"When it comes to earning a living, you might want to be more like Elon. There are some strategy lessons to be learned from the world's richest man, who just won a pay package worth up to $1 trillion at Tesla - even for those of us whose paychecks come with fewer zeros. Of course, most people can't go work at their rocket company if their promotion or job offer doesn't come through."
"Know your worth To start, workers need to understand their leverage. In a lackluster job market, you might not feel like you have much to bargain with. Yet if you have an offer from another employer or some other option that would let you walk away, you have latitude, said Alan Stein, CEO of Kadima Careers, which offers coaching for getting six-figure jobs."
Elon Musk secured a pay package worth up to $1 trillion contingent on milestones. Employees with typical salaries can adopt scaled-down versions of these tactics. Key tactics include understanding personal leverage, establishing a viable backup option (BATNA), and recognizing "key person risk" to strengthen bargaining position. Workers should frame compensation talks as negotiations that align incentives with measurable performance and present win-win proposals. Using external offers or demonstrating irreplaceable skills increases negotiating power. Career advisors recommend treating pay discussions as strategic negotiations rather than pleas, emphasizing performance-based incentives and mutual benefit.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]