How to Negotiate Your Salary to Boost Earnings and Benefits

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 25 July 2024

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn how to negotiate for a higher salary and better benefits when you get a job offer. Plus: Tips for boosting your earning potential. What are the best ways to negotiate for a higher salary? How can you elevate your earnings and overall compensation package? Hosts Sean Pyles and Alana Benson discuss strategies for increasing your income and negotiating for a raise to help you understand how to navigate salary discussions confidently and effectively. Alana speaks with Catherine Tinsley, Raffini Professor of Management at Georgetown University’s McDonough School of Business, about who should make the first offer, how to leverage market data, and the challenge of overcoming emotional hurdles. They also discuss the benefits of changing jobs for higher salary potential, practical advice on boosting your earning potential, and why understanding power dynamics and perceived expertise could help you come out ahead in your next negotiation. In their conversation, the Nerds discuss: salary negotiation, negotiation tactics, boost earnings, salary raise tips, new job offer negotiation, making the first offer, leveraging market data, non-monetary benefits, workplace negotiations, power dynamics, preparing for negotiations, managing emotions, marginalized group challenges, increasing income strategies, transparent salary discussions, job offer components, vacation time negotiation, remote work negotiation, company equity negotiation, continuing education negotiation, making the first salary offer, external labor market information, practical negotiation strategies, salary transparency, mutual problem solving, negotiation confidence, salary benchmarks, transparent salary data, anchoring in negotiation, power in negotiations, emotional hurdles negotiation, interdependence in negotiation, negotiation preparation, asking for a raise, and leveraging outside offers. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:25.3	Prime Video.
0:27.1	Click or tap the banner to find out more.
0:29.9	So, my friends, what are you worth?
0:33.3	Or at least, what are your skills worth?
0:35.9	That's the question you have to ask yourself every time you ask for a raise or a mull an offer from a potential employer.
0:41.8	Today, we're looking at strategies for increasing your income through negotiation.
0:46.1	The most powerful anchor in any negotiation is the first offer that's thrown out there.
0:50.9	And so if you are anchoring the negotiation, they are playing your ballgame. And so
0:55.6	that's why you want to be making the first offer. Welcome to Nerd Wallet's Smart Money Podcast.
1:03.3	I'm Sean Piles. And I'm Alana Benson. This is our third and final episode of our nerdy deep dive
1:09.2	into investing in your income, basically finding
1:12.1	ways other than cutting back on spending to boost your bottom line. Yeah, Sean, so as we've been
1:17.5	talking about throughout this series, sure, you can cut back on some of the daily indulgences you
1:22.6	might be able to do without. But cutting back five or ten bucks here and there, even daily,
	...

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