Master contract negotiation
You have lots of requirements when it comes to job hunting. You’re looking for a position within a certain commute distance of your home. You want to be working in a field you’re passionate about. But more than anything, you want to be compensated fairly.
Securing a new job is only half the battle. After a company has reached out to offer you a position, you need to develop a strategy for negotiating contracts. Considering that you’ll probably remain in your new position for at least a few years, you absolutely must make sure that you’re getting everything you want from your employer from the get-go.
Have your end goal in mind
What’s your ideal salary? Okay, now how did you get that number? Sure, you might want to make $100,000, but why did your mind immediately jump to that number? Examine your past experience and respective salaries. Then, look at your finances. How much money do you need to not only cover all of your expenses, but to start generating wealth and saving for retirement? When you’ve finally figured out your goal salary, know without question that you won’t accept anything less than this during a contract negotiation.
Realize that everything is negotiable
Has the company you’re interviewing with said that there’s a set cap on your position’s salary? Jeff Cochran, one of the partners of Shapiro Negotiations, is a master of negotiation and believes that everything is negotiable. Jeff has consistently been a speaker at Business Mastery events, and has helped thousands of people learn the value of their presence in the workplace. Understand that the reason you’re negotiating a contract is because there are many things to negotiate, so don’t think of anything as a final say until you’ve signed an agreement you’re happy with. Jeff Cochran also recommends to move your number up incrementally to reach a point that you and the employer are happy with. By making big leaps in your asking price, you risk alienating your future employer and being shot down.
Think beyond your salary
Many times, we think of contracts purely as documents that establish how much we’re paid, but there are many other things to consider. Think about your lifestyle. Are you being offered a fair number of vacation days? Can you negotiate your title to something that will be more powerful when listed on your resume? Have you been offered health benefits and stock options that work for you and your goals? Consider all these factors when negotiating a contract, not just your salary.
Contract negotiation is an art that you’ll learn over time. Even after you’ve mastered the skill, there are times when you simply need to be prepared to walk away from an organization. Whether they’re not meeting your needs financially or otherwise, you need to have a point at which you can leave and feel alright about it. What that point looks like for you will be entirely unique, but have a clear vision of your goals, your contract needs and where you need the two to align for ultimate job fulfillment.
Know how to present yourself
Whether you’re negotiating a new contract or revising your current one during an annual review, be conscious of how you’re presenting yourself. Don’t just ask for a sum of money – have a list of explanations as to why you deserve that ideal payout. Be able to dive into your past experience, current strengths and know how much people in similar roles are being paid in your region. Bring your best persuasion skills with you. Also, make eye contact and present as physically confident with your body as possible. When the person you’re negotiating with sees you as organized, professional and self-assured, they’re more likely to trust your worth and give you exactly what you want.
Most importantly, know that negotiating a quality contract is a learned skill. The more you practice the art of negotiation, the better you’ll become at getting what you want and expressing your needs to the people around you.
Leverage your way to success through negotiation
Tony Robbins’ complimentary Seven Forces content series uncovers the negotiation skills and tactics necessary to achieve your ultimate business goals.