Join LinkedIn Learning Instructors for an in-depth discussion in this video Three Steps to Successful Negotiation, part of 2-Minute Tips for Senior Leaders.
- To be successful in negotiation, preparation is everything. Hi, I'm Lisa Gates, Negotiation Consultant and Executive Coach. I'm going to focus on the three most important things that will help you set the stage for a successful negotiation. Step one is research. Find out what you're worth. Do a little digging on salary sites. The information you gather will help you answer questions about your salary expectations. It will also help you evaluate how to prepare a counter-offer when the time comes.
Next, make a list of all the skills you've mastered, and the results you produce so you can anchor them to the salary you're asking for, and the goals associated with your role. Step two is to prioritize all the moving parts of your negotiation. This means you're going to be making another list. This list will not only include the salary and bonuses, but also things like vacation, remote work, flex time options. The value of this step is to be clear about what you want, and to give you options for trading things of value during your negotiation.
In step three you need to determine in advance what concessions you're willing to make. For anything you give up be prepared to ask for something in exchange. For example, if you're offered a salary of 90,000 plus a 10% performance bonus, would you be willing to give up a couple of points on the bonus for a higher salary? So research you value. Prioritize what you're going to ask for. And plan your concessions. The time you spend up front can make a big difference in your bank account.