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Negotiation Plan to Earn a Crore


Shatakshi Sharma, St Stephens College, University of Delhi Graduate, ISB MBA, strategist to government of India, former BCG management consultant, advisor to tony blair institute, ivy league exchange student, LinkedIn Top Voice and co-founder of Global Governance Initiative

Career insights by GGI is a new series by GGI sharing hacks and tips around management consulting, MBA, product management and public policy.


In this GGI career insight, we will be sharing insights into: how to negotiate your salary and have higher earnings.

 

In my last 10 years as a professional, I have negotiated 100 times over the roles and opportunities I have received.


I have also interviewed multiple candidates for my educational venture. Today I have substantial experience in what a good negotiation looks like and how you can advance your salary.


1. Overcome the fear of asking


Only about 30% of the employees negotiate their salaries.


These people actually end up getting their initial salary advanced. Most of us do not negotiate our salary because we come from a place of fear. We do not want to be perceived as greedy and get our offer withdrawn.


In reality, this is not the case.


As someone who is leading an organisation, I respect if someone is negotiating in a good format. And if there is a genuine case to it, I am happy to oblige.


Read my career insights on a 5 year plan to a salary worth a crore here.


2. Ask for extreme


I read ‘Influence: The Psychology of Persuasion” by Robert Cialdini which talks about negotiation.


It says, on a scale of A, B and C, where A is what you are offered and B is what you want, then ask for C.


Both parties will negotiate between A and C, eventually landing at B.


Remember to be rational about it and put in more context about the organisation and your role in it.


3. Bring a value


Don’t just say that you would like to negotiate your salary.


Instead, tell them exactly what values you bring to the table. If you are able to explain how you will be able to increase their profits, they will be happy to increase their budget.


You should have a proper action point email specific to how you will be of value to them.


To know more about skills you need to earn a core, read this.


4. Do your homework


You should do your research on the employer, the organisation and the research they do.


Your value addition points should not contain what they already do because that would be status quo for the employer.


5. Request, not assert


Negotiations are always done in a request format, not a threatening format.


Your negotiating email can be in the following format-


Hey, thank you so much for the offer. I am really excited to join the organisation. I believe I could get *xxx* amount because I will bring these 5 values to the organisation. Please reconsider your offer.


6. Try to get a competitive offer


You get leverage once you have a competitive offer.


Though, you should not fake it, since organisations do tend to cross-check.


Have clarity on which organisation you would prefer to work for and make the request. Do not play with both organisations as that is a poor work ethic.


7. Understand human psychology


Human beings go through fatigue.


If you reach out to someone on a Monday, the likelihood of them agreeing is low.


There was a research done in the USA, where it was found that judges tended to give fewer death sentences after the lunch break


Thus, you should try to negotiate post lunch on a Thursday or Friday.


Play timings to your advantage.


If you need more help getting into management consulting and product management, feel free to check out my education venture- Global Governance Initiative. We invite industry leaders to host Masterclasses and teach our students the hard and soft skills required to excel in their careers.

 

Author: Shatakshi Sharma, Co-CEO Global Governance Initiative, Ex-BCG Management Consultant, Former Policy Advisor, Tony Blair Institute for Global Change


If you are interested in learning about GGI's MBA Scholar program, you can learn here.


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