Salary Negotiation Hack
I remember negotiating for my salary a few times. And what I am going to talk about has always helped me in negotiating hard. One common advise you get when you broach the subject of salary negotiation is that no matter what happens you let them give a number first. Well, that does not happen all the time. If you are desperate for a job then you will feel helpless and powerless and ultimately yield to the pressure.
I want to talk about Anchoring bias. Anchoring bias helps you recover from a tricky situation. The first offer on the table establishes a range and then you feel trapped in that range. This happens without you really knowing about it or even understanding it
I distinctly remember this one time where I cracked the interview and then they asked me what my expectation was. I dodged that bullet but then came the missile. A figure far lower than my expectation. Once the figure was on the table the range was established automatically. Thats when the knowledge of anchoring bias came to my rescue.
That’s when the knowledge of anchoring bias came to my rescue.
Just because it was the first figure on the table, I did not let it limit me by the range of possibilities. Instead I ignored the first figure and introduced a new first figure. Keep in mind, I did not make a counter offer. I introduced a new first figure!
A counter offer is the continuation of the conversation and it keeps you within the range of the established possibilities. But introducing a new first figure is like a rematch. You start with love all.
Many of you who may have recently lost your job due to the coronavirus pandemic and are in the search of a new one, I request you to keep the anchoring bias in mind. Salary negotiation is an important negotiation but there are many other aspects where the anchoring bias plays a role.
While determining your extra job responsibilities too, knowledge of anchoring bias comes in handy. When your boss says fleetingly, 'yea yea yea, s/he can take care of it." You must kick yourself mentally at that time and introduce a new first and work towards how much extra you can manage.
When life gives you lemons, you say no thanks....!
There is a popular saying that when life gives you lemons, make a lemonade. As soon as the lemons become the first piece of information that is introduced the range of possibilities is also introduced and all you are left with is making a lemonade.
Work towards changing the rhetoric. Work towards introducing a new first. So here is a sentence I want you to finish the sentence below.
When life gave me lemons, I said no thanks and instead I ___________________________.
You may share your responses in the comments.
In conclusion, when you say no thanks you introduce a new first and then the range of possibilities are limitless. So please dont be stuck with lemons. Choose to say No thanks!