DeepSummary
The podcast episode provides advice on how to become a skilled negotiator when getting a new job offer. It emphasizes the importance of research and preparation, gathering data on average salaries for the position, understanding the negotiation as a collaborative effort, and not disclosing current salary information. The host provides a specific script for proposing a salary range where the low end is the desired amount, allowing room for the employer to negotiate higher.
Key points include considering the entire compensation package beyond just salary, such as bonuses, equity, benefits, and work-life factors like remote work and parental leave. The host stresses demonstrating value to the employer and avoiding confrontation during negotiations. Proper negotiation is presented as crucial for maximizing income and long-term wealth-building.
Advice is given on utilizing various salary research websites, answering employers' questions about desired pay strategically, establishing value, knowing market worth, making the first offer, and politely rejecting offers if needed. Overall, the episode aims to equip listeners with tactics to secure the best possible job offer and compensation.
Key Episodes Takeaways
- Thoroughly research average salaries for the position before negotiating.
- Approach negotiations collaboratively rather than adversarially.
- Avoid disclosing your current or expected salary to prevent being lowballed.
- Demonstrate your value by asking how you'll contribute to the company's future.
- Propose a salary range where the low end is your target number.
- Consider the entire compensation package beyond just salary.
- Maintain professionalism and avoid burning bridges if rejecting an offer.
- Effective negotiation maximizes income for long-term wealth building.
Top Episodes Quotes
- “The number one thing I want you to be doing in presenting is how much value you can bring to the table.“ by Andrew Giancola
- “You have to understand that this is a collaborative effort. A negotiation is where two people are actually trying to collaborate.“ by Andrew Giancola
- “The low end of this range needs to be your highest number.“ by Andrew Giancola
- “There's a lot of great options that you can negotiate when you get a new job offer.“ by Andrew Giancola
- “Never, ever, ever burn bridges. It's always best to treat people with respect.“ by Andrew Giancola
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Episode Information
The Personal Finance Podcast
Andrew Giancola
6/12/24