Salary Negotiation Strategy
SaaS up your next performance review
This is a resource migrated from our previous website to Substack. Our goal with these resources is to help you advance your career and successfully scale into a small business. Now that we're on Substack, feel free to leave comments below if you have questions or need additional guidance!
If you have ever used any SaaS product, you know what I am talking about when I say 'Pricing Table'. It’s a very successful pricing model method hence the whole industry has adopted it.
Even when the differences aren’t that much, they want you to pick the most profitable option for them.
Why not apply the same logic to your career? Why not negotiate with some effectiveness?
Download the kit here: https://buymeacoffee.com/sknexuspk/e/231897
If you nail it down, you will get:
- better pay
- better terms
- better deals
- better outcomes
And even if you don’t get the better end - you won’t be strong-armed.
Learn more here: https://sknexus.substack.com/p/get-the-fundamentals-of-negotiations-right
Negotiation is a battle between what you want vs what is on the table. The best case for you is to be in a win-win situation.
Unfortunately, in today’s world, a true win-win is rarely achieved.
Most of the time when you think you won - it turns out the other person was better at negotiating than you.
You come away from the interaction saying:
“Ah it was the best they had to offer me, I should go for it”
“They are right, market is pretty bad right now, I better stick to what I get"
“It makes sense that no one got a raise, the economy is doing poorly'“
And the list goes being seldom a realistic portrayal of what happened.
In actuality, you got played, the moment you don’t question the deal anymore is either when you are in a win, or when ‘you think’ you won.
Ever seen this image:
Or this image:
Or many, many, many SaaS tools and platforms showing their various pricing models. In most companies, time for a raise comes around, you get called for a very short interview/call - you get slapped on whatever ‘is the best’ they can do.
I know friends who didn’t get a raise just because they didn’t ‘dress professionally’ through the year.
You need to prepare for your next round of negotiation.
So try this, which has worked for me on several occasions by now - introducing the Salary as a Service pricing plan (patent pending of course)
Here’s the process to use the template:
Fill in your key current responsibilities in 2C
3B is the compensation that you are fine with if there are no changes in responsibilities at the time of the appraisal
4B is the compensation you want to be at given that you are willing to help the company achieve more by offering more value
5B is in the case you have been with a company for at least 3-5 years and are now in the position to partner
And the next time someone asks you, where do you see yourself in 5 years?
You bring this up, in your head of course.
Having this information documented will help you in two ways:
1 - It will always serve as a source leverage for your next round of negotiations with any executive
2 - It will serve as a check for the company’s ability to sustain your growth and the value you are providing to them
In the end
If you grow professionally faster than what the workplace can offer you
You need to to walk away - the fundamental law of negotiation
Download the kit here: https://buymeacoffee.com/sknexuspk/e/231897