Unlock Your Earning Potential: 3 Essential Steps for Negotiating a Higher Salary in Your Next Job Offer

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Are you currently negotiating a new job offer or searching for a new role?

This article aims to guide you on your journey.

The question is: how do you ensure you receive a salary that mirrors your worth?

Many professionals unintentionally accept salaries lower than they should simply because they're unaware of industry standards.1

Understand Your Worth

Employment is essentially an exchange of your time and skills for an income. As such, it's crucial to understand industry standards before settling on your asking salary.

David Paykin, a job-searching advisor with a staggering 2.5 million social media followers, advises using several job search platforms like Levels.fyi, Indeed, and Glassdoor to gain a comprehensive understanding of salary ranges.

Negotiate the Entire Package

Often, professionals focus solely on the base salary during negotiations. However, it's essential to consider the entire compensation package. This nugget of wisdom comes from a professor of negotiation at Harvard Business School.2

You might be willing to negotiate a lower salary in return for additional benefits or greater job flexibility. Thus, it's beneficial to negotiate the entire package at once to avoid the continuous add-on of "one more thing."

Adopt Pleasant Persistence

Chris Voss, a renowned FBI hostage negotiator and author, shares this final piece of advice. Voss suggests that being likeable makes people six times more likely to accommodate your requests.3

Therefore, maintain a pleasant and persistent attitude throughout your negotiations. Nobody appreciates a difficult character during these discussions.

Your Next Steps

After securing the job offer with the salary and perks you desire, remember, these negotiation tactics are universally applicable.

Whether it's negotiating your next car price or your first mortgage, these skills are transferable to various life situations.

Do you need guidance on negotiating a comprehensive compensation package?

Let's start the conversation about maximizing your earning potential and securing your financial future.

Sources:

  1. https://podcast.app/making-education-accessible-to-all-and-amassing-a-tiktok-following-along-the-way-with-david-paykin-e312411445/
  2. https://hbr.org/2014/04/15-rules-for-negotiating-a-job-offer
  3. https://www.blackswanltd.com/the-edge/2015/02/the-top-4-tips-for-negotiating-a-better-salary/

This material has been prepared by a third party that is unaffiliated with Townsend Asset Management Corp. and is provided for informational purposes only. Townsend considers this third-party source and information to be reliable, but its accuracy and completeness cannot be guaranteed.  It may not represent the views of Townsend or its affiliates. It should not be considered a recommendation to purchase or sell any particular security. Past performance should not be relied on as an indicator of future results. All investing assumes a certain degree of risk, including loss of principal. Townsend has obtained permission to distribute this material. Townsend Asset Management Corp. is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about the firm can be found in its Form  ADV Part 2, which is available upon request. TAM-23-53