Do you labor under Tiara Syndrome? This term refers to workers who keep their head down and deliver excellent work, hoping that the higher-ups will notice, and that this will deliver a pay increase.
Sadly, working hard and delivering great results doesn’t usually cut it.
To secure a pay raise, finely-tuned negotiation tactics are generally required, but the problem is that advice on negotiation is always changing, and is often contradictory.
5 jobs to apply for this week
- Software Developer – Web, Uline, Pleasant Prairie
- Java Software Engineer, Envision LLC, Remote
- Software Developer, Booz Allen, Fort Meade
- Software Developer, ENSCO, Inc., Williamsburg
- Senior Software Engineer, The Travelers Companies, Inc., Hartford ($135,700 – $223,900)
Academic advice
Traditional advice says to never make the first offer, as you give away some of the power.
However, following recent experimentation, advice from academics say that those who make a first offer, which “anchors” the negotiation favourably for you, receive better outcomes. But this is only the case if you have a good sense of the bargaining range.
You can determine a bargaining range by researching market salary data for your role, industry, and location by checking out roles on the Venturebeat Job Board, and on sites like Glassdoor, Payscale, and Levels.fyi.
Do also consider your employer’s financial position and internal salary policies too. Define a range with a realistic low, a stretch high, and an ideal midpoint based on your research, and this is your anchoring point.
It also depends on who you’re up against. Even if you set a high anchor — one you think is a competitive figure — more seasoned negotiators can see it as an opening offer and try to push you off it. By naming a price first, you do risk losing leverage.
Traditional approach
That said, the traditional approach of not naming a figure is tried-and-tested for many years, and is still the preferred method of many who professionally negotiate on a daily basis.
This can be a funny dance of sorts, and unfortunately, many skilled negotiators enjoy it, and are happy to drag out the conversation as long as it takes. Get comfortable in the silences, and hold your nerve.
Instead of naming a specific figure, guide the conversation toward a range. People are often more open to discussing general brackets, and it gives you more flexibility. A simple, “what kind of range do you have in mind?” works well, and once they respond with a range, simply repeat the range back to them as a question e.g. “So, $120,000-$150,000?”
This neutral question prompts the other person to elaborate or confirm their position. They might clarify their reasoning, adjust the range, or even reveal how flexible they really are. You want them to elaborate and explain themselves as much as possible.
If the range is lower than you want, try asking about what it’s based on. Again keep it open-ended and casual.
If the other person thinks you’re aiming too high, have your benchmark research and achievement to hand. Try a return like “Senior developers at [insert company name] command compensation in the $180,000 to $250,000 range. How do you see my experience aligning with this?”.
And follow up with any cost savings, scalability improvements and product enhancements you’ve delivered before.
Throughout, remain calm, and always return to open-ended questions that probe the reasoning behind their proposal e.g. “Interesting, how do you arrive at this figure?”
5 more jobs to apply for this week
- Senior Manager Software Development, ASML, San Diego ($167,250 – $278,750)
- Experienced C++ Software Engineer, Wolverine Trading, Chicago
- Software Developer (Contract), DataAnnotation, Austin
- Software Engineer (NYC), T. Rowe Price, New York
- Lead Database Engineer, TherapyNotes.com, Remote
Being able to understand and mirror back the other party’s perspective means you can uncover key motivations, overcome objections and create a collaborative atmosphere.
But if all else fails, and a pay increase isn’t on the cards at your current organization, it could be time to find something new.
According to career planning website Zippa, the average pay boost when changing jobs is 14.8%, and thankfully, there’s new jobs updated daily on the Venturebeat Job Board. You can even upload your CV and be provided with a list of recommended roles, based on your skillset and experience.