 I got an offer! Congratulations! How much are you getting paid? One dollar. You finally got a product manager offer. Congratulations! But are you afraid of negotiating the offer? Because you might lose the offer if you negotiate too hard. But you hate being underpaid. What should you do? Guys, this is Dr. Nancy Lee, a director product from DrNancyD.com. I help people transition from worker B to product manager and business leader. Today, I'm going to share with you the top 4 strategies to negotiate a higher offer after you get a product manager offer. Recently, my students got 5 offers in 7 days. And they used my negotiation tips to negotiate a much higher salary. Two of them got 20% raise of their base salary and one of them doubled their equity and stock options. So, let me show you how can you use the same strategy to negotiate a much higher salary even if you don't have a competing offer. To learn the most effective to land a product manager job, you should subscribe and hit the bell button so that when I post a new video every Wednesday, you'll be notified. If you like any of the content I produce, make sure to hit the like button until it turns blue and so that I have the motivation to make more videos like this. Now, let's get started. Tip number one, understand what's easier to negotiate and what's harder to negotiate in the package. For example, if you negotiate a product manager offer with a fan company and the salary really varies depends on the levels you get in. Let's say you're getting as a product manager who already had a few years job experience. In those fan companies, their base salary usually is harder to push much higher because it's a general band, but they're much more flexible in terms of their stock options. So, I would push really hard to get more stock options compared with the base salary. For those fan companies, let me just tell you a secret behind the scenes. And their base salary is usually around 160 grand. So once you hit this ballpark, you should be satisfied and try to push really hard for your stock options. Sign-on bonus, relocation package as well. If you want to learn more about how much product manager is getting paid at a fan company, you should definitely check out this video and I talk in details about product manager salaries in those top fan companies. Now, let's think about the startup company. Usually, in a high-level ballpark, startup companies do not have lots of cash. So it's more likely they're more flexible to give you more stock options. However, for some startup companies, they are more cash-rich and in that case, they would rather give you more cash compared with more stock options or equities of their company. So it really depends. If you think the new company is going to join is going to become the next unicorn, then it's likely their equity is going to become a lot of money in the near future. For example, my student Amy herself, she negotiated and doubled down her stock options was because she believed that sometime in the future this company is going to go IPO and her equity is going to be 10 times more very quickly. So you need to think about from your perspective and do more research about specifically how company inside from their perspective to make decisions as well. Tip number two is to understand the pay scale of the company. What I mean by pay scale is, comparatively speaking, do they pay high or low in the job market? Let me give you another insider tip. For example, in general, Microsoft, their pay scale is about 50% of the entire market and for companies that weigh more, their pay scale is 98% of the entire market. What does this percentage means is that if you rank all the product managers with the same type of similar kind of experience from highest to lowest, the price is 100% and lowest is 1% and Microsoft is paying at 50%ile. Waymo is paying at 98%ile and Google is actually in between those two companies. So if you understand the pay scale ahead of time, I would say if I go interview Waymo, I know they're going to pay us extremely well. Don't even bother to negotiate that much high and what they pay you is definitely higher than how much you're getting paid right now. If you go walk into the interview when you negotiate an offer with Microsoft and they're paying at 50%ile, so they're not too high, they're not too low, then in that case, I was definitely going to push harder to get paid a little bit higher because you know there's so much room to improve. If you want to know what each company's pay scale among the entire market, there's a specific website I really like which is called teamblind.com and it's anonymous website where you're able to see lots of insider information about how much people are getting paid in those companies and what their pay scale is as well. This is a really good website. I really like to use that to understand the insider information of the pay scale. In my free product manager salary negotiation workshop, I also talked in depth about how to use the right market insider information to understand what the right number you should ask during the salary negotiation process. You can check out my free negotiation workshop right here. So by now, you're probably thinking about the current company interested with their pay scale right now, right? So comment down below and let me know what type of companies you're interested with their pay scale. Maybe some insiders can point you to the right direction. So comment down below right now. Tip number three, do not disclose your current salary information if you know you're getting underpaid or you're joined from a mid-sized company to Google, Google definitely getting paid way more. So don't tell them how much getting paid right now because definitely they're getting paid more. If any HR at the beginning of your interview or job application asks you this question, how much are getting paid right now? You can answer it this way. In Massachusetts, California and many states, they have this law and saying that it's illegal for any of the new employers to ask your current salary information. So therefore you can just tell them that it is illegal for me to disclose my current salary information with you. So I like to avoid this awkward conversation, right? So be smart about it. And on top of that, if you also know that your salary current salary is definitely higher than the future company you're going to join, just tell them. For example, you currently work for Facebook. You're getting paid like $350 or even more. Oh, and they start to want to hire you. Just how much are you getting paid at Facebook? Just tell them you're getting paid $350, $400, whatever numbers, tell them the truth so that they know, oh yeah, he or she is a big shark. So let's give them like a little bit higher than average what we can do, all right? So understand the importance of the other side so that you're able to make a high-wall offer. So I made a separate video teaching you how exactly to make a high-wall offer in different scenarios. You can check out the video here. Tip number four is to get information from people inside a company or recently left a company to the information regarding how decisions are made, how much your peers are making. So therefore, when you walk into the negotiation table or even your offer to offer, you know, okay, this is already higher than my peers. So I'm happy already. But how to get those information? That's an art. I'm going to continue to teach you those kind of art in my upcoming YouTube video. And on top of that, if you want to know immediately information that I know so you should definitely download this cheat sheet where I show you the salary information among different big tech companies. Those are so a valid information of people who I helped land those jobs so I know all exactly how much you're getting paid and all the information, the latest information in 2021. Of course, if any other piece of information which I didn't include in this salary negotiation table and please make sure to share with me as well so that I can make really big data bay and share with everybody else who subscribed to this channel. By now, you guys are probably thinking about, hmm, it's time for a new performance review. How do I ask for a higher salary during the performance review? If you want to learn more about how to ask for a higher salary during performance review, you can check our video here. If you want to know the best strategy of asking for a raise during the performance review, you should check out this video here. And also you won't learn about how my student got five offers in seven days. Definitely check out those top strategies here. And if you like any content, make sure you subscribe and hit the like button. And I'll see you next Wednesday. Bye.