, power dynamics, preparing for negotiations, managing emotions, marginalized group challenges, increasing income strategies, transparent salary discussions, job offer components, vacation time negotiation, remote work negotiation, company equity negotiation, continuing education negotiation, making the first salary offer, external labor market information, practical negotiation strategies, salary transparency, mutual problem solving, negotiation confidence, salary benchmarks, transparent salary data, anchoring in negotiation, power in negotiations, emotional hurdles negotiation, interdependence in negotiation, negotiation preparation, asking for a raise, and leveraging outside offers.

To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.

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