How to negotiate your salary like a pro to get maximum compensation

EPISODE SUMMARY

In this episode of Chan With A Plan, host Max Chan speaks with Mark Herschberg, author of The Career Toolkit, Essential Skills for Success That No One Taught You. Mark discusses the importance of always negotiating your job offer, as well as tips and strategies to negotiate for maximum compensation. The discussion ends with a few tips on how to improve your current compensation package at your company so you leave nothing on the table.   

QUOTES

• “Learning how to negotiate a little bit better, is literally going to add 5 figures, even 6 figures to your lifetime earnings.” - Mark Herschberg [3:26]
• “If you use proper negotiation techniques and if you do it in a respectful, considerate way, I don’t know of anyone who’s lost a job simply by trying to negotiate it.” - Mark Herschberg [7:07]
• “[You don’t need a formal written offer to negotiate] I think it’s totally fine if it’s a verbal offer or if they just send an Email not the formal offer, they just say hey, we’re thinking of these numbers because at that point they have in good faith made an offer and you can start going back and forth.” - Mark Herschberg [20:38]

TIMESTAMPS

• [0:16] Meet Mark
• [2:19] The long term ROI of negotiating your initial compensation
• [4:51] Biggest myths of negotiating your job offer which makes people not want to do it
• [6:39] Discussing whether Mark has ever witnessed or experienced someone losing their job offer because they negotiated
• [8:03] Max’s experience with negotiating his first job offer right out of university with limited work experience
• [9:16] What your mindset should be when you go into a negotiation
• [11:13] How to evaluate your leverage in negotiations
• [12:17] What to say when the recruiter asks you for your salary expectations during a screening call
• [19:50] The best time to negotiate your job offer with the hiring manager / company
• [21:25] What’s the percentage increase you can ask for, based on the initial salary they offer you
• [22:07] Why negotiating only salary is limiting your maximum compensation
• [24:11] What other items can you negotiate besides salary
• [28:07] Mark’s best practices on negotiating your job offer
• [30:00] Discussing what happens after the negotiation meeting is over
• [33:07] When and how to ask for a raise or to review your compensation package once you start working at the company
• [36:11] Last tip from Mark on compensation negotiation 
• [37:02] Contacting Mark
• [39:01] Outro

RESOURCES & RELEVANT LINKS

• The Career Toolkit Website
• Mark Herschberg on LinkedIn
• Chan With A Plan
• Max Chan on LinkedIn