How to Negotiate Salary after Job Offer | 5 Practical Tips
About this video
Jeff Su says, citing the figure given in the video, that 61% of people fail at negotiating a higher salary after a job offer mainly because they do not try, believing they have no bargaining power, even though employers are already invested after screening hundreds if not thousands of resumes. He gives three consequences of not negotiating: compounding loss, illustrated by his spreadsheet example of $50,000 vs $55,000 starting salaries with a 6% yearly increase growing to a cumulative difference of around $75,000 by year 10, $200,000 by year 20 and $424,000 by year 30; missing non-salary wins such as more vacation days, education reimbursement or a later start date; and missing the chance to make a strong first impression. His five tips are to imagine negotiating for a close friend, give a specific figure such as $57,650 rather than a round $57,000 (which he links to Columbia Business School research), set a walkaway point using a target at the 80 to 85% mark of researched ranges, argue with facts not feelings (his example contrasts an industry average of $62,500 with Unilever paying $64,000), and negotiate ethically only with an employer whose offer you intend to accept, while staying grateful throughout.
Key takeaways
- The video states 61% of people fail at salary negotiation, mainly because they do not try despite employers being invested in their chosen candidates
- In the creator’s example, $50,000 vs $55,000 with 6% yearly increases becomes a cumulative gap of around $75,000 by year 10 and $424,000 by year 30
- Not negotiating also forfeits non-salary items like vacation days, education reimbursement and a later start date, and a chance to impress the employer
- Give a specific figure like $57,650 instead of a round number, and research ranges to pick a target at the 80 to 85% mark with a walkaway point in mind
- Negotiate with facts not feelings, and only ethically with an employer whose offer you would accept if your terms are met
Episode details: published November 11, 2020 · 7:42 long. Summary written by Self Growth Videos from the episode itself. Business results and any income figures mentioned are Jeff Su’s own claims, shared for education — they are not typical or guaranteed.
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