Codie SanchezFounder @ Contrarian Thinking

You Need to Negotiate Your Salary

12 Dec 2023 · 1 min

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0:44

Codie Sanchez explains why you should negotiate your salary every year. Most companies cap raises at 3-5%, but new hires often get exceptions. Switching jobs can net you a 30% bump, while staying put keeps you locked in salary bands.

Questions this video answers

3–5%

5–10%

~30%

Salary bands that limit increases for a given position; exceptions often exist for new hires.

Chapters

If you work at a big company and you don't negotiate your salary, you're really missing out. Let me tell you why. If you stay at the same job, most jobs have a 3 to 5% salary cap for employees in certain positions. They also have what's called a salary band. They can't go outside of this band for a certain position. For current individuals at the firm they have exceptions for new hires. So that's why often if you're at a big company the only way for you to materially increase your salary is to leave. So I suggest you do two things every single year you negotiate your salary. You try to get the upper end of 5 to 10% increase in your salary or your total aligned comp 2. If you can't you start putting in those resumes because oftentimes when you jump jobs you get a 30% increase as opposed to 3 to 5% for staying. How's that for loyalty at those big companies.