Anyone that has used EBay or watched the reality show Storage Wars is familiar with an auction, a bidding process designed to create competition when multiple parties all want the same thing. As an auction escalates at a frenzied pace, not only do people want what is being bid on, they want to win just for the thrill of winning.
In a salary negotiation, candidates can create an “auction effect” when they have multiple offers. Let’s say you’re a sales executive with an extensive background in photography, and you receive an offer to work at Canon cameras. It’s a fair offer and you’re mulling it over.
Suddenly, you receive a slightly better offer for a similar position at Nikon. They’d really like to have you on board. While an all-out Sotheby’s-style auction for your services might not ensue, suddenly you've got a lot more leverage. If you’re in Canon’s shoes and you don’t accept their offer, not only are they going to lose the employee, they’re going to lose them to a heated rival.
Jim Hopkinson is an author, writer, and speaker living in New York City. His focus is on career development for the new economy, showing how new media, technology and branding are changing how people look at their career and lifestyle. Read more...