Pod Insights No B.S. Job Search Advice Radio How to Negotiate Salary About this episode EP 3010 Based on an interview with interview coach Margaret Buj,this episode focuses on how to effectively negotiate your salary in the job market. ABOUT JEFF ALTMAN, THE BIG GAME HUNTER People hire Jeff Altman, The Big Game Hunter to provide No BS job search coaching and career advice globally because he makes job search and succeeding in your career easier. You will find great info and job search coaching to help with your job search at JobSearch. Community Connect on LinkedIn: https://www.linkedin.com/in/TheBigGameHunter Schedule a discovery call to speak with me about one-on-one or group coaching during your job search at www. TheBigGameHunter.us. We grant permission for this post and others to be used on your website as long as a backlink is included to www. TheBigGameHunter.us and notice is provided that it is provided by Jeff Altman, The Big Game Hunter as an author or creator. Not acknowledging his work or providing a backlink to www. TheBigGameHunter.us makes you subject to a $1000 penalty which you proactively agree to pay. Please contact us to negotiate the use of our content as training data.
Transcript 0:01 Speaker 00 This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome? That's new. It can help you with practically anything on the web. Like restoring a vintage motorcycle from a 50-page restoration block. Or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required. Compatibility and availability varies 18 plus.
0:26 Speaker 01 All right, so, ready to take charge of your career?
0:29 Speaker 02 Hmm?
0:30 Speaker 01 And make sure you're getting paid what you're worth?
0:32 Speaker 02 That's right.
0:33 Speaker 01 Maybe it's a new job on the horizon? Or finally, like, working up the courage to ask for that raise?
0:37 Speaker 02 Yeah.
0:38 Speaker 01 Either way, let's face it. Salary negotiation can feel like navigating a minefield.
0:43 Speaker 02 Oh, yeah.
0:44 Speaker 01 That's why we're doing this deep dive into this interview with Margaret Bootage.
0:47 Speaker 02 Right.
0:47 Speaker 01 An expert interview coach and former recruiter to uncover some insider strategies and get you feeling confident about that next salary conversation.
0:56 Speaker 02 Yeah. It's interesting how many people view salary negotiation as like, this big scary monster.
1:02 Speaker 01 Oh, totally.
1:03 Speaker 02 But the truth is, it's a normal part of the professional world.
1:06 Speaker 01 Hmm.
1:06 Speaker 02 Everyone deserves to be compensated fairly. And having these conversations is how you make that happen.
1:11 Speaker 01 I think for a lot of us, it comes down to not wanting to rock the boat.
1:14 Speaker 02 Yeah.
1:15 Speaker 01 You worry about seeming ungrateful or jeopardizing the offer.
1:18 Speaker 02 Absolutely. And there's a real gender gap at play here, too.
1:21 Speaker 01 Oh, yeah.
1:22 Speaker 02 Margaret's source, the book, Women Don't Ask, found that only 7% of women negotiate their starting salary.
1:29 Speaker 01 Wow. Compared to 57% of men.
1:32 Speaker 02 That's crazy.
1:34 Speaker 01 That's a staggering difference. And it really highlights the need for us to rethink these ingrained societal norms.
1:42 Speaker 02 For sure.
1:43 Speaker 01 Yeah.
1:43 Speaker 02 Okay, so, let's ditch the fear and dive in some practical tips.
1:47 Speaker 01 Okay.
1:48 Speaker 02 Margaret stresses that timing is everything. Hmm. And that the salary conversation should actually start before you even apply for a job.
1:56 Speaker 01 That's right. Doing your research beforehand is crucial.
1:59 Speaker 02 Mm-hmm.
2:00 Speaker 01 And we're not just talking about skimming glass door.
2:03 Speaker 02 Right.
2:04 Speaker 01 To really understand your market value, you need to get strategic.
2:08 Speaker 02 So like, what kind of strategic moves are we talking about?
2:10 Speaker 01 Think about it like this: you're a detective, building a case for your worth.
2:14 Speaker 02 Okay.
2:14 Speaker 01 Start by looking at job postings for similar roles at competitor companies.
2:18 Speaker 02 Right.
2:18 Speaker 01 Pay attention to the language they use and the salary ranges they hint at.
2:22 Speaker 02 Hmm.
2:22 Speaker 01 That'll give you a much clearer picture of what's considered competitive.
2:25 Speaker 02 I never thought to look at competitor postings.
2:27 Speaker 01 Right.
2:28 Speaker 02 That makes so much sense.
2:29 Speaker 01 And don't underestimate the power of your network.
2:31 Speaker 02 Okay. Use LinkedIn to connect with people who hold similar positions in your field.
2:36 Speaker 01 Right.
2:36 Speaker 02 You can ask them about their salary expectations and get a feel for what's realistic in your specific industry.
2:42 Speaker 01 So it's kind of like an informal salary survey?
2:45 Speaker 02 Exactly.
2:46 Speaker 01 Just by tapping into your existing connections?
2:47 Speaker 02 Exactly. And don't be afraid to be direct.
2:50 Speaker 01 Okay.
2:50 Speaker 02 Sometimes just politely asking for a range can give you valuable insights.
2:56 Speaker 01 Hmm.
2:56 Speaker 02 People are often more willing to share than you think.
2:58 Speaker 01 That's a great point. And, once you have a good grasp of your market value?
3:03 Speaker 02 Right.
3:03 Speaker 01 How do you bring it up in the actual interview?
3:06 Speaker 02 It depends on the situation.
3:07 Speaker 01 Okay.
3:08 Speaker 02 If you're working with a headhunter, they're usually more transparent about salary ranges upfront.
3:13 Speaker 01 Right.
3:13 Speaker 02 They have a vested interest in finding someone who fits the budget, so don't hesitate to ask them directly early on.
3:19 Speaker 01 Yep.
3:19 Speaker 02 But when you're dealing directly with a hiring manager, it can be a bit more nuanced.
3:25 Speaker 01 Because you don't want to seem like you're only focused on the money.
3:28 Speaker 02 That's right.
3:29 Speaker 01 Especially in that first interview.
3:30 Speaker 02 That's right. It's about striking a balance.
3:32 Speaker 01 Okay.
3:33 Speaker 02 Margaret suggests waiting until the second interview.
3:36 Speaker 01 Okay.
3:36 Speaker 02 After you've established a rapport and they've had a chance to see your qualifications.
3:40 Speaker 01 Right.
3:41 Speaker 02 Then you can confidently say something like, "Based on my research and the value I believe I can bring to this role, I'm looking for a salary in the range of X to Y. Does that align with your budget for this position?"
3:55 Speaker 01 That sounds so much more professional than blurting out a number during the first five minutes.
3:59 Speaker 02 Exactly. It shows that you've done your homework and you're serious about finding the right fit.
4:03 Speaker 01 Mm-hmm.
4:04 Speaker 02 And if their budget is significantly lower than your expectations?
4:07 Speaker 01 Right.
4:08 Speaker 02 It saves every one time and energy in the long run.
4:10 Speaker 01 But what if the company just can't budge on the base salary?
4:13 Speaker 02 That's where things get interesting. This is where you need to get creative and think beyond just that base salary number.
4:19 Speaker 01 Okay.
4:19 Speaker 02 Benefits can be a powerful bargaining chip.
4:21 Speaker 01 Mm-hmm.
4:22 Speaker 02 Especially if the company is limited in what they can offer upfront.
4:26 Speaker 01 Okay, so what kind of benefits are we talking about? Besides the obvious health insurance and vacation time.
4:33 Speaker 02 Think about what's truly valuable to you.
4:35 Speaker 01 Okay.
4:35 Speaker 02 Maybe it's the flexibility to work remotely a few days a week.
4:39 Speaker 01 Right.
4:40 Speaker 02 Or perhaps professional development opportunities are a top priority.
4:43 Speaker 01 Yeah.
4:44 Speaker 02 Don't be afraid to ask about things like tuition reimbursement or a conference budget. And if you're in a field where stock options are common.
4:52 Speaker 01 Right.
4:52 Speaker 02 Definitely bring those into the conversation.
4:54 Speaker 01 So it's about tailoring the negotiation to your specific needs and priorities.
4:58 Speaker 02 Exactly.
4:59 Speaker 01 Yeah.
4:59 Speaker 02 And remember, even seemingly small perks can add up to a significant value.
5:04 Speaker 01 Okay.
5:04 Speaker 02 For example, if commuting is a major drain on your time and energy.
5:08 Speaker 01 Yeah.
5:09 Speaker 02 Negotiating for a parking stipend or a public transportation subsidy.
5:13 Speaker 01 Right.
5:13 Speaker 02 Could make a real difference in your daily life.
5:15 Speaker 01 That's such a good point. It's easy to get fixated on just the dollar amount, but those quality of life perks can have a huge impact on your overall well-being.
5:24 Speaker 02 Absolutely.
5:25 Speaker 01 Yeah.
5:25 Speaker 02 Now, let's say you've successfully negotiated a great offer for a new job. But a few years down the line, you realize you're being underpaid compared to your colleagues or the market rate. This is where negotiating a raise within your current company comes into play.
5:41 Speaker 01 This feels even trickier than the initial salary negotiation.
5:44 Speaker 02 Yeah.
5:44 Speaker 01 You've already built relationships.
5:46 Speaker 02 Yeah.
5:46 Speaker 01 You don't want to ruffle feathers, and there's that added fear of jeopardizing your current position.
5:52 Speaker 02 You're right. It's a different ballgame altogether.
5:54 Speaker 01 Yeah.
5:55 Speaker 02 Margaret emphasizes the importance of shifting your mindset from asking for more to showcasing your worth.
6:01 Speaker 01 Okay.
6:02 Speaker 02 Remember that achievement portfolio we talked about?
6:04 Speaker 01 Yes.
6:04 Speaker 02 Now's the time to put it to work.
6:05 Speaker 01 So instead of just saying, hey, I deserve a raise.
6:09 Speaker 02 Right.
6:10 Speaker 01 I need to come to the table with concrete evidence of my contribution.
6:13 Speaker 02 Exactly. Before you even schedule that meeting with your manager.
6:16 Speaker 01 Okay.
6:17 Speaker 02 Take some time to gather your data, quantify your accomplishments whenever possible. Did you exceed your sales targets?
6:24 Speaker 01 Okay.
6:24 Speaker 02 Streamline a process that saved the company money.
6:27 Speaker 01 Got it.
6:27 Speaker 02 Receive positive feedback from clients that went above and beyond.
6:31 Speaker 01 So it's all about. Showing, not just telling, I'm starting to see how this portfolio becomes like a powerful tool for these conversations.
6:40 Speaker 02 It is. Think of it as your secret weapon.
6:43 Speaker 01 Yeah.
6:43 Speaker 02 And here's another pro tip from Margaret. Strategically reference projects where you collaborated with senior stakeholders.
6:49 Speaker 01 Okay.
6:49 Speaker 02 Without explicitly name dropping.
6:51 Speaker 01 Right.
6:52 Speaker 02 It subtly positions you as someone who can operate effectively at higher levels.
6:57 Speaker 01 That's clever. It's like planting a seed in their mind that you're ready for more responsibility.
7:01 Speaker 02 Exactly.
7:02 Speaker 01 And for higher compensation.
7:03 Speaker 02 Exactly. Now, once you've got your portfolio prepped.
7:06 Speaker 01 Okay.
7:07 Speaker 02 It's time to frame the conversation with your manager.
7:09 Speaker 01 Right.
7:09 Speaker 02 Instead of focusing on what you need.
7:11 Speaker 01 Okay.
7:12 Speaker 02 Highlight how your contributions have benefited the company.
7:15 Speaker 01 Mm-hmm.
7:15 Speaker 02 For example, you could say, "Over the past year, I've taken on X, Y, and Z, which has resulted in A, B, and C for the team. Based on my market research and the value I believe I'm bringing to the table, I'm hoping we can discuss adjusting my salary to reflect my current role and performance."
7:32 Speaker 01 I love that approach.
7:33 Speaker 02 Mm-hmm.
7:34 Speaker 01 It's confident, it's data-driven.
7:36 Speaker 02 Yeah.
7:36 Speaker 01 And it frames the conversation as a collaborative effort rather than a demand.
7:40 Speaker 02 Right. It's about presenting yourself as an asset, not a liability.
7:44 Speaker 01 Hmm.
7:45 Speaker 02 And here's another crucial point Margaret brought up. Timing is everything.
7:48 Speaker 01 Yeah.
7:49 Speaker 02 The best time to ask for a raise is usually a few months before your annual review.
7:53 Speaker 01 Okay.
7:54 Speaker 02 Or when the company is in a strong financial position.
7:57 Speaker 01 Because if they're already in a good mood about the company's success.
8:00 Speaker 02 Exactly.
8:01 Speaker 01 They're more likely to be receptive to your request.
8:03 Speaker 02 Exactly. It's about reading the room and choosing your moment wisely.
8:07 Speaker 01 Right.
8:08 Speaker 02 But what happens if your manager pushes back, saying, "There's simply no budget for a raise right now."
8:14 Speaker 01 That's where I would probably just want to crawl under my desk and give up.
8:17 Speaker 02 Don't despair. Remember, a no today doesn't necessarily mean a no forever.
8:22 Speaker 01 Okay.
8:22 Speaker 02 Margaret advises being persistent but respectful.
8:26 Speaker 01 Right.
8:26 Speaker 02 Instead of getting discouraged, ask for specific feedback. You can say something like, "Based on my market research, I was hoping for a raise to your target salary." What specific goals would I need to achieve to reach that level? And when could we revisit this conversation?
8:42 Speaker 01 It's like turning a rejection into a roadmap for future success.
8:46 Speaker 02 Precisely. It shows that you're committed to growth and that you're willing to put in the work to earn that raise. And here's something interesting. Margaret shared a story from her time as a recruiter at Expedia.
8:58 Speaker 01 Okay.
8:59 Speaker 02 She had a candidate who had been with the company for several years.
9:03 Speaker 01 Right.
9:03 Speaker 02 But was significantly underpaid compared to the market rate.
9:07 Speaker 01 Wow.
9:07 Speaker 02 Even though this person hadn't necessarily gone above and beyond in their role.
9:10 Speaker 01 Okay.
9:11 Speaker 02 Margaret still felt it was appropriate for them to bring up the salary discrepancy.
9:15 Speaker 01 Interesting. So sometimes just being aware of your market value is enough to justify a raise.
9:20 Speaker 02 That's right.
9:21 Speaker 01 Even if you haven't necessarily exceeded expectations in your current role.
9:24 Speaker 02 That's right. It's like realizing you've been accidentally selling your valuable antique collection at a garage sale.
9:30 Speaker 01 Uh huh.
9:31 Speaker 02 You have every right to ask for fair compensation, even if you haven't been the absolute star performer.
9:37 Speaker 01 So it's about advocating for yourself and knowing your worth regardless of your current performance level.
9:42 Speaker 02 Exactly. And speaking of advocating for yourself, let's talk about leverage.
9:46 Speaker 01 Okay.
9:47 Speaker 02 What factors influence your negotiating power within your current job?
9:51 Speaker 01 Well, I imagine your role, location, and specialization all play a part. If you have a highly specialized skill set that's in high demand.
9:59 Speaker 02 Right.
10:00 Speaker 01 You're naturally going to have more leverage.
10:01 Speaker 02 That's a great point. It's like being a rare gem in a world of pebbles.
10:06 Speaker 01 I like that.
10:07 Speaker 02 Your unique skills and experience make you more valuable to the company.
10:11 Speaker 01 Yeah.
10:11 Speaker 02 Giving you a stronger negotiating position. Location also plays a role.
10:16 Speaker 01 Okay.
10:17 Speaker 02 If you're in a location with a competitive job market.
10:20 Speaker 01 Right.
10:20 Speaker 02 Companies may be more willing to offer higher salaries to attract and retain top talent.
10:25 Speaker 01 It's all about supply and demand, right?
10:27 Speaker 02 Yeah.
10:27 Speaker 01 If your skills are in high demand and there's a limited pool of qualified candidates in your area, you have more bargaining power.
10:34 Speaker 02 Precisely. And don't forget about the level of the position. Senior level roles often come with more responsibility and decision-making authority.
10:42 Speaker 01 Right.
10:42 Speaker 02 Which can translate into higher compensation.
10:45 Speaker 01 Okay, so let's say I've done my research, I've built my achievement portfolio, I've chosen my moment wisely, and I've presented my case with confidence and clarity.
10:54 Speaker 02 Right.
10:55 Speaker 01 But what if, after all, that they still say no to a raise? Is it game over?
11:00 Speaker 02 Not at all. It's an opportunity to understand your manager's perspective and create a plan for future success.
11:08 Speaker 01 Okay.
11:08 Speaker 02 Ask for specific feedback on what you need to improve or achieve to earn that raise.
11:13 Speaker 01 Right.
11:13 Speaker 02 And set a date to revisit the conversation.
11:16 Speaker 01 So it's about being persistent without being pushy?
11:18 Speaker 02 Right, exactly.
11:19 Speaker 01 Yeah.
11:19 Speaker 02 It shows that you're taking their feedback seriously and that you're committed to earning that raise.
11:23 Speaker 01 Right.
11:24 Speaker 02 And it keeps the conversation going, ensuring that your compensation stays on their radar.
11:28 Speaker 01 I'm sensing a theme here. Persistence and preparation are key.
11:32 Speaker 02 You got it. Persistence and preparation. Those are two of the biggest keys to success in any negotiation, but especially when it comes to salary.
11:42 Speaker 01 Yeah, it feels like we've covered so much ground already.
11:45 Speaker 02 Right.
11:45 Speaker 01 From researching salary benchmarks and crafting that achievement portfolio.
11:49 Speaker 02 Yeah.
11:50 Speaker 01 To navigating those sometimes tricky conversations with your manager.
11:54 Speaker 02 It is a lot.
11:55 Speaker 01 Yeah.
11:55 Speaker 02 We have, and it's all incredibly valuable information.
11:58 Speaker 01 Hmm.
11:58 Speaker 02 But there's one more piece of the puzzle that Margaret emphasizes.
12:01 Speaker 01 Okay.
12:01 Speaker 02 And it's something that can really make or break your success.
12:04 Speaker 01 Okay, I'm intrigued. Lay it on me.
12:07 Speaker 02 Okay.
12:07 Speaker 01 What's this missing piece?
12:09 Speaker 02 It's all about mindset.
12:10 Speaker 01 Okay.
12:10 Speaker 02 You can have all the data and strategies in the world.
12:13 Speaker 01 Right.
12:13 Speaker 02 But if you don't believe in your worth and approach these conversations with confidence.
12:18 Speaker 01 Yeah.
12:19 Speaker 02 It will take.
12:19 Speaker 01 It's like that saying, you get what you negotiate, not what you deserve.
12:23 Speaker 02 Yeah.
12:23 Speaker 01 If you don't advocate for yourself, no one else will.
12:26 Speaker 02 Exactly. It's about shifting your mindset from, I hope they offer me enough, to, I'm confident in my value and I'm prepared to negotiate a fair compensation package.
12:36 Speaker 01 Yeah.
12:36 Speaker 02 And this applies to both new job negotiations and asking for a raise in your current role.
12:42 Speaker 01 That makes so much sense.
12:43 Speaker 02 Yeah.
12:44 Speaker 01 I think a lot of us, especially women, tend to downplay our accomplishments and undervalue our contributions.
12:50 Speaker 02 It's a common trap, and it's something Margaret specifically addresses in her advice.
12:54 Speaker 01 Right.
12:55 Speaker 02 She encourages candidates to aim high when stating their salary range.
12:59 Speaker 01 Okay.
12:59 Speaker 02 Especially in a new job negotiation.
13:02 Speaker 01 Because you never know, they might just say yes.
13:03 Speaker 02 Exactly. And even if they counter with a slightly lower offer.
13:07 Speaker 01 Yeah.
13:07 Speaker 02 You're still starting from a stronger position.
13:09 Speaker 01 Right.
13:10 Speaker 02 Margaret also cautions against giving away your current salary too early in the process, especially if you suspect you're underpaid.
13:17 Speaker 01 So it's like starting with a clean slate and setting the tone for a more favorable outcome.
13:22 Speaker 02 Precisely. It's about taking control of the narrative and presenting yourself as a valuable asset from the outset.
13:28 Speaker 01 Okay.
13:29 Speaker 02 And here's a little exercise Margaret suggests to boost your confidence before a negotiation. Write down a list of your accomplishment skills and the unique value you bring to the table.
13:38 Speaker 01 Got it.
13:38 Speaker 02 Then read it out loud several times.
13:41 Speaker 01 It's almost like giving yourself a pep talk right before the big game.
13:43 Speaker 02 Exactly. It's a way to remind yourself of your strengths and walk into that negotiation feeling empowered.
13:50 Speaker 01 Love it.
13:51 Speaker 02 We've talked a lot about tactical strategies today, but ultimately, it all comes down to this.
13:55 Speaker 01 Okay.
13:56 Speaker 02 Believing in yourself and having the confidence to articulate your worth.
14:01 Speaker 01 That's such a powerful message. And you know what? I think having this conversation has already boosted my own confidence.
14:07 Speaker 02 That's fantastic to hear. Remember, knowledge is power.
14:10 Speaker 01 Hmm hmm.
14:11 Speaker 02 And the more you understand the dynamics of salary negotiation, the better equipped you'll be to advocate for yourself throughout your career.
14:19 Speaker 01 It's like Margaret said, high achievers don't wait to be offered a great salary.
14:23 Speaker 02 Yeah.
14:23 Speaker 01 They ask for it and present proof as to why it's warranted.
14:27 Speaker 02 That's right.
14:27 Speaker 01 So to all of you listening out there, take this information, run with it,
14:32 Speaker 02 Yeah.
14:33 Speaker 01 and don't be afraid to ask for what you deserve.
14:35 Speaker 02 And remember, negotiation is a skill that gets better with practice.
14:39 Speaker 01 That's true.
14:40 Speaker 02 The more you do it, the more comfortable you'll become.
14:43 Speaker 01 That was an insightful deep dive into the world of salary negotiation.
14:46 Speaker 02 Yeah, it was.
14:47 Speaker 01 Feeling ready to take charge of your earning potential.
14:50 Speaker 02 Yes.
14:51 Speaker 01 Remember, preparation is key, but so is confidence. Believe in yourself, do your research, and don't be afraid to ask for what you're worth.
15:00 Speaker 02 Absolutely.
15:01 Speaker 01 Who knows? You might just surprise yourself with what you can achieve.
15:04 Speaker 02 Until next time, happy negotiating.
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