Level Up: 7 Steps to Becoming a Skilled Negotiator and Unlock Your Earning Potential

Negotiation is a vital skill in the professional world, especially when advocating for your worth. Whether you're starting a new job or seeking a pay rise in your current role, knowing how to effectively negotiate your salary can significantly impact your earnings over the course of your career.

However, a significant number of employees often shy away from this crucial conversation. Many often don’t bring up the conversation at all. For instance, just 29% of successful candidates negotiate the salary attached to their job offer.

But, of course, negotiating in the context of a successful career isn’t always about compensation. The seven key steps contained within this guide can be applied to any common business scenario, including mergers, acquisitions, or contract negotiations.

From understanding your worth to making the first move, these steps will guide you toward successful negotiations and a more prosperous career – regardless of the situation.

1. Know What You Want and Ask For It

So, before negotiating, ask yourself the following questions to gain insight into your career goals. What do you love? What would your ideal job or next position be? What organizational culture do you thrive on?

Once you know what you want and have formed an idea of what you need to facilitate your desires, you must ask for it. The onus is on you to make the first move or offer. Otherwise, how can the opposite party even be aware of your intentions? With the dialogue started, never be disheartened by a “no.” Think of it as being one step closer to “yes.” Remember that if you’ve never been handed a “no,” your bar is too low, and you haven’t been asking for enough. So avoid selling yourself short – that’s non-negotiable!

2. Understand and Appreciate Your Worth

The key to successful negotiation is knowing what you bring to the table. So take time to assess your talents, strengths, and skills before sitting down to negotiate. Go away and research what those attributes are worth on the open market. It will give you some idea of what’s reasonable to ask for. Also, identify opportunities for value increases, such as broader responsibilities or additional training. Bolstering your worth and value to an organization will help you negotiate a better salary. Don’t skimp on preparation. These negotiations could set the bar for years to come. So if you’re uninformed regarding your worth, you could lose out for an extended period. So invest time in research, gain confidence from your knowledge, and be ready to negotiate from the get-go.

3. Strengthen Your Negotiating Muscle

You must build a strong negotiation muscle, and that’s done via practice. Remember, no one is born an accomplished negotiator. Like any other skill, the more you do it, the better you get at it. So look at how you can get in the requisite practice. Enroll in a negotiation class, find a mentor, and role-play different scenarios with a career coach, friend, or peer.

Whatever your preferred method, the key is to get out there and start practicing so that, come crunch time, you'll be ready to negotiate like a pro and spot some of the more common negotiation tactics emanating from the other side.

4. Master the Art of Asking Open-Ended Questions and Active Listening

One of the most effective negotiation strategies is using open-ended questions. These questions, which cannot be answered with a simple 'yes' or 'no,' encourage dialogue and provide valuable insights into the other party's perspective. They allow you to gather more information, understand their needs and concerns, and find common ground.

For example, instead of asking, 'Do you agree with my proposed salary?', you might ask, 'What are your thoughts on the proposed salary?' This invites a more detailed response and opens up the conversation.

However, asking the right questions is only half the equation. Active listening is equally important. Remain entirely focused on the speaker, avoid interruptions, and respond appropriately. It shows respect for the speaker's viewpoint and helps you to better understand their position and goals.

Moreover, active listening allows you to avoid making assumptions, which can often lead to misunderstandings or missed opportunities in a negotiation. By truly understanding the other party's perspective, you can tailor your responses and proposals to better align with their needs and expectations.

5. Boost Your BATNA to Create a Winning Edge

BATNA, or 'Best Alternative To a Negotiated Agreement,' is a crucial concept in negotiation. It refers to the most advantageous alternative a negotiating party can take if negotiations fail and an agreement cannot be made. In essence, it's your plan B, and the strength of your BATNA can significantly influence your bargaining power.

For instance, if you're negotiating a salary raise and have another job offer in hand, your BATNA is strong. If your current employer refuses your request, you have a viable alternative to fall back on. On the other hand, if you have no other job offers, your BATNA is weak, and you may have to accept whatever is offered.

The winner in negotiations is usually the person who brings the better option to the table. The more unique your skills and network are, the more you will be in demand in the labor market. As your BATNA increases, you are likely to be offered more opportunities.

Therefore, to become a successful negotiator, you must strengthen your BATNA. This could involve enhancing your skills, expanding your professional network, or exploring alternative job opportunities. With a strong BATNA, you can enter salary negotiations with increased confidence and a greater chance of achieving your desired outcome.

6. Make It a Win-Win for Everyone

There’s a common misconception that negotiations are zero-sum games, with one side winning at the other’s expense. But this doesn't have to be the case.

You can, and should, approach the negotiations with the aim of achieving a win-win outcome. You should frame your proposals or requests as ‘we’ rather than ‘I’ to create a sense of shared responsibility. It fosters a collaborative conversation from the outset and helps you build rapport. It also expands the pie, has both parties solving problems together, and provides a greater opportunity to meet both sides’ goals.

7. Always Remain Respectful and Walk Away if Necessary

Speaking of win-win scenarios, they can’t be achieved if you come to the negotiating table with an air of arrogance or a list of unrelenting demands. You need to relay your objectives sincerely and empathetically, maintaining respect at all times. Sometimes it’s better for your career to walk away if you cannot find a solution that works for both parties then you can hold your head high, knowing you did the right thing.

Boost Your Negotiation Skills Today with Expert Guidance

Whether you're negotiating a salary raise, a job offer, or a business deal, these seven steps will equip you with the skills and strategies you need to succeed. So, take the first step today, and start your journey toward becoming a skilled negotiator.

If you're ready to take your negotiation skills to the next level, consider partnering with an experienced executive coach. I, Teresa Shaffer, bring a wealth of real-world experience and a proven track record in helping leaders like you succeed. With my executive and leadership coaching, you'll gain the tools, insights, and confidence to navigate salary negotiations effectively and advocate for your worth.

My coaching approach is tailored to your unique goals and challenges, ensuring you receive the support you need to achieve your career aspirations. Whether you're an executive, manager, or emerging leader, I'm here to help you unlock your negotiation potential.

Ready to start your journey toward becoming a skilled negotiator? Contact me today to learn more about my executive coaching services.

Filed Under: Negotiation | Salary | Influence | Leadership | Management | Raise | Confidence | Success