Ep128: Salary Negotiation: Are you doing it right and what you must know.

In this episode, Mei Phing discusses why salary negotiation is a crucial skill that many people overlook, resulting in lower pay and missed opportunities for advancement. It is important to understand that salary negotiation is an art that requires effective communication, influencing, and negotiation skills. 

Highlights

0:55 - Starting with a low salary can have a long-term negative impact, as future salary increases are often based on your current salary.

2:25 - Many people are uncomfortable with salary negotiations, but it is important to overcome this fear and learn how to negotiate effectively.

4:10 - Proper tone and positioning are crucial during salary negotiations. It is essential to sell your value first before discussing numbers.

6:15 - Participating in role-play exercises can help improve communication and negotiation skills.

9:05 - Information is power in salary negotiations. Avoid revealing too much information that could be used against you during the negotiation process.

Key Insights

💡 Starting with a low salary can hinder your future earning potential. Negotiating a higher starting salary sets a foundation for future increases.

💡 Many people fear salary negotiations due to discomfort and lack of self-awareness. Overcoming this fear is crucial to securing fair compensation.

💡 Effective communication and influencing skills are essential for successful salary negotiations. Understanding the art of communication can greatly increase your chances of getting the desired outcome.

💡 Avoid revealing unnecessary information during salary negotiations. Giving up too much information can be used against you and result in a lower offer.

💡 Role-play exercises and seeking professional help can improve your negotiation skills and increase your chances of success.

💡 Selling your value and achievements is crucial during salary negotiations. Focus on your accomplishments rather than vague statements about personal qualities.

💡 Proper tone and positioning are key during salary negotiations. Being assertive without being aggressive can help create a positive impression and improve your chances of getting a favourable offer.

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— Mei Phing