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How to negotiate a 50K+ compensation increase
We helped a candidate negotiate a $50K+ offer increase. Here’s how:
1. We identified the best possible role to target to maximize the candidate's compensation.
The right role to target is a role that:
a) You're good at.
b) Has a lot of employers hiring for it.
c) Pays well.
Here’s a detailed explanation of how to identify the right role for yourself : https://tinyurl.com/4zwt67cf
2. We had multiple offers at the same time which let us leverage one offer to negotiate a compensation increase.
Getting multiple offers requires you to think of your job search as a funnel over a concrete timeline.
Here's the stages to your funnel:
• First round interview
• Final round
For example, let's assume you expect your search funnel to look like this:
• Application to interview rate: 10%
• Time from application to interview: 1 week
• First round interview to final round interview rate: 20%
• Time from first round interview to final round interview: 3 weeks
• Final round to offer rate: 50%
• Time from final round to offer extension: 1 week
That means to have 2 offers come in within the same 2 week period, you'll need to apply to have the following volume:
• 4 Final rounds.
• 20 First round interviews.
• 200 Applications done in the first 2 weeks of your job search.
• Finding and thoughtfully applying to 200 companies can take 20 minutes per company.
• That's 4000 minutes or 67 hours.
That's a lot of hours, but if you want great results you need to invest time!
(Alternatively, invest money and hire Relentless to do this all for you - we find and apply to roles for all our candidates)
3. We asked to connect with VPs and C-Suite executives.
VPs and C-Suite executives have decision making power over how much you're paid (not recruiters, which is typically who a lot of job seekers talk to compensation about).
On these calls, the candidate went through the following process:
A) Asked questions to understand the goals these senior decision makers had for the organization.
For example, one executive mentioned a goal to increase top-line revenue by $XXMN by launching a specific initiative.
B) Explained how the candidate would be able to help deliver on those goals in addition to their role.
For example, this candidate happened to be skilled in one area of fulfilling that top-line initiative that the organization did not have the talent for.
C) Mentioned their desired compensation increase.
Because their desired compensation increase was a fraction of the $XXMN they could help drive, it seemed like a tiny number in comparison.
4. We explained WHY the compensation increase mattered.
Humans are... well.. human. State the obvious and explain how the additional $XXK will help you pay for a mortgage or send your kids to college without debt.