Ep 288| Salary Bargain Vs Strategic Negotiation - 6 Steps demonstration

Foreign salary negotiation and bargain. People don't understand this in their long run. The reason being nobody has taught them and they have also not taken efforts to learn it in this podcast, I'm going to make it very short. What is the difference between salary negotiation and bargain and how you can do a strategic negotiation in order to just get your salary 3x more in just a span of 30 to 45 days? This is a technique, this is a hack. This is also a method which has been worked for many of my students and that's why I'm bringing this to the public so that you can able to take an advantage. And one thing I have to tell you as a caution, there are a lot of things which you have to do before in order to get to a stage of salary negotiation. Ideally, if you're doing it in a premature stage, you will get backfired.

Okay?

So if you promise me that, okay Jagdish, I'll follow the earlier methods and I also tell you a little bit about that. And after that you do it rightly, you will be able to get results, guys. Okay, so with this context, we'll get into the podcast. So what happens when it comes to difference between bargain and salary negotiation? Let's say if you go for a vegetable vendor or maybe if you go for a shop, if somebody is offering you as a price of 50 rupees of a product or something, when you ask for buyer give it for 35 rupees. Buyer give it for 25 rupees. No, no, no. That shop guy is giving for 25 only. Why don't you give? This is called bargain. When you go for a vendor or a vegetable shop or something, you ask, hey, hey, give this Sonyan for this price.

Hey, hey, hey.

Give this what you call potato for this price, right? Without any kind of a. We are doing this as a general numbers, okay? There is no chance that we will win this or there is no guarantee that you will get the point what you wanted to say. But negotiation is very different, okay? It is a very strategic decision. It is a conscious strategic decision to showcase your value in order to achieve a amicable mutual agreement. When you understand this fact, this podcast is going to make a lot of sense. If you are not driven by your exact strategic decisions of your career, then it will become one more bargain.

Okay?

So a lot of people miss good salaries and opportunities because not knowing that, okay? So take a lot of notes, guys. This is going to be an amazing insights for you.

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First let me tell you before getting into the Salary negotiation, you will have to do lot more things. The very first thing, what you have to do is research about the company, okay? Try to bring what is the targeted industry. If you are ideally my student, you would have prepared a document called Codex where you will be getting lot of clarity in what is your real goal, value, mission and what is your long term goal. Aligning with what kind of a design studios are India from that, what is your targeted industries and then you research about that company, about their growth, their potential, their design values and how are they valuing the work life balance and how the projects are getting delivered, what would be the reporting structure. You will know all these things before you go and approach a job. After that you will have to leverage your network and you will have to change a lot of your LinkedIn profile optimization and tailor make your applications for the relevant job search process. If you're ideally doing this only guys, you will be able to first write find the right industry. Because if you're doing the salary negotiation strategies with the wrong industry, there is no point that you will reach the consensus and results you will be still bargaining.

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Because finding the right industry is the ultimate thing which you have to do before salary negotiation. Okay, we have not yet got to that part. Just wait for it. Second, you will have to choose the person, whoever is exactly the decision maker for your salary negotiation. This is a big time problem, guys. People sometimes do a wrong targeting of people and they just randomly talk with those people. Those people are not decision makers. Those people are maybe trainees in hr. Those people are just a normal people in their company. Or maybe they are just not a key financial decision maker. So you will have to understand by asking right question. Are you a decision maker, Mr. HR? Are you a decision maker, Mr. Design Lead? Whomever you are entering with said, if they are not saying no, I'm not a decision maker, then you'll have to tell, can you connect me with a decision maker so that we can able to talk this and close this fast? It is your responsibility to get this answer from them. If you're not doing this, then you may be missing out. That is the ultimate point. Okay, so think about it. The third is you will have to do at the right time. Okay, so first I told you right company, right people at the right time.

Okay?

Because we have not got into the salary negotiation. I'm just telling you the context before. So sometimes the interviewer expects you to tell what is the expected ctc. See, in my earlier podcast also I've recorded something about strategic salary Negotiation. But this is even more special and updated.

Okay.

Every time people will ask you, but it's your responsibility not to tell. Whenever some question is asked, you will have to ask a question again back. What is your expected budget, Mr. HR, what is your expectation for this role? I have an average value which I have taken from the market and I know that. Exactly. But before that, let me understand what will be your budget and what you call your agreement, what you're trying to give for this role. No, Jagdish, we don't know that. Okay, then get back to me after you know and talk with your team. Yeah. You will have to ask a question and close it. So the point is you will have to understand the other person first before making a decision. And remember, always you need to buy time. Always you need to ask for 24 hours to 48 hours. That is the first strategic step which you have to do. If you're not ideally asking any kind of a strategic timing, impulsively, we cannot decide because sometimes the salary may seem high, sometimes the salary may seem low. You have to consider the demographic. Like let's say which country you are going to work, Sorry, which state you're going to work or maybe which country also if you're going to work. What are the cost of living? What is the rental cost, what are the food cost, what are the salary components they are giving? What are the benefits they are giving? What are the bonus they are giving? What are the perks? What is the other training and support system are they giving? Is it all making you take a decision that this is going to be the ultimate strategic decision for this company, for this role, for this package. If it is all coming into amicable consensus, then it's a right company. Sometimes the salary will be low, but the training and benefits and support system and the growth will be very high. You can choose that. Sometimes the salary will be high, but the benefits will be low. They will be asking you to come for the office even on Saturdays. Sometimes they'll give you like very, very huge work, like a labor. And they will not give you strategic decision making abilities. But the salary will be high. So the role should not be taken. So it is all coming with a balance. And we have 13 parameters to assess. When you come inside our program, you will know that because salary negotiation just can't be done impulsively. After this 13 parameters are analyzed for a company and then we arrive a clarity for the design studios what we are applying, then we will have a better leverage to talk about the salary negotiation. Okay, I hope this particular information, whatever I gave you is super clear. Now let's get into the salary negotiation part.

Okay.

First. Okay, so let's go for the first point. First of all, research the salary benchmark.

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Make a note of it. I'm going to give you six steps. Use Glassdoors, PayScale, salaryhike.com and use Statistar. Use Forrester. You can use what you call LinkedIn insights and try to find out what is the average salary package are they offering. But you have to know what is the salary package you're offering. Ideally you can go to my YouTube. We have recorded a recent video. Guys, I've opened my screen and I've shared you how we can find the average salary of any company even without asking hr. I showed it for companies like Amazon, Honeywell and all. But you can do it for your industry, whatever you want, okay? Because without that number you cannot start a negotiation. Second, determine your minimum acceptable salary. Don't go beyond that.

Okay?

You'll have to understand that and market. See sometimes you have to calculate the market rates and your personal expense. Also consider the city, what you're living, the bonus, the fixed cost, the variable cost, the benefits, the perks. See, sometimes maybe their benefits are like yearly one time they give you some event to participate. Maybe they give you some in house training. Maybe they give you peer network to communicate. Maybe they have an opportunity of internally transferring you to other countries for their branch like let's say companies like Microsoft does it. They do have an internal international transfer from India to other countries like Canada, uk. That's a great opportunity, right? So even though the salary might be a little compromising, you can able to take that option considering your long term growth.

Okay.

And when it's a salary based, when it's a focused growth company, they they are very sustained in terms of their growth. If they pay you in stocks and other things, consider that as a good option. Maybe the salary may be high, but long term your savings and investment can be little higher. So consider all this variable before you determine your salary acceptance for the minimum value.

Okay?

Third, prepare a value proposition. Once you know this data, prepare a value proposition.

Okay.

See guys, ideally we had a mission three of this hackathon last time. If you're inside my community, you would have got an access to watch the hackathon call in the mission three. I told you how we can able to exactly find the gap in the industry and how we can able to penetrate through your value proposition. You can find out the metrics of Your project. By understanding what are the tasks you did for your project, what is the actions you took, what are the results? Considerable tangible results you got. Based on those results, you can able to pitch strategically for them with the salary negotiation offer. Because salary negotiation comes with only showcasing value, not by random numbers.

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Fourth is timing. You will have to always delay the salary negotiation. Guys. You will have to always respond strategically before pressing the button early.

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Don't ask generic question. Ask very specific question. If you're telling three months after you're confirming me, what is the salary you'll be given? If you're telling me based on my performance, you're going to confirm me, what are the measure, you're going to have me to assess my performance. Ask that, get an email, confirm it before accepting the offer.

Okay?

And also sometimes if people are asking too much of tell me your expected salary, tell me unexpected salary. Even after telling them after the interview, I will tell the value. If they tell stealing that, if you're still telling that, then that person might not be matured. Maybe the company is not really mature enough to see the value what you're going to offer. It's better to leave that organization and go for the next one.

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So always talk to them in a more polite and respectful way to understand it.

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Sometimes salary negotiation will be done before you can ask. Mr. HR, I understand that you wanted to discuss a salary, but can I attend the interview and know it? Can I understand the company's growth and values and mission after attending the interview? Because I already have offer Mr. HR so your salary. Your company is giving me a low salary. But the point is I understand that you are more focused on employee growth and value and mission. So that is the reason I'm attending the interview. If these two things are confirmed after I attend the interview, then we can have a salary negotiation. So you should have that responsibility to go and tell confidently. Then you can move for the next step. Practice counteroffer. After this data, after this point, after this strategic data points, only you can able to discuss about the counteroffer, what you can make once you made the counteroffer. Then you can consider about the non salary benefits, what they're giving. Like let's say the remote work, let's say the professional work, like let's say the stock options, let's say the other travel benefits and medical benefits and everything. Considering that now you balance out the equation and see how it is going to be viable. Let's say if you're staying In Bombay, getting 6 to 8 LPA is not definitely suitable. If you're staying in a city like maybe outskirts of Chennai or outskirts of Bangalore, maybe 6 to 8 LPA may work. So think about the cost of living, think about the relocation cost, think about the food, rent, other expenses because you will have to pay from your pocket if your salary is low. So think about these equations before you choose. I'll tell you one main important thing guys. The six components I told you. Research about the salary benchmark, determine your minimum salary, prepare your value proposition and timing the salary discussion is very important and practice counteroffers and then see the non salary benefits. But I will tell you one hack, I'll tell you in fact three to four hacks. Timing matters a lot. When you have to do the salary negotiation early, if you feel it's good, do it. When you feel it is in the middle, do it. When you feel that this is the last, you can do it. Ideally if you're not knowing that, you can jump onto my program because this is what I really teach in my job special program. I help students on a personal one on one basis when it comes to salary negotiation and do it. We have successfully arrived offers of 10.5 lpa, 13.5 lpa, 15 lp gpa. Even up to some of my students are even getting more salaries like crazy 2x3x5x in their career growth all because of practicing that. Ideally you cannot do it alone. You need some mentor and accountability to do it. You can choose anybody who is really cared about your career and they will be able to help you out in that once. If you're able to use this timing and practice with your mentors and peers and other people, then you will have a clarity in going forward.

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See always have a practice of rehearsal. Always use positive affirmations. Always visualize that you are going to win this. And then if you are sometimes nervous during the salary negotiation, you can use breathing technique, you can use small meditation focus in order to have a discussion. Because I can see 99 percentage people get really afraid when they have to talk about a salary. They will get little shaky, they will get some butterflies flying in their stomach. That is quite common. That's totally fine. But you will have to practice it consciously in order to win this negotiation. Guys. Okay, so this is what I wanted to tell you in this podcast. I hope this would have given you a great clarity and whoever wants to attend the design verse after listening to this podcast. Like let's say we are having to the number two and three if you're ideally listening to this. After that maybe you're in a bad luck, but you can still claim the free gift which is given available in the podcast description. Okay, so register for my upcoming free webinar at 11 o' clock Sunday so that you can able to know how using my powerful 6 step formula you can able to 3x your paycheck in just 90 days. If you are a fresher. I mean if you are a designer. If you are absolutely a fresher in 90 days you can able to reach at least 6 to 8 LPA using the six step formula. If you wanted to know how and if you wanted to really think about design as your big career, you wanted to see like in next 3 years how I can reach 1 crore per annum as a salary in design by adding a lot of value. This webinar is going to help you a lot and I'm going to show you with a live demonstration of AI generative tools how you can able to increase your value of your design career by demonstrating a huge salary potential opportunities. Okay, so click that link below and register for it. And if you find this podcast useful, give me a best star rating in Apple and Spotify and highly recommend for your friends. Guys, take care. All the best. Bye bye.