What Meryl Streep can teach you about negotiating
Hi Reader,
There’s a video of Meryl Streep going around where she describes how she doubled her compensation for “The Devil Wears Prada” in 2006.
What went down?
TLDR: The Devil Wears Prada (2006) team called Meryl Streep to offer her the role. She said no. They doubled her ask.
Here's a breakdown of her negotiation tactics, her leverage, and how that’s applicable to everyday negotiations like job offers:
1. “They called me up and they made an offer… They needed me, I felt”.
Meryl had conviction that the role required her specifically. That’s the best possible leverage you can have. In job offer land, that’s the equivalent of having the written offer in hand.
👉 In this hiring environment, that’s really hard to pull off, but definitely worth trying, and if you do get the written offer, know that you have the most leverage.
2. “And if they didn’t want to do that, I was okay because… I was ready to retire”.
She had a low walk-away bar (i.e. she could walk away easily), so she could negotiate more persistently. What does this mean for you? The jobs you don’t want are the easiest to negotiate because the stakes are low. And having another offer (ideally a stronger offer) helps the negotiation immensely with the job offer you do want.
👉 So get another offer even if you’re not excited about it, and negotiate both!
3. “They went right away and said sure. I’m 56 years old. It took me this long to understand that I could ask for what I want”.
If Meryl Streep only started negotiating at 56, chances are we all have limiting beliefs too and are leaving money and value on the table by not negotiating.
👉 Always negotiate. You don’t have to do it aggressively, which we actually recommend against. You may not double the initial offer. But you will most likely get a better offer.
A couple broader points
Before The Devil Wears Prada (2006), Meryl Streep was already considered one of the best actors of her generation. She didn’t need the role, whether for money or fame. So we can reasonably assume that she negotiated just for the sake of negotiating. That level of confidence really helps negotiations but it’s hard to fake (even if you are a world-class actor!). The confidence comes from actually having real leverage, like another offer. That’s why we always advise against lying in negotiations.
Finally, Meryl asked for double and they said yes right away. As a thought exercise, it’s worth considering how much more budget they had available for her if she hadn’t asked for a specific number (which is what we recommend - don't ask for specific numbers). What if she'd never named a number and instead let them reveal their ceiling?
Maybe they could have tripled her ask!
Warmly,
Gerta & Alex
Founders, YourNegotiations.com
P.S. Are you job searching or have upcoming negotiations?
Book a free call with us, where we’ll learn more about your situation, offer some free tips, and explore if we’re a good fit to work together: https://calendly.com/alexhapki/call
P.P.S. Know someone interested in negotiations?
Send them our way and we’ll thank you with $250 for each person who becomes a client. No cap.
A quick intro or an email to alex@yournegotiations.com works.