SURVEY: How much does another company need to pay you extra to make you move as an MSL?
Money is important, but it certainly isn't everything. A quarter (24%) of the MSLs surveyed said that even a 20% increase would not make them move. They must be really happy in their current job and team.
60% of the MSLs surveyed would want 20% salary increase to consider moving, 10% an increase of 10% is good enough for them and 6% can’t wait to move out ASAP. Any offer will do as they “…want out”.
Other points to consider when considering staying or leaving your company are: How good is your team/ boss, quality of the pipeline/product you work on, opportunity for internal promotion, opportunity to learn and developed in the role.
Below we captured 5 top tips on how to maximize your salary negotiation. Feel free to comment if we missed anything.
- When they ask for your salary
“When they ask you for your salary you can say, contractually I am not at liberty to disclose this.” Or say “It is not so much about my current salary, it is more about the salary for the job we are here for today” and then ask the next bullet point questions to them.
- When they ask what you want to earn for this MSL role.
Tell them, "Before I can answer could you please tell me more about the expected BASE salary range or bracket and extras such as car(allowance), bonus and extras?" Make sure to don’t get fooled by the extras or the total package is $XXX, because at the end of the day, base salary (i.e. cash in your bank account) is king and worth more than gym membership value that you might never going to use.
- When you do give BASE salary numbers to them, they have to be factual, based on real data and choose (truthfully) the highest data point in that range.
Research industry salary trends, salaries and talk to current MSLs and MSL recruiters to get a precise salary guide and evaluate what you have to (counter) offer when negotiating your salary. Don’t just mention a number, better is to say, “my research (quote sources) showed me similar experience and MSL roles get BASE salaries of UP TO $XXX, which seems to be a good market conform salary”. And then be silent and wait for what they say to this. This way you anchored high, based on proper corroborating research. If it was last year’s salary survey data, you might want to add 3-5% inflation correction.
Of note, your geographic location, years of experience, managerial experience, education level, career level, skills, licenses and certifications can influence your salary, of course. Click HERE to see the latest MSL salary survey:
- Be flexible if they are not
Keep in mind Salary Package is more than just the base salary. There are a lot of other aspects of the contract that can be negotiated, such as sign-on bonus, yearly bonus or STI, stock options, car allowance, company car, health insurance, holidays etc…But he, some say, cash is king!
- Lead with gratitude
Once you reach the job offer phase of the hiring process, you’ve probably invested a great deal of time and energy applying and interviewing for the position. The employer has also invested time in the process, so it’s crucial you recognize this and thank them for considering you for the opportunity. Be sure to share any specific reasons why you’re excited about the job, such as the culture or the product. No one wants to hire a grumpy person pushing for more salary.
Last note of wisdom, each time you start a new job, you have to establish yourself internally and externally (if it is a different TA) and earn their trust. This will mean more travel and more working hours. So ask yourself, is all that extra work, stress, uncertainty and probation time, worth the extra money for you (and your family). There is always an inflection point where the balance shifts and it is worth it for you.
Good luck in your career!!
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