Negotiate Your Career Growth

AI Tools for Salary Negotiation

January 04, 2024 Jamie Lee Episode 51
Negotiate Your Career Growth
AI Tools for Salary Negotiation
Show Notes Transcript

Could AI chatbots become the secret weapon to acing salary negotiation? 

In this episode, we're diving into whether these tools are accurate and relevant for professionals aiming to pivot or secure a higher-paying job. 

Also, what sneaky dos and don'ts of salary negotiation might ChatGPT miss? 

Finally, with the adoption of AI growing every day, what does that mean for professionals? Are we all going to be replaced by robots? (Spoiler alert: Nope!) 

Tune into this episode as we explore whether these tools are the real deal, which ones to use, and why. 

Referenced in this episode: 

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Welcome to negotiate your career growth. I'm Jamie Lee and I teach you how to blend the best of negotiation strategies with feminist coaching. So you get promoted and better paid without burning bridges or burning out in the process. Let's get started. 2024 is the year of mass AI adoption? And how do I know this to be true because I started using it. And I'm seeing a boost in my productivity. And I'm really excited about the possibilities. And we're just getting started. And you can use AI tools Chachi PT Yes, to help you negotiate your salary. Just yesterday, I offered a list of other AI tools, including ChatGPT that a client can use to help her secure a new job and executive who wants to pivot in her career. And so today, what I want to offer you is I want to talk to you about how to best utilize ChatGPT to help you negotiate your salary. I also want to walk you through a list of those other AI and non AI related resources that you can use to help you increase your salary negotiation confidence and help you succeed in negotiating for better compensation in 2024. First and foremost, let's start talking about ChatGPT. I just found this great article in California management review is published by UC Berkeley. And this article is written by Dr. Holly Shroff. And what she has done is she has evaluated chatGPT as a tool, and as a guide for helping both employees and employers better engaging in salary negotiation. The conclusion is that, yes, ChatGPT, when used well, can provide accurate, actionable and relevant information because it's harnessing everything that's already online. Everything that's been published online, it is harnessing, well, I should say with a caveat. If you use the free version charge GPT 3.5 is harnessing everything that's published online as of January 2022. So I will talk about what that means for salary negotiation in a minute, but I thought this article by Dr. Holly Shroff was really excellent. And here's her conclusion. She says the best way to utilize chatty PT is by asking clear and specific questions within an established thread, or by seeking clarification on general responses. The analysis of Chachi PTS performance in answering salary negotiation questions, showcases its versatility and value as a tool for guidance or study. ChatGPT provided relevant, accurate and actionable answers, although at times, it missed some details or left out important information altogether. ChatGPT is continuously learning and improving with each weekly update. And its answer quality is constantly advancing and providing nuance and detail. It's helpful for both employees and employers because it helps manage expectations about the salary negotiation process and how to prepare effectively which benefits both sides. Consider chat. GPT is a knowledgeable companion for salary negotiation, preparation, providing confidence and peace of mind. Okay, so what is ChatGPT leaving out? According to Dr. Holly Schrof, it is leaving out some specific do's and don'ts that she thinks are essential to know ahead of salary negotiation. It's all in the article. The link is in the show notes. And here are the do's that she suggests. Number one, wait at least 48 hours before negotiating your salary after receiving the offer in writing. So if you're if you've gotten an offer, in writing, wait at least two days before you initiate the negotiation. And this will give you time to research the offer, compare it to benchmark data and control your emotions. And you also don't want to jump immediately too fast because sometimes people will suffer from what she calls the Winner's Curse, quote unquote, regret that the offer was too generous. Another thing she says you should do that chatGPT missed is know when to stop negotiating. You don't want to continue to negotiate after the company has made a counter to your offer. You want to understand deadlines. Yes, you can ask for an extension of the deadline right when you get an offer. Sometimes the the employer will say please Make a decision, please let us know within this particular deadline. So you want to understand that deadline, you can ask for an extension, but you want to be respectful of that as well. Here are some dunks that ChatGPT missed, Use Email to negotiate your salary, negotiate with a company to increase your leverage with another. I think this is debatable. But I think the point that Dr. Shroff is making here is that you don't want to use an offer from a company that is not in the same field as the company that made you that offered the first offer, because it's not really relevant. Right, it's comparing apples to oranges. So I think that's a really good point. And I think it's also a really good point to highlight that, yes, even though AI is going to be massively adopted already is, but the human connection, that human authentic connection that you get to have, when you meet people in person, when you get to have a face to face video conferencing call, when you hear their voice that still matters, that still builds trust, right. So chat GPT can absolutely help you come up with sample email language sample language to initiate having that conversation, but that that human to human connection is still very, very important. And your few other dunks that Dr. Holly Shroff suggests to will appear desperate, is it might make the company question your value and rescind the offer. And don't negotiate based on what you personally need. And what you personally want to take, for example, don't say, I need to make I need to make more money because I have to pay student loans, because that's not relevant at all, to your professional or to your performance value. In this article, she also summarizes the key advice, Chad TPT provided and they're very fundamental, they're solid, in my opinion, right? Do your research, be prepared, be confident, be flexible. Listen, actively be professional, highlight your performance value, your skills, qualifications experience, know what's important to you consider the total compensation, and consider the timing. And it will offer you simple language for initiating that negotiation conversation. And many of the sample scripts that I have seen well, we'll highlight the need to express enthusiasm, gratitude, and very politely, right asking for a conversation asking for a compensation review or for a higher offer. In a nutshell, yes, you can use it. And the best way to use it is to be specific ask very specific question, ask it one question at a time. And keep it in the same thread. One thing again, I want to highlight is that the free version of chat GPT harnesses everything on the internet as of January 2022, that means that it's not going to have up to date market rate data, if you want to do your research and find out what is the competitive going range for your position in your geographic area, at your level at a particular company. But if you're not, here's another tool called levels dot f y i levels dot f y i, this tool, this online tool will provide competitive seller information. But it's mainly for technology jobs. There, this tool has visualization, it will give you a competitive breakdown analysis by location, company title and benefits. So I think it's useful if you are in the tech field. And also if you're in the tech field and you join a startup stock options or equity compensation will be an important factor to consider. So I don't see a lot of information about startup equity. But my colleague, someone I do know stock option counsel, her name is Mary Russell. She's actually hosting a daily human to human non a I assisted office hours in January and I believe she's doing it every working day in January ninth 9:30am Pacific time, so go check her out, go look her up. I'll also link to that in the show notes. I think it could be a really valuable resource

because again, AI tools are useful but it's not everything we still need to use our human disk tournament. But Mary Russell is providing can be helpful, especially if you are going to be earning equity compensation. There are companies that are actually already using AI tools to directly negotiate with their hires. This company is called pact on AI pact on AI. pact on AI has been used by Walmart to negotiate with many of its vendors. And according to a Harvard program on negotiation, article 84%, the majority of the people who close deals while negotiating through or with pact on AI, but they were happy with the outcome. You know, that's really interesting to know. And I think the jury's out whether negotiating with AI bots will help or hurt gender and racial pay gaps. But we do know that again, AI tools cannot replace human discernment. And we also know that AI tools reflect or magnify human errors in judgment. In short, AI tools are still reflecting bias. So what does this mean? So as more and more folks use AI tools to communicate and negotiate authentically human conversations, you know, that one on one conversation, face to face conversation will become even more valuable, ie we'll have even more premium in our working experience. But also, human generated content will become even more premium, we will want to know Hey, did a bot write this? Or am I reading something a real person said, and you can notice right now, that with my arms and ahhs, but I'm really generating this content in real time, from my human brain. But there's also a tool that executives managers are using right now to vet whether content has been created by AI. This tool is called This tool you go into you copy and paste the content, and it will check for you whether the content that you entered into the tool has been plagiarized, or the AI bots will be like, I think I'm 75% sure that a human wrote this, or 95% sure that human wrote this, and I've tested it, it's really, really good. It's pretty thorough. It's kind of funny, right? We want we're using AI bots to help us discern whether something was written by a human or not. In addition to this, there are other AI tools that I shared with my clients, especially in helping them advance in their careers or to secure a new job. So the first one is called CV It'll help you write both resumes and CVs, second jobs This will help you optimize your application, your resume your cover letter, for application tracking systems 80 S, which are driven by AI. There is also covered doc AI, which will help you write cover letters, and there's talent It will help you get connected to recruiters. And I've heard it described as like another Linked in. So what does this mean for us? Here's the thing to keep in mind. salary negotiation is an important and often nerve wracking interaction. That happens maybe once a year at most, for most working professionals. It has a big impact on your career growth, advancement, fulfillment, but it is not the end all be all of negotiating in your career. As someone who started her coaching career as a negotiation consultant helping women negotiate their job offers, I think these AI tools like ChatGPT covered dock ai I think these tools are a welcome addition to the toolbox so that we can get to the things that make us human so that we can get to the things that we actually want to do beyond the salary negotiation. We want to get better at human things. We want to be better at being human leaders for other humans. We want to get better human connection but in an outside of work, and we want to be experiencing growth in a fun and fulfilling way. That's only available to us humans through self actualization. So my hope is that you will check out these tools if you aren't already familiar with them. And if you found this episode useful, please do share with your network and kindly leave a review. I will talk to you soon. As an executive coach for women, I'm super passionate about helping smart women who hate office politics get promoted and better paid. I do this through my unique combination of number one self directed neuroplasticity tools backed by science. Number two negotiation strategies proven to work for women by academic research in number three intersectional feminist lens that honors women's lived experiences. To learn more about my one on one coaching series and to book your free hour long consultation with me, come on over to Jamie Lee It's Talk soon