September 2, 2024 • 10 mins
Ep 50 - How To Negotiate Your Salary If You Are An Internal Hire
Greetings, and thank you for joining us on another insightful episode of the Career Coaching Xs and Os podcast. Today, we delve into a crucial topic that many professionals face: negotiating your salary as an internal hire. We'll explore strategies to help you confidently navigate this conversation, ensuring you're equipped to advocate for your worth within your organization. Don't miss out on these valuable insights—press play now to empower your career trajectory.
Want To Co-host An Episode of Career Coaching Xs and Os? If you want to be entered into a drawing where the winner(s) are offered the opportunity to co-host the Career Coaching Xs and Os podcast, please do the following:
1. Buy My Book - Career Coaching Xs and Os: How to Master the Game of Career Development from Amazon - https://a.co/d/f7irTML
2. Write a review for my book on Amazon - https://www.amazon.com/review/create-review/?ie=UTF8&channel=glance-detail&asin=B0CXMM24R1
3. Follow me on one of the following social media platforms:
X.com - @ceyeroconsltg
Instagram - @ceyeroconsulting
Facebook - @ceyeroconsulting
4. Post a message on one of the Social Media platforms above stating that you submitted a review on Amazon. We will randomly select the winner(s) from the list of reviewers on August 31, 2024.
If you like this podcast, please subscribe and leave us a comment on Apple Podcast, Spreaker, or your favorite podcast platform. If you want to support this Podcast as a Loyal Listener (Supporter) on Spreaker.com, please use this link- https://www.spreaker.com/podcast/career-coaching-xs-and-os--3047801/support
*****
Want to improve your negotiation skills? Take the 100 Days of Rejection Therapy Challenge. The goal of the 100 Days of Rejection Therapy Challenge is to desensitize yourself to the pain of rejection and to overcome fear. Check out the website at https://www.rejectiontherapy.com/100-days-of-rejection-therapy. I took several challenges. Click the links to see if I got rejected during my negotiations: (1) Rejection 7: Speak Over Costco's Intercom - https://youtu.be/AycKKgP21fQ (2) Rejection 43: Hug a Walmart Greeter - https://youtu.be/GSjyly_C8pM
Subscribe to Ceyero Consulting's YouTube Channel. Track my progress as I complete all 100 Challenges.https://www.youtube.com/channel/UC7lxMSEtBOAgNBOPrmA9O_w
Need help to launching your startup or small business? Please check out my book, #Guerrillapreneur: Small Business Strategy for Davids Wanting to Defeat Goliath, available on Amazon, Barnes & Noble, and Apple Books.
If you like the Career Coaching Xs and Os podcast, you might also like my other business podcasts, #Guerrillapreneur: The Art of Waging Small Business Warfare (Mastermind Interviews with Entrepreneurs, Consultants, and Business Mavericks) and #Gigging: Everything and Sharing Economy (news and predictions about the Sharing Economy).
Greetings, and thank you for joining us on another insightful episode of the Career Coaching Xs and Os podcast. Today, we delve into a crucial topic that many professionals face: negotiating your salary as an internal hire. We'll explore strategies to help you confidently navigate this conversation, ensuring you're equipped to advocate for your worth within your organization. Don't miss out on these valuable insights—press play now to empower your career trajectory.
Want To Co-host An Episode of Career Coaching Xs and Os? If you want to be entered into a drawing where the winner(s) are offered the opportunity to co-host the Career Coaching Xs and Os podcast, please do the following:
1. Buy My Book - Career Coaching Xs and Os: How to Master the Game of Career Development from Amazon - https://a.co/d/f7irTML
2. Write a review for my book on Amazon - https://www.amazon.com/review/create-review/?ie=UTF8&channel=glance-detail&asin=B0CXMM24R1
3. Follow me on one of the following social media platforms:
X.com - @ceyeroconsltg
Instagram - @ceyeroconsulting
Facebook - @ceyeroconsulting
4. Post a message on one of the Social Media platforms above stating that you submitted a review on Amazon. We will randomly select the winner(s) from the list of reviewers on August 31, 2024.
If you like this podcast, please subscribe and leave us a comment on Apple Podcast, Spreaker, or your favorite podcast platform. If you want to support this Podcast as a Loyal Listener (Supporter) on Spreaker.com, please use this link- https://www.spreaker.com/podcast/career-coaching-xs-and-os--3047801/support
*****
Want to improve your negotiation skills? Take the 100 Days of Rejection Therapy Challenge. The goal of the 100 Days of Rejection Therapy Challenge is to desensitize yourself to the pain of rejection and to overcome fear. Check out the website at https://www.rejectiontherapy.com/100-days-of-rejection-therapy. I took several challenges. Click the links to see if I got rejected during my negotiations: (1) Rejection 7: Speak Over Costco's Intercom - https://youtu.be/AycKKgP21fQ (2) Rejection 43: Hug a Walmart Greeter - https://youtu.be/GSjyly_C8pM
Subscribe to Ceyero Consulting's YouTube Channel. Track my progress as I complete all 100 Challenges.https://www.youtube.com/channel/UC7lxMSEtBOAgNBOPrmA9O_w
Need help to launching your startup or small business? Please check out my book, #Guerrillapreneur: Small Business Strategy for Davids Wanting to Defeat Goliath, available on Amazon, Barnes & Noble, and Apple Books.
If you like the Career Coaching Xs and Os podcast, you might also like my other business podcasts, #Guerrillapreneur: The Art of Waging Small Business Warfare (Mastermind Interviews with Entrepreneurs, Consultants, and Business Mavericks) and #Gigging: Everything and Sharing Economy (news and predictions about the Sharing Economy).
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This is career coaching x's and o's, and I'm your host,
Mark Anthony Peterson, Founder and thought leader at Sierra Consulting,
a small business strategy and technology consulting firm. A small
part of our practice is executive coaching. These episodes are
the summation of some of those sessions. Welcome to episode
(00:26):
fifty entitled how to negotiate your salary? If you are
an internal hire, Yes, your company posted the job, it's
above your current position, and you got it. Now, how
do you negotiate your new salary? A client of mine
(00:46):
recently found herself in this position and she reached out
to me to get some help on how to approach
the situation. This is a unique situation because you're negotiating
with people you know, and if you've been at a
company for a long time, you've come across quite a
(01:08):
few people. And if you're at the mid manager level,
you've probably worked with these people to hire employees to
work for you. You've gone through this process of setting
salaries for your employees, and now you're in the position
to negotiate a new salary for yourself. So here's what
(01:33):
I recommend you do in this situation. First, you must
stay calm at all times, no matter what's presented to you. Remember,
you're negotiating with people, you know, people you're going to
(01:53):
have to rely on to get work approved or that
will I will say in your next higher or promotion.
So you don't want to burn bridges trying to understand
how your salary was set. So that's the first thing.
(02:16):
Always stay calm, even keel, as they say in baseball,
no matter if it's good news or bad news in
terms of the salary you expected. Second thing you got
to do your homework. Go out and benchmark your salary
(02:39):
using external data and then looking at that make sure
that you're doing in apples to apples comparison job title
with requisite responsibilities and in the HR world that usually
means number of direct reports. The more you have, the
(03:01):
more leverage you have to make the case that your
salary should be higher. So do that homework. The second
thing you want to do is collect as much data
as you can for what the current salaries are for
people with the same titles at your company, because now
(03:25):
you want to build your own many report of what
the upper and lower limits are for that title. When
you've done that, homework you have the basis for making
a case for what your salary should be. That's absolutely
(03:45):
critical work that you have to complete before you start
a negotiation. As a matter of fact, you should do
that work in preparation for applying for that job. You
offered the job and offered a new salary. In addition
(04:07):
to staying calm, the first question you should ask is
what was the methodology that was used to come up
with that salary. HR has a formula that they should
use if they don't want to get sued down the
(04:29):
road for setting the upper and lower limits of a
salary offer, and it usually starts with doing the same work.
I just recommended that you do benchmarking the internal candidates,
looking at years of service, level of responsibility, and job title,
(04:50):
and they'll come back with a recommendation based on that
methodology or using those inputs in their methodology to set
your initial salary offer. But have that explained to you
on the call so that you get confirmation, or at
(05:12):
least enough confirmation to go back and replicate that methodology
with the data that you have. If it's a good
offer or bad offer, ask for a little time to
evaluate the offer and to use the work that you've
done to see if you come to the same conclusion.
(05:37):
If the offer is below what you expect, prepare a
memo that justifies your salary request and use the methodology
that was provided and the data that you've collected. Now,
the good news is if the boss that's making the
(05:59):
offer to you it's someone that's rooting for you, they'll
use that memo to push for a new salary offer
for you. They'll just take that data straight to the
top and make that request. So the more cogent you
can make that memo, the better your chances are of
(06:22):
getting the salary that you want. Finally, guys, and this
is something everybody has to take into account, and we're
seeing this everywhere when ESPN and other major outlets that
are making billions of dollars selling their content, when we
(06:47):
see them laying off high profile personalities in order to
stay within their budgets. You have to understand the context.
You got to read the room and understand where the
company is in terms of its growth, it's profits, it's
(07:09):
share price, any of those north Star metrics that are
driving value and that will drive bonuses. You need to
know where your company is along that spectrum, because if
it's lagging and they're already starting to make cuts, then
(07:30):
you should take that into account when negotiating that final
salary offer. You guys are going gangbusters, then I want
you to push harder for the best salary that you
can get. If you're laying people off and that salary
(07:54):
offers within range of where you want to be five
one hundred to five thousand dollars, then I want you
to give serious consideration to getting the job, getting the title,
getting the responsibilities, and start building the case at the
next review cycle for an increase. I hope these insights
(08:19):
make sense to you, and if you want to learn
more ways to improve your career, I have a new
book out. It's called Career Coaching X's and O's how
to Master the Game of Career Development, and you can
find it on Amazon. I'll put a link to that
in the show notes. You can also get it on
(08:41):
Barnes and Noble, and it'll be available widely on many
more platforms in the coming weeks. But that book, it
should be your guide for dealing with issues like this,
as well as many others that you will have to
confront in building your career. When you get the book,
(09:01):
please leave me a review on Amazon that helps me
in many ways. If you love it, then I will
continue to try to provide more value in subsequent new books.
If you didn't, I want to learn what I didn't
do right so that I can give you the value
(09:24):
you need to get where you want to go. The
e copies are only nine ninety nine. The paperback is
nineteen ninety nine. I just got a meal from Chipotle,
and guys, I could have bought two books. So I'm
just asking you to give up one night at Chipotle
(09:47):
to get a book that's going to help you earn
that money back. We found this episode helpful. If so,
hit that subscribe button. Follow us on Twitter, Instagram, and
Facebook at See Your Er Consulting. I know you're going
to share this episode with your colleagues because the best
people listen to this podcast. If you need more support
(10:12):
for your career, please find us on the web at
CERRO dot com, c E y E r O dot
com and let us help you develop a plan for
your career. This has been career coaching x's and o's
and I am your host, Mark Anthony Peterson, Founder and
(10:33):
thought leader at Cerro Consulting,
This is career coaching x's and o's, and I'm your host,
Mark Anthony Peterson, Founder and thought leader at Sierra Consulting,
a small business strategy and technology consulting firm. A small
part of our practice is executive coaching. These episodes are
the summation of some of those sessions. Welcome to episode
(00:26):
fifty entitled how to negotiate your salary? If you are
an internal hire, Yes, your company posted the job, it's
above your current position, and you got it. Now, how
do you negotiate your new salary? A client of mine
(00:46):
recently found herself in this position and she reached out
to me to get some help on how to approach
the situation. This is a unique situation because you're negotiating
with people you know, and if you've been at a
company for a long time, you've come across quite a
(01:08):
few people. And if you're at the mid manager level,
you've probably worked with these people to hire employees to
work for you. You've gone through this process of setting
salaries for your employees, and now you're in the position
to negotiate a new salary for yourself. So here's what
(01:33):
I recommend you do in this situation. First, you must
stay calm at all times, no matter what's presented to you. Remember,
you're negotiating with people, you know, people you're going to
(01:53):
have to rely on to get work approved or that
will I will say in your next higher or promotion.
So you don't want to burn bridges trying to understand
how your salary was set. So that's the first thing.
(02:16):
Always stay calm, even keel, as they say in baseball,
no matter if it's good news or bad news in
terms of the salary you expected. Second thing you got
to do your homework. Go out and benchmark your salary
(02:39):
using external data and then looking at that make sure
that you're doing in apples to apples comparison job title
with requisite responsibilities and in the HR world that usually
means number of direct reports. The more you have, the
(03:01):
more leverage you have to make the case that your
salary should be higher. So do that homework. The second
thing you want to do is collect as much data
as you can for what the current salaries are for
people with the same titles at your company, because now
(03:25):
you want to build your own many report of what
the upper and lower limits are for that title. When
you've done that, homework you have the basis for making
a case for what your salary should be. That's absolutely
(03:45):
critical work that you have to complete before you start
a negotiation. As a matter of fact, you should do
that work in preparation for applying for that job. You
offered the job and offered a new salary. In addition
(04:07):
to staying calm, the first question you should ask is
what was the methodology that was used to come up
with that salary. HR has a formula that they should
use if they don't want to get sued down the
(04:29):
road for setting the upper and lower limits of a
salary offer, and it usually starts with doing the same work.
I just recommended that you do benchmarking the internal candidates,
looking at years of service, level of responsibility, and job title,
(04:50):
and they'll come back with a recommendation based on that
methodology or using those inputs in their methodology to set
your initial salary offer. But have that explained to you
on the call so that you get confirmation, or at
(05:12):
least enough confirmation to go back and replicate that methodology
with the data that you have. If it's a good
offer or bad offer, ask for a little time to
evaluate the offer and to use the work that you've
done to see if you come to the same conclusion.
(05:37):
If the offer is below what you expect, prepare a
memo that justifies your salary request and use the methodology
that was provided and the data that you've collected. Now,
the good news is if the boss that's making the
(05:59):
offer to you it's someone that's rooting for you, they'll
use that memo to push for a new salary offer
for you. They'll just take that data straight to the
top and make that request. So the more cogent you
can make that memo, the better your chances are of
(06:22):
getting the salary that you want. Finally, guys, and this
is something everybody has to take into account, and we're
seeing this everywhere when ESPN and other major outlets that
are making billions of dollars selling their content, when we
(06:47):
see them laying off high profile personalities in order to
stay within their budgets. You have to understand the context.
You got to read the room and understand where the
company is in terms of its growth, it's profits, it's
(07:09):
share price, any of those north Star metrics that are
driving value and that will drive bonuses. You need to
know where your company is along that spectrum, because if
it's lagging and they're already starting to make cuts, then
(07:30):
you should take that into account when negotiating that final
salary offer. You guys are going gangbusters, then I want
you to push harder for the best salary that you
can get. If you're laying people off and that salary
(07:54):
offers within range of where you want to be five
one hundred to five thousand dollars, then I want you
to give serious consideration to getting the job, getting the title,
getting the responsibilities, and start building the case at the
next review cycle for an increase. I hope these insights
(08:19):
make sense to you, and if you want to learn
more ways to improve your career, I have a new
book out. It's called Career Coaching X's and O's how
to Master the Game of Career Development, and you can
find it on Amazon. I'll put a link to that
in the show notes. You can also get it on
(08:41):
Barnes and Noble, and it'll be available widely on many
more platforms in the coming weeks. But that book, it
should be your guide for dealing with issues like this,
as well as many others that you will have to
confront in building your career. When you get the book,
(09:01):
please leave me a review on Amazon that helps me
in many ways. If you love it, then I will
continue to try to provide more value in subsequent new books.
If you didn't, I want to learn what I didn't
do right so that I can give you the value
(09:24):
you need to get where you want to go. The
e copies are only nine ninety nine. The paperback is
nineteen ninety nine. I just got a meal from Chipotle,
and guys, I could have bought two books. So I'm
just asking you to give up one night at Chipotle
(09:47):
to get a book that's going to help you earn
that money back. We found this episode helpful. If so,
hit that subscribe button. Follow us on Twitter, Instagram, and
Facebook at See Your Er Consulting. I know you're going
to share this episode with your colleagues because the best
people listen to this podcast. If you need more support
(10:12):
for your career, please find us on the web at
CERRO dot com, c E y E r O dot
com and let us help you develop a plan for
your career. This has been career coaching x's and o's
and I am your host, Mark Anthony Peterson, Founder and
(10:33):
thought leader at Cerro Consulting,
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