Skip to main content

How To Negotiate Your Salary #1 Summary

DISCLAIMER

I am not making this public to brag or to make anyone feel bad or jealous. Negotiating my salary is just one of many habits I applied over the past decade regularly, so I acquired some experience in what worked and what didn't. Depending on the context, this experience may or may not benefit others. I regard the consequential increase of my salary rather a side effect of my actual overarching self improvement strategy, than the result of merely smart ninja-negotiation tactics. My foremost desire was -and still is- to become the best possible version of myself. But that itself is a topic for another post. 

In this series of posts I will share some details of my salary, its development over time and some further specifics that I hold necessary to demonstrate my point. So in case you should feel offended, jealous or bad in any way about gaining insight on that kind of information, this is your opportunity to exit this post here and now and to skip to the next one right away.

Negotiate Regularly And Show Your Motivation

Why should you negotiate your salary regularly? Simple: no matter the outcome, it will signal to you(!) and to others that you are willing and ambitious to move ahead. Motivation means movement. If you are not motivated, you are not moving. If you are moving, your skills, your aspirations, your goals are moving with you. Secondly, with each and every single negotiation, your negotiation skills will improve. Yes, you can read tons of books and watch millenia of tutorials online. These might give you some inspiration. Nevertheless your most essential skills are only carved by steady and repeated execution.

As a consultant I was often asked about my salary. Since I regularly (re)negotiated my contract, a part of the compensation in terms of money paid was always one of the top items open for debate. Within the nine years from 2011 to 2020, I was able to more than double my salary to a fixed five digit monthly figure (in EURO) plus bonus plus benefits. In any of the negotiations along the way, whether within a company or for a potential new role, I always applied the same set of strategies and refined them over time by testing various approaches. 

In Whatever You Do: Be A Ninja

The secret to the success of my strategy however, if there is one at all, was my absolute conviction to get as good as I possibly could at whatever I was doing. Also, I had the courage -as well as the curiosity- to find out what my experience and engagement might be worth to others - and just as importantly: what it might not be worth. Although the development of my salary, which I regard only as a fraction of the compensation package for my work, is only one part of the entire story and can hardly convey the entire picture of how I was able to successfully negotiate lucrative contracts, I will share some of my most important salary negotiation strategies.

I will release this series over the next few days and weeks. Here's an outlook to the topics that I intend to touch upon:

  1. Clarify your desire
  2. Adapt your perspective
  3. Why and how your salary is more than just money
  4. Think long term: Where are you headed?
  5. Do your homework and be well prepared
  6. Create a strategy
  7. Simulate: Test in a dry run
  8. Have an exit plan
  9. End on a high note


Comments

Popular posts from this blog

Learn To Unlearn

Be Brilliant Subject matter expertise has its perks. Being an expert on any field requires deep learning as well as deliberate practice over years and years. The more professional experience you gain the more you'll swap a minimum principle mindset ('What do I need to do to achieve XY?') for a maximum principle ('How much can I possibly achieve with my available resources?'). When I started as a consultant I had a very basic and fragmented knowledge in most of the technical aspects in my subject matter. At the time I was already a certified and experienced supply chain management expert with some merits. However, as the branch I had worked in (military and defence) neither used the latest technology nor had a business model that promoted short development or change cycles in leadership or management, I did not feel 100% competitive. Therefore I faced some serious challenges when I started my career in the private sector.  At the time when I joined a consulting compa...

If It Helps Someone, It's Valuable

The World Is Full Of Problems  This is good news. Actually it is great news. Problems are opportunities for growth - if you are able to find -and successfully apply- the solution to a problem that will help someone in any way, you will inevitably create value. If you can find a solution to a big problem (e.g. cure for cancer) you will create an immense value. If you can find a solution to a not so gargantuan, but widespread problem, you will have created tremendous value. But even if you find a solution to a small problem that will benefit a few people, you might still have the benefit of being able to learn something valuable that you can apply later in the solution of greater problems. Don't let yourself be discouraged by the (lack of) magnitude of problems: keep your eyes open and help people even if they do not approach you proactively - this will invite good things to happen to you in the long run. However not everybody in the workforce seems to have the proclivity to solve pr...

How to Negotiate Your Salary #7 Strategy Basics

Negotiation Strategy Basics Before engaging in any negotiations you should set up some rules and guidelines for how you plan to approach the situation. Let me elaborate on some basic principles of negotiation and focus on some specific strategies that I was able to apply effectively on multiple occasions. I was able to negotiate multiple work contracts that were mutually satisfying and I was always happy to sign each one of them. Most importantly however: looking back at all the deals I am still happy with each one of my decisions. I accredit this fact to successful negotiations. Principle I The Invariant of Negotiations: Foster Relationships All negotiations should lead to better relationships between the parties. Your paramount objective ought to be to enjoy the debate and to learn something, regardless if a deal is cut or not. Remember you all have a mutual interest and both parties will do their best to find common ground. Hence your focus should not be on convincing your counterpa...