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2024 Leadership Development Course
Do You Know How to Get What You Are Worth
Do You Know How to Get What You Are Worth
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Pdf Summary
The article "Do You Know How to Get What You’re Worth?" by Mark Gordon, published by Harvard Business School, outlines strategies for successful salary negotiations. Gordon, a negotiation expert, discusses when to bring up salary discussions and explains that it's typical for employers to initiate conversations about compensation due to predefined job descriptions and salary ranges. However, in non-standard roles like consulting or temporary executive positions, candidates might propose their terms first.<br /><br />Negotiation goals should align with individual interests, which might vary from immediate income, potential bonuses, retirement value, deferral of income for tax purposes, or other perks. These interests often extend beyond monetary compensation.<br /><br />In terms of leverage, an employee’s negotiating power depends on the employer’s best alternative to a negotiated agreement (BATNA). If the employer has limited alternatives without you, your negotiating position is strong.<br /><br />Preparation is crucial; conducting market research on compensation standards at the prospective employer or industry can provide a solid foundation. Gordon emphasizes that although base compensation is often seen as zero-sum, incentive-based earnings can create win-win situations where both parties benefit from the employee’s performance.<br /><br />Significant salary increments beyond the standard annual raises are challenging unless there are major changes in responsibilities or organizational structure. To overcome obstacles, employees should evaluate their position from the employer’s perspective, considering both parties’ BATNAs.<br /><br />Finally, in frozen salary conditions, employees can seek non-cash benefits or negotiate future compensation changes. To strengthen their case for a raise, employees should quantify their unique contributions and suggest performance-based incentives.
Keywords
salary negotiations
Mark Gordon
Harvard Business School
compensation strategies
negotiation goals
BATNA
market research
incentive-based earnings
non-cash benefits
performance-based incentives
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