Salary negotiation is a critical skill that can significantly impact your career trajectory and financial well-being. According to [Glassdoor](https://www.glassdoor.com), failing to negotiate salary can cost you $500,000 to $1 million in lifetime earnings. The key is preparation, confidence, and understanding your [[Market Value]]. ## Research & Preparation ### Market Research Understanding the market is crucial for successful negotiations. Use resources like [levels.fyi](https://www.levels.fyi) and [[Compensation Benchmarks]] to gather data on: - Industry standards - Role-specific ranges - Location factors - Company-specific data ### Value Proposition Your negotiating position strengthens with clear evidence of your value. Document your [[Career Achievements]] and align them with company needs: - Quantifiable impacts - Project successes - Leadership examples - Technical expertise ## Negotiation Strategy The [[GROW]] provides a structured approach to negotiation: - **G**oals - Define your targets - **R**eality - Assess current situation - **O**ptions - Explore possibilities - **W**ay Forward - Plan next steps ### Timing Considerations Timing can significantly impact negotiation success. See [[Negotiation Timing]] for detailed strategies on when to: - Discuss compensation - Present counter-offers - Request benefits - Close negotiations ## Components to Negotiate Beyond base salary, consider the total compensation package as outlined in [[Total Compensation]]: ### Financial Elements - Base salary - Equity/stock options - Bonuses (signing, performance) - 401(k) matching ### Benefits Package - Healthcare coverage - Vacation time - Professional development - Remote work options ## Communication Tactics Effective negotiation relies heavily on communication skills. Reference [[Negotiation Communication]] for detailed approaches: ### Key Phrases - "Based on my research..." - "Given my experience..." - "The market rate for this role..." - "I'm excited about this opportunity..." ### Response Strategies - Handling pushback - Managing silence - Addressing concerns - Building rapport ## Resources - [[Negotiation Scripts]] - [[Compensation Calculator]] - [[Benefits Analysis]] - [Harvard Business Review - How to Negotiate Salary](https://hbr.org/2017/04/how-to-negotiate-your-salary) ## Related Notes - [[Job Search Strategy]] - [[Interview Preparation]] - [[Professional Development]]