How can you discuss your Product Manager salary and compensation without making common mistakes?

2 Avoid revealing your current or expected salary

One of the most common mistakes that product managers make is revealing their current or expected salary too early in the hiring process. This can limit your bargaining power and anchor the employer's offer to a lower number than what you deserve. Instead of disclosing your salary, you should try to deflect or delay the question until you have a clear understanding of the job scope, responsibilities, and expectations. You can also ask the employer what their budget or range is for the role, and then use that as a reference point.

4 Prepare your negotiation strategy

Once you receive an offer, you should not accept or reject it immediately. Instead, you should take some time to review it carefully and prepare your negotiation strategy. You should identify your target salary and compensation, as well as your minimum acceptable level. You should also prepare a list of reasons and evidence to support your request, such as your achievements, skills, impact, and market data. You should also anticipate the employer's objections and counteroffers, and plan how to respond to them.

5 Communicate effectively and respectfully

The way you communicate your salary and compensation expectations can make or break your negotiation. You should aim to be clear, confident, and respectful in your tone and language. You should avoid using words or phrases that sound aggressive, defensive, or desperate, such as "I need", "I deserve", or "I won't accept". Instead, you should use words or phrases that sound collaborative, flexible, and positive, such as "I appreciate", "I understand", or "I'm open to". You should also express your enthusiasm and interest in the role and the company, and emphasize how you can add value to them.

6 Know when to walk away

Finally, you should know when to walk away from a salary and compensation negotiation that is not going in your favor. If the employer is not willing or able to meet your minimum acceptable level, or if they are not respectful or transparent in their communication, you might be better off looking for other opportunities. You should not settle for less than what you are worth, or compromise your integrity or happiness. You should also not burn any bridges, and thank the employer for their time and consideration.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?