The 3 Salary Numbers You Need to Be a Master Negotiator
Negotiating doesn’t have to make you want to run in the other direction. I promise! To prepare yourself for your next negotiation and present yourself as a master negotiator, you must know the following three numbers, your walk away number, your target salary, and your bolstering range, before you start negotiating.
1. Know your walk away number to be a master negotiator.
Before you negotiate, you must know your walk away number. This is also known as your resistance point (or the lowest you can go or you have to say “no” to the offer). Ultimately your resistance point is generated by :
what your personal finances, values, and lifestyle allows for
your interest/passion for the gig, and
who and what the role will connect you to for future career advancement.
The walk away number is the one you’ll want to avoid calculating, especially if you avoid your personal finances. Don’t avoid it!
You’ll get excited about the job offer (after all, you’ve made it this far!) and you’ll begin to make all kinds of excuses why you can take it even if it doesn’t meet what you need.
It’s okay to say “no” to an offer if it does not pay the salary you need. Otherwise, you run the risk of being in the resentment zone and that is not where you want to be, especially for a successful career.
Here’s a HuffPo article where I talk about when taking a pay cut can actually be worth it.
When you say “no” to a job because the salary is at or below your resistance point, you’ll actually be saying “yes” to something else that comes along.
2. Know your target salary to be a master negotiator.
Your target salary is the base pay you want to earn in the job.
I outline the steps to identify your target salary in this post - How To Ask for More Money As You Negotiate Your Salary.
Should your target salary be a single number?
You can be up front about your single target number or you use a bolstering range. Both are legitimate strategies. Asking for a specific salary as a single number can indicate you know exactly what you are worth. If you are confident in this, this may be the way to go. However, using a bolstering range can indicate you are flexible and open to negotiation.
3. Know your bolstering range to be a master negotiator.
There is research that supports greater success with negotiation when using a bolstering range when you negotiate. The main reason being the lower number creates an anchoring effect.
The lower number in your range will be your target salary number.
For example, if your target salary is $75K, you’d say “I’m looking for something in the $75k – $82k range.”
I wish I could tell you there is a certain percentage you can use to bolster your ask. I can’t because there is no “one size fits all.” That said, the higher your bottom number is, the wider your range can be.
Don’t forget to negotiate for benefits beyond base pay.
Your base pay is only one part of your compensation package. The other part of the package are your benefits. Once you have finalized negotiating your base pay, negotiate your benefits.
If you are looking for ideas on benefits beyond base pay, I created this resource for you.
Remember, you negotiate every single day! Use those every day negotiations as practice for the real thing. And the next time you negotiate, bring your three numbers.
