Glin Bayley 0:02
Why should you negotiate your salary? I'll give you five reasons on why you should negotiate your salary. Reason one, you cannot maximize the value that you get for yourself. If you avoid negotiating, I get it negotiating full stop is uncomfortable. salary negotiations can be even more uncomfortable, because what we're negotiating for is very personal to us. However, when we do not negotiate, we cannot maximize the value that we get for ourselves. Why is that? Well, it is very rare and highly unlikely that someone is going to put the best offer that they could give you on the table the very first time. So therefore, if you accept someone's first offer, you are accepting an offer that is not their best offer. And therefore you have not maximized the value that could have been available, if you had negotiated. Secondly, the negotiated value that you get, you might think, is a one time gain or a one time loss. Well, actually, we're negotiating if you do not do this will actually cost you a lot more than you think it will. And the reason being is, say for example, you've applied for a job and you've been offered debt, and they're offering $100,000, another person applied to the same job, they are also offered it and they negotiate, and they managed to secure an offer or $110,000. Now you might think, okay, great. $10,000 is what I lost, it's not ideal, but I was happy to accept the role 100,000. Now, that differential of 10,000 isn't the only amount of money that you have lost, you have lost considerably more than that over time. Why? Because that $10,000 say you didn't need it, it would have been extra, you could have easily put it into a bank account and earned interest on over that time period. And not only would you have earn interest on it over that year, if you kept adding to that amount over time, depending on places that you've got, that amount would have compounded to significantly more money, because it is earning interest from the moment you secure it. And it continues to earn interest over time. Now the issue also is not only on the amount that you've lost, and therefore could have invested to make you more, it's the fact that your subsequent rent salary increase is going to be based on your current base salary. So if you get a 5% increase, it will be a 5% on 100,000. Not 5% on 110,000, like the other person would get. So you are limiting the amount of money you are getting in the future. Because you didn't negotiate for your salary the first time. So please don't think that if you negotiate occasionally, that's great, that it's better than you would have got, you need to be negotiating more for yourself on every occasion, you have to do so because the long term consequences of not negotiating are significant. Number three, in terms of reasons for why you should negotiate your salary is that if you don't, you are likely to slow your progression. Now why do I say that? Well, if you are an individual that is waiting to be noticed, for all of the great work that you do, and you are wanting someone else to acknowledge your value and your worth and your contribution, then it is likely that you are going to also wait for someone to offer you a promotion or the next opportunity or an opportunity to earn more through different responsibilities and a different role. Now that doesn't necessarily have to be true, but it's highly correlated. That if you are going to be someone that is waiting To be given the opportunities rather than to take the opportunities by being in charge of your own future and the value that you secure, you are going to slow your progression over time versus someone who has the ability to get past their discomfort and negotiate for what they want not only in salary towns, but also in promotion in job opportunities in opportunities to get involved in new projects. So when you negotiate for your salary, you're actually building the same skill set that allows you to negotiate other things that allow you to move forward in your career. The fourth one is that if you do not negotiate your salary, over time, you will end up damaging your self esteem by not getting the value that you feel you deserve. Now, this is a consistent theme over time that will occur because the weight of you consistently not getting what you feel you deserve, and what you feel you are contributing to the business is going to wear on you. That's going to breed resentment, you might not want to let that resentment show. So you're holding that inwards. And therefore you have this narrative that's going to take you down a spiral of I'm clearly not good enough. I'm not worthy. People aren't noticing me, I'm not getting the recognition I deserve. Other people are getting paid more than me, they're moving ahead at a much faster rate. And they're getting opportunities that I know I am deserving of, but I'm not getting them. What's wrong with me.
Unknown Speaker 7:01
It's not that there is anything wrong with you. It's because over time you have conditioned yourself to not ask for what you want. And therefore that is going to damage your self esteem because you've told yourself time and time again, that you don't matter. Okay? So by asking for your salary to be increased, when you have the opportunity to negotiate, you are internally giving yourself the narrative that I am valuable that I matter and I deserve more. Okay. The fifth reason for why you should negotiate your salary is that if you don't, over time, you are going to hold yourself back from opportunities to enrich your life and your happiness. Because if you are not negotiating your salary, you are also not practicing asking for what you want in all areas of your life, opportunities to do more, to take time off to ask for what you need at home to see what is possible by making an ambitious ask that gives people the opportunity to think oh, okay, I haven't thought that but sure there's an opportunity. When you make the answer, you can enrich your life in lots of different ways. Whether that is asking for a complimentary bottle of wine whilst you're at a hotel, because it's your wedding anniversary or your birthday or whatever reason, you are practicing the muscle of negotiating by negotiating the salary this muscle that's been the average and and built over time gives you the confidence and the courage and the opportunity to see how effective you can be in getting more of what you want in other areas of your life. So, to wrap up, the five reasons why you should negotiate your salary is that number one, you can't maximize value if you avoid negotiating. Number two, it costs you more than you think over time. Number three, it slows your progression because you are not asking for what you want. Number four, it damages your self esteem over time because you are not getting the value you know you deserve under the FBI. By not negotiating, you're holding yourself back from the opportunity to enrich and better your life. So those are the five reasons I hope you have found this valuable I'll be back soon with more tips and guidance on how to more effectively negotiate
Transcribed by https://otter.ai