- Anchor when you have alternatives
When you have other options (such as staying with your current employer), state your desired number before the employer does during negotiations. Most offers come within a small percentage of the first number given due to the anchoring bias.
- Time it right
If the employer asks for your salary expectations before you reach the offer stage, don’t fall for it. Go too low and you make it hard to negotiate a better offer later on; go too high and you could eliminate yourself from consideration. Instead, tell the employer you expect to be paid fair market value.
- Know your magic number
Use your “walk away” number to determine how to respond to an offer. If the offer is below your walk away, then you’re in a counter situation. If the number is above walk away, let them know you’re still excited about the opportunity, then ask problem-solving questions – for example, “Do you have any ideas about how we can improve this offer?”
- Less talking = more money
Some people will talk themselves right out of a deal (or into a bad one). If an employer puts a number on the table, your best bet is to endure the awkward silence and let it sit before responding. Sometimes stalling will lead to a better offer without you having to say a word.
- Remember it’s not personal
There are limitations to what an employer is willing to do, and often it has nothing to do with you. For example, employers strive to maintain internal equity on compensation – they don’t want someone getting paid twice as much as another person doing the same job. Don’t take it personally if an employer balks at a number – just keep negotiating with a smile.
- Avoid sticker shock
When responding to an offer that is below expectations, be reasonable in your response. If you are asking for more than 20 percent more, you risk offending the other party and it may be better to just walk away. If they chase you, they’re ready to hear a much higher counter offer and your chance for success goes up.
