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  3 steps to Fearless Salary Negotiation: Real talk on Josh Doody's book with Dandan Global

Sep 21st

3 steps to Fearless Salary Negotiation: Real talk on Josh Doody's book with Dandan Global


Never Stop Networking!, Personal, Success

Yesterday, Daily DANDAN Podcast's host, Dandan Zhu featured Josh Doody to discuss the principles to successful income negotiation described in his book, Fearless Salary Negotiation.

Here are 3 steps to Fearless Salary Negotiation according to Josh and Dandan:

#1. Josh reminds candidates to research and understand 3 macro and micro metrics: general, inter-company, and intra-company market data. This means understanding the local/geographic pay rates and scales of your specific career vertical, the general market ranges for your level of role, and lastly, how each specific company structures compensation. Armed with this knowledge, you'll be in great shape to predict what potential salary packages may entail, thus staying one step ahead of the negotiation process.

Josh Doody Book

In her experience as a headhunter for chief executive to analyst level positions, Dandan highlights the importance of adjusting her candidates' current salary to its actual value beyond just the paycheck numbers. From the outset, start negotiating at a higher number instead of using your w2 income as the basis. You're actually worth a lot more than what's on paper! Don't forget, your current company will be eager to keep you from leaving (if you're a top performer, that's more so the case)! Therefore, your ACTUAL current salary embeds the margin of familiarity and established excellence. You may be up for a promotion in a month, thus your current salary is a lot higher than you actually think it is!

Dandan Global TIP: Quantify the opportunity cost of switching jobs and use that as a bargaining chip down the line. Both Josh and Dandan agree that most corporate 9-5 jobs are in dire need of excellent candidates. Retention issues are common and companies will pay handsomely for the right people. The key to any successful job search is maintaining as many bargaining chips in your pocket as you can, which means: don't quit until you have another offer signed, sealed, and delivered!

#2. As most candidates are working without headhunters as a mediator, Josh recommends candidates to delay salary disclosure as long as possible. First, this will give you a longer time to prove your value to the employer, thus setting yourself up for the eventual salary discussion at the end where you can now hopefully negotiate at a higher rate due to their interest in you as a valuable team member.

Second, instead of pegging yourself in any specific number from the outset, you can now keep that window of opportunity open. You may be even considered for a higher-level position if your experience reflects that potential. Your current salary may be depressed, especially if you've only worked a long time at your company where you haven't received a promotion in a while, so it would work against you to disclose your lower-than-market-rate salary at the outset because it will set a low expectation early on.

A better way would be to request the HR person/internal recruiter/headhunter to disclose the salary band to see if "we're in the same range". That way you still don't have to provide your specific salary number but you can confirm that you're at least within the general scope of the position. Dandan reminds candidates that the hiring manager, the ultimate decision-maker in the hiring process, will most likely not be the one doling out salary information on the first phone call, so don't worry about dodging the salary question to HR and internal recruiters. As Dandan explains here, if you're being represented by a headhunter you trust, you should be honest about your salary. Ultimately, if the hiring manager is interested in you and the market dynamics are such that you're in a small availability of candidates suitable for the role, you'll be fine either way.

#3. During Josh's experience as a hiring manager, he was drawn to "SKIMMABLE" resumes, which means NO: crazy fonts, colors, empty spaces/margins, pictures, nor gimmicks. Read Dandan's post on resume design to see how Dandan's clients, hiring managers, preferred to see candidates' resumes. She had to re-design resumes for thousands of Chief Executives, VPs, Directors, and Analysts alike because of misguided attempts to "stand out". All hiring managers have more or less the same narrow window of time to evaluate resumes and to spend on hiring, so the DANDAN Method Resume Format is the industry standard.

Tune into this Special 1-hour Daily DANDAN Episode 33 on iTunes, Soundcloud, or Stitcher for the full recording.

Further topics Josh and Dandan discuss are:

  • LinkedIn personal branding
  • Hiring managers' views on technical vs. non-technical skills
  • What employers look for during interviews
  • The value and DANGERS of education/certification, and much more!

To connect with Josh Doody, go to joshdoody.com and check out his online courses.

Follow Dandan Zhu on LinkedIn, Quora, Facebook, and Dandanglobal.com

Sign up at Dandan Global to learn from industry experts, headhunters, hiring managers, and enroll in career coaching to achieve the life and career you envision!