July 08, 2022
Hey everyone,
When you receive a job (or promotion) offer, remember to negotiate.
Sadly, many of you don’t negotiate at all.
And those who do, negotiate *only* compensation.
As I propose in my forthcoming book, however, there are *four* legs to the negotiations stool:
– Compensation
– Budget
– Resources
– Support
In other words, it’s not just about salary, bonus, equity, etc.
It’s also about budget, resources, and support – i.e., all you need to succeed in the new role (and the good news is: good employers love it when you ask for what you think you’ll need to hit the ball out of the park).
But few of you think of negotiating this way – yet.
I aim to change that with my next book, which has two chapters dedicated to negotiating.
In the meantime, let me share an A/B example.
Story A: Member negotiates $20 million to reduce technical debt
While writing this about-to-be-published book, I helped a member negotiate their offer including the $20 million needed to reduce technical debt as part of their offer package for a CPO/CTO role.
On day 1, the company wrote the check.
By 6 months, the debt was eliminated.
By 12 months things were going so well, she was given a new division to run.
By 18 months, she was being considered for the CEO role.
Contrast this with Story B.
Story B: Member does not negotiate $10M to reduce technical debt
Another member, offered a similar CPO/CTO role, knew there was $10M in technical debt at the hiring company, but, despite my pleas, did not get assurance for funding that during their offer negotiations.
On day 1, the company did NOT write a check.
By 6 months, the company still had not written a check.
By 12 months, no check.
By then, the member was demoralized and looking for a new job.
He’s talented so he’ll get a new job, but he’s paid a big opportunity cost in lost time and stunted career growth.
Phyl
P.S. Remember, CG members: if you are negotiating a new job or promotion, then do NOT walk alone. Ask for help to negotiate all four legs of the negotiations stool.
