Myth #1 - Your market value can be a fixed number
You've probably heard that market value is important. It is likely that you have spent much time searching online for industry norms or pay rates. It can be difficult to base your negotiations upon market values.
Reality: The market value is a moving target
The stock price is not the true market value. Although there are some historical factors that could influence the company's market value, it is mostly determined by forward-looking and dynamic elements such as how investors value the company and the story it tells. It doesn't matter if you have a track record of success. It all depends on what other employers are willing to pay you and the story that you can tell about your value.
These suggestions will help you to estimate your value during negotiations:
Myth #2 - Compensation cannot go beyond what a company has offered you
This explanation might make it appear that there is no room to negotiate.
Reality: There are many ways to arrange your salary bands
Move beyond the salary range. This department is responsible for ensuring the company stays on budget, not your future team. It is also responsible for driving the business forward.
There are many ways to get around salary ranges.
Myth #3 - A counteroffer is required to get a company's offer changed.
This is a popular way to negotiate higher compensation. Many people believe they can't negotiate without making counteroffers.
Reality: Contra offers are not an option
While counteroffers can be a powerful negotiation tool, they can sometimes be harmful. They limit your compensation to the amount you have received elsewhere.
These are some tips to help you include counteroffers in negotiations.
Myth #4 - If you don't negotiate compensation, it is because you aren't passionate about your work.
Negotiations can often be viewed as shameful by many people. If you really care about the work, you won't feel like you're a team player when you ask for more.
Reality: All Companies Expect Everyone To Negotiate
Negotiation is expected by companies, even if they do not act according to the agreement. You should be paid accordingly.
These strategies will help you overcome the shame of negotiating:
Myth #5 - You can't ask for assistance in negotiations
It's easy for companies and individuals to control the negotiations. You might feel like you are responsible for everything, given your job.
Reality: It is normal to require and use assistance.
Many people don't realize that there are others who can help them negotiate. They are often fortunate to have a mentor in their industry who is invested in them.
If you don't have mentorship, you need to be proactive. It is perfectly normal to depend on others for information or support.
If you are unsure, don't be afraid to ask for help.
Sources:
https://www.themuse.com/advice/negotiation-myths
https://www.payscale.com/career-advice/dont-fall-for-these-5-salary-negotiation-myths/
https://www.salary.com/articles/10-salary-negotiation-myths/
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