In this episode of The Skip Podcast, host Nikhyl Singhal explains how he helps product managers negotiate compensation. An industry veteran in the tech sector, Nikhyl has worked with 50+ leading executives and dozens of companies to ensure they establish optimal pay packages.  He unpacks the concept of equity in both public and private companies and offers a method for comparing job offers based on annual expected value and potential liquidity events. He then transitions into salary negotiation tactics, cautioning against pushing for the maximum offer and instead recommending a self-valuation approach. Nikhyl explores how companies establish compensation ranges using market data and explains how to compare early-stage, growth-stage and late-stage tech offers. . He later discusses the impact of a candidate's "eliteness" on negotiation power and offers a detailed guide on salary benchmarks in the tech industry. Finally, he concludes with tips on calibrating compensation expectations, hinting at the topic for the next compensation episode: negotiation strategies.Summary of PM Compensation chartPrevious Skip episodes on compensation:Tech compensation: Beyond the offer letterHow equity in tech companies worksExplaining Equity and Executive Compensation with Goodwin ProcterTime-codes:00:54: Nikhyl introduces compensation challenges and equity's role in public and private companies.02:20: Nikhyl recommends comparing job offers based on the annual expected value and potential for liquidity events.06:54: He warns about the pitfalls of over-negotiation in job offers.08:20: Suggests a "price to retain your services" approach to salary discussions.10:40: Discusses how companies use market data to determine compensation ranges.11:20: Advises asking about a company's compensation philosophy before discussing specific numbers.12:20: Highlights how a company's compensation philosophy impacts the quality of people they hire.13:37: Talks about the significance of a candidate's "eliteness" in negotiations and compensation command.16:07: Discusses salary buckets for product managers in the Bay Area tech industry as a strategy for ensuring fair compensation.21:16: Details average salaries for various roles in product management, from entry-level to executive positions.29:32: Shares his method of calibrating compensation expectations based on a candidate's background.30:34: Explains how he uses market ranges to ensure people are getting the right offer.33:33: Wraps up the discussion, teasing the next episode on negotiation strategies.