Negotiating Compensation 2: Determining your Market Value
Overview/What You Will Learn
To be an effective negotiator, you must know your market value. The presentation covers the three key variables in the formula.
- To determine your market value, consider
- ORV: Objectively Researched Value:
- IV: Individual Value
- RF: Risk Factors
- Sources to use are:
- Networking with recruiters and peers
- Establish your value with your MBA
- What projects and courses can be used to distinguish your value to the organization? Consider both theoretical knowledge and real-world experience gained.
- Risk Factor
- Know your bottom line (the number below which you know you have to walk away)
- Know that you always have alternatives
Your Next Steps / Tips for Success
- Negotiating from a Postion of Power:
- Start with your ideal
- Make your ideal number as high as possible
- Have the right range
- Keep in mind your best alternatives
Since How to Make $1000 a Minute was first published in 1986, Jack has become a specialist in all aspects of salary and raise negotiations--from high-profile executive negotiations worth an additional $300,000, to strategies an hourly-wage worker can use to bargain for extra benefits or perks.
He has personally assisted over 2,000 individuals, one-on-one, in improving their careers through the challenges of job changes, career planning, and entrepreneurship, and has influenced countless others through his many seminars, courses, lectures, TV and radio appearances, and newspaper columns.
Jack's background includes seven years of study in the Jesuit order, where he earned a B.A. degree with 5 majors: Classics, Philosophy, Theology, Mathematics, and English. The holder of a master's degree in Vocational Guidance, he has had a wide variety of careers himself--teaching at the high school and college level, real estate management, corporate training and development, and career management consulting.
Contact Jack here: http://salarynegotiations.com/contact.htm.