#45 Maximizing Career Moves: Salary Coach John Gates on Unlocking Your Compensation Potential
Descripción del Episodio
John Gates is someone who can help you get the most out of your compensation package, especially when you’re making a career switch or transition.
When prepping for this interview, I skimmed through his book, ACT YOUR WAGE. It reminded me of my business school days studying negotiation. The concepts really align—like focusing on multiple elements in a negotiation instead of just zeroing in on one number.
But here’s the challenge—Unlike business deals where you can stay strategic and detached, salary talks bring up fear, emotion, and anxiety.
So, with all the emotion tied up in these discussions, how do we break free from focusing on old numbers and truly maximize our return when making a career move?”
Key Highlights of Our Interview:
Coast-to-Coast Hustle: The Ups and Downs of Chasing the Corporate Dream
“During that process of chasing the Fortune 500 career and climbing that ladder, I moved across the country many times. I was laid off several times. I know how terrifying it is to be laid off or separated from a company that once loved you, but now no longer needs you."
From Prosecutor to Defense Attorney: Why Switching Sides Matters
“I do view myself as a former prosecutor who became a defense attorney. I think the best defense attorneys are people who used to be prosecutors because they understand the tactics and strategy and what the other prosecutor is trying to achieve.”
The Silver Bullet Effect: Practical Steps for Negotiation Success
“I start teaching them how to have safe conversations about pay almost immediately. So, very experimentally, I will teach them and drill them and rehearse with them first.”
Salary Negotiation 101: Gladiators Need Not Apply!
“Know your worth and demand your worth. People say, figure out what you’re worth, insist upon that… When I hear that, what I see is high risk. It’s confrontational. It makes it seem like you’re going to be this gladiator… This sort of ultimatum strategy of ‘take it or leave it’ is problematic.”
6 Rules For Successful Salary Negotiation:
1.Do not put “open” or “negotiable” in the salary requirement field — Always put a number.
2.Reframe your salary number into a range during the phone screen — It’s important to shift into a range rather than sticking to a fixed number.
3.Shift the conversation from salary to total compensation — This includes understanding incentives and bonuses beyond the base salary.
4.Use AI tools like ChatGPT to prepare for interviews — This helps generate potential questions and practice responses.
5.Use interview time to sell yourself instead of satisfying curiosity — Focus on addressing their pain points and demonstrating your value.
6.Avoid moving the goalposts during negotiation — Present everything you want in one batch rather than one at a time to prevent putting your offer at risk.
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