Dec 26, 2024
NBA legend LeBron James is currently one of the few professional athletes who are also billionaires, according to Forbes. But long before he entered the three-comma club, James says Reebok CEO Paul Fireman tried to give him a $10 million check to snap up a collaboration with the rising star before rivals Nike or Adidas could.
“I was lost for words at the beginning,” James said in an episode of Kneading Dough with the entrepreneur Maverick Carter, one of James’ longtime friends. “I flew in from Akron, Ohio, from Spring Hill, from the projects. Our rent is like $17 a month and now I’m looking at a $10 million check. For some odd reason, I started thinking, if this guy is willing to offer me a $10 million check right now, what is to say Nike or Adidas is not willing to give me $20 or $30 million?”
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LeBron’s instincts were validated as he eventually signed a seven-year contract with Nike worth $87 million, which has been renewed since then for much more. He told Carter it was one of the best business decisions of his life.
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Unfortunately, most Americans don’t attempt similar negotiations. Only 32% of men and 28% of women asked for higher pay in 2023, according to Pew Research. Here are three ways you too can make your employers and clients pay you what you’re worth.
Track market data
Professional athletes and celebrities often have the information they need about endorsement deals and contract values as they make national headlines. However, finding out what the market is willing to offer ordinary workers takes a little more work.
Consider signing up to job platforms such as Indeed, Zip Recruiter and Glassdoor to find the median salaries for your role across your region. You could also speak to a professional headhunter or talent agency to find out the market’s average salary.
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Shop around
Market data only goes so far. You can better evaluate your experience and talents by speaking with recruiters at other firms. Generating multiple job offers, according to Indeed, should help you better negotiate pay at your current workplace. If your current employer matches the salary and perks others have offered, it could help you boost compensation without job hopping. If not, it might be time to hand in your resignation.
Negotiate with a fat margin
Despite your market research and expectations, your employer may want to negotiate a lower salary than you suggest. To ensure you get a fair offer, try to build a “safety margin” into your negotiations.
In other words, start your negotiations by asking for more than your research suggests is fair. If you believe a 15% pay hike is fair, ask for 20% instead. That gives you and your employer room to maneuver and set a target that’s acceptable to you both.
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Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He's also the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms. His work has appeared in Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine and Piggybank.
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