41% of people do not negotiate salary for a job they currently hold, or for a job they’re being interviewed for. There’s a negative stigma attached to salary negotiation that creates fear when it comes to negotiating for a higher salary. Whether you feel you’ll face repercussions when asking for more money, or you think you’re employer/interviewer will actually be upset with you, salary negotiation is a hard subject. It’s important to get comfortable talking about salaries so the negotiation process comes more natural. Here are two methods on how to negotiate your salary!
The Noel Smith-Wenkle Method
In 1980 Noel Smith was a headhunter with a mission to get his clients the best and highest salary possible. The foundation for his method? Never tell the employer how much you want. His method involved four steps.
STEP 1. If the company asks for a number on the application, leave it blank. You want them to ask you for a number verbally.
STEP 2. When the company verbally asks you for a number respond: “I am much more interested doing [type of work] here at [name of company] than I am in the initial size of the offer”.
40% of the time, this will be enough for the company to make you an offer, however, over half the time they will ask you again.
STEP 3. The second time the company verbally asks you for a number respond: “I will consider any reasonable number”.
This is a stalling tactic. The word consider has a lot of leeway in it. Add to this the large amount of slop in the word reasonable. Noel said that in only about 30% of the cases was it necessary to go to step 4.
STEP 4. If the company asks you a third time for a verbal number, politely respond: “You’re in a much better position to know how much I am worth to you than I am”.
This is your final answer no matter how many times the company gets you to try to give them a number.
The purpose of the Noel Smith-Wrinkle Method is to get the company to be the first to offer. Once the company makes an offer, there are two options: 1. If the offer is above your minimum, take the job. 2. If it’s below your minimum, tell them it’s too low—but do not say by how much.
The Jack Chapman Salary Negotiation Method
Jack Chapman is a career coach and mastermind behind Negotiating Salary: How to Make $1000 a minute. His method consists of five steps.
STEP 1. Postpone all salary negotiations until you are offered the job
Let them decide if you are the right candidate for the job before you start talking money. The same goes for current employers
STEP 2. Let the other side make the first offer.
If you feel uncomfortable dodging the magic number question, Chapman has recorded a short video that explains how to answer questions about salary expectations.
STEP 3. When you hear the offer, repeat the number – then stop talking.
This is called The Flinch and the most-likely outcome of this silence technique is a raise. This technique will buy you some time to think while putting pressure on the other side.
STEP 4. Counter the offer with a researched response.
You cannot just throw a random number out and hope for the best. If you plan to counter their offer, do some research based on what you know about yourself, the market, and the company.
STEP 5. Clinch the deal – then deal some more.
Your last step is to lock in the offer, then negotiate the extras. This is a great way to get an even better compensation package overall.
Take a look at Jack Chapman’s website devoted to career management.