A brand new podcast by The Thoughtful Co.
We've launched a new podcast produced by The Thoughtful Co and hosted by Co-Founders, Jillian Climie and Sophie Warwick. Every second Monday we'll dive into the details on all things gender equity in the workplace, from policies and initiatives to recruit and retain more women, to negotiating and advocating for yourself. We're starting with a 10 part series on the fundamentals of negotiations. Listen to the first episode now at the link below!
Episode 1: Importance of your first offer
Compensation typically works in percentages. When someone looks at your current compensation, to come up with a recommendation for a promotion, a new role, or a market adjustment, they will look at it through a percentage increase (for example, a 10% increase for a promotion). Given this, where you start off is incredibly important, as it is the base for every future increase you will get. It is the anchoring point for your employer, any future employers, as well as for you and how you value yourself. If you are taking on a new role or moving to a new employer, treat that first offer as the most important one you will negotiate – because it is. Every dollar you give up now has a multiplying effect in the future. Studies have found a difference of $1,000 in your starting salary could mean a cumulative loss of more than $500,000 over your career.