Over the last several years of my career I lost $300,000 dollars.
By failing to negotiate my salary.
My job search was fueled from a scarcity mindset.
I often launched my job search out of PISSTIVITY for my role, lack of career progression, manager etc vs out of strategy aka “moving on because it was time”.
I took an active role in cheating myself by:
→ Accepting the first offer
→ NOT articulating my value
→ NOT asking the recruiter for the budget/range
→ NOT researching benchmark data
→ NOT comparing and contrasting benefits
→ NOT reviewing the new tax bracket my salary would push me into and adjust my salary request accordingly
→ NOT considering the scope of responsibilities in relation to the pay
→ Convincing myself to take a low ball offer because it “was the best I could get”
→ Sharing my previous salary with the recruiter saying something like “I can’t take less than I’m making” sound like you?
But it wasn’t the best I could get when I discovered several instances of co-workers in the same pay grade making upwards of $40k cash or more than me.
Or when I discovered that I was brought in at 50% of the pay position for my role even though I was “over qualified”.
I cheated myself by assuming negotiations start at the point of receiving an offer.
I was grossly mistaken.
Negotiation starts at the point of speaking with the recruiter, understanding the budget then providing your range that is considerably more than what you’re making, and preferably a range to set you up for negotiations LATER.
When the recruiter shares the range, this is technically the first offer made (high level of course) during the process.
By sharing this range, you can determine if YOU want to invest more time and it sets YOU up to share your desired salary range. This is called the anchoring principle. Look it up, it’s similar to opening statements during a trial, and it works for salary negotiations :)
There is a strong correlation between that first discussion and your final outcome.
Here’s the deal, companies, people etc. will pay you/treat you as cheaply as YOU allow them to.
You have more of an active say in your career than you think you do.
Confusing what you’re offered with what you are worth will encourage you to use those pitiful numbers as your baseline for your salary targets.
Today’s lesson is everything I did NOT do. Wash, rinse, and repeat.
Fun fact: You can lose out on upwards of 1 million dollars by not negotiating over the course of your career. Considering that we work over 50% of our lives, this is ALOT of money and a lot of wasted time.
Assignment: Think of all the times you did not negotiate your salary and you found out the full runway range for your role…add it up and share your #’s below.