Friday, 19 January 2024 04:44

This ‘risky’ negotiation strategy doesn’t always work out, says pay transparency expert

Rate this item
(0 votes)

Hannah Williams isn't afraid to ask strangers how much money they make. In 2022, she quit her six-figure job to make a business out of it, Salary Transparent Street, which brought in $1 million last year.

Since launching her TikTok channel, Williams, 27, estimates she's interviewed upwards of 1,000 people, from teachers to nurses to entrepreneurs and more, about their earning power and money habits.

She's learned a few important salary negotiation strategies, including one popular tactic that may be on the riskier side: Leveraging an offer with a new company in order to get a raise with your current employer.

"That can be risky, and that can get them in bad blood with their current company," Williams says. She suggests people remember why they're considering leaving their job. It's rarely just about the money, she says.

As she sees it, if you're so dissatisfied in your current position that you'd interview elsewhere, "more likely than not, a couple months down the road, you will still probably be leaving that company because it's not just money. Usually it's other things."

Some HR professionals agree: An employee who stays for a counter-offer may be back on the job market within months when the novelty of more pay or new responsibilities wears off, especially if their main dissatisfactions are issues with a manager, the company or something bigger. On the other hand, accepting a counteroffer may be worthwhile if you truly enjoy your job, your work environment and new career opportunities you map out with your manager.

Another important takeaway Williams often sees is that base salary isn't the only thing that's negotiable when discussing your total compensation.

"If you're asking for a raise at your company, and the company does not have the means to increase your base salary, that's not the end of the negotiation," she says. "Anything that you get from a company or that you give to a company is negotiable," including a sign-on bonus, commuting benefits, 401(k) match, stock options, pet insurance, or child care, to name a few.

"There's a ton of things that are on the table that may not increase your paycheck, but will increase your total compensation and oftentimes your flexibility," she adds, "which I think goes hand-in-hand with work-life balance and overall happiness at your job."

The biggest lesson Williams has seen, however, is to recognize that negotiating salary is difficult, and there's really no trick to getting around it.

"The hardest part is actually choosing to negotiate versus thinking about negotiating, like putting the action plan into action," Williams says. Of course, there are plenty of resources to figure out your market rate, know what to ask for specifically, and practice the pitch, but "having those conversations is the hardest thing."

Deciding to negotiate pays off, she adds: "A lot of people I've spoken with are just like, 'You just have to ask. if I hadn't asked, I wouldn't have gotten it.' And it's really that simple."

 

CNBC

July 01, 2025

Nigerian stock market soars with N13.2trn windfall for investors in Half 1, 2025

Nigeria’s equity markets delivered exceptional performance in the first six months of 2025, generating massive…
June 26, 2025

Peter Obi decries ‘coordinated lawlessness’ after brother’s property is demolished in Lagos without court order

Former presidential candidate Peter Obi has condemned what he described as a brazen act of…
July 01, 2025

The biggest communication mistake many people make

Maybe it's the Gen Z in me, but I’m not a fan of corporate jargon.…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 30, 2025

Bandits strike again in Benue, kill four policemen in fresh attacks

Armed bandits on Sunday launched another deadly assault on Benue State, killing at least four…
July 01, 2025

Here’s the latest as Israel-Hamas war enters Day 634

Israel strikes pound Gaza, killing 60, ahead of US talks on ceasefire Israeli strikes killed…
June 30, 2025

The computer-science bubble is bursting

Rose Horowitch The job of the future might already be past its prime. For years,…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.