How To Negotiate Your Salary
How much are you worth? For women, this can be a touchy subject.
When it comes to salary negotiations, even ulta-confident, Oscar-winning actresses like Jennifer Lawrence can get the short end of the stick.
Much of the pay gap phenomenon is a result of women failing to be as staunch in their negotiations as their male counterparts.
According to Forbes, for her book entitled Women Don’t Ask, author Linda Babcock found that among male and female MBAs, “about 7% of women attempted to negotiate [offers], while 57% of men did. Of those people who negotiated, they were able to increase their salary by over 7%.”
I touched on “imposter syndrome” in a previous post where I encouraged you to reflect on your work and determine if you are overdue for a raise.
You should not only question if you are getting fairly compensated for the work you are doing, but also be in this frame of mind when starting a new job. An integral part of any on-boarding process is negotiating a salary that will both cover your living expenses and reflect the unique experience and skill you offer.
Just for you ladies, I’ve collected expert tips for successfully negotiating your salary:
When asked for your ideal salary, say it’s negotiable. Stating a number can put you in a box. Companies worth working for will be more than willing to have a discussion and be flexible, according to Ramit Sethi, New York Times best-selling author of I Will Teach You to Be Rich.
Professional mediator and associate professor at Northeastern University Ed Wertheim suggests a three-pronged approach. Begin with your measurable contributions to company success. Then, present your value in the marketplace by referencing what others with your credentials are earning. Finally, don’t walk away with a “no”. Request additional responsibilities to take on, or a reevaluation in six months.
I can not stress this enough: often the only way to get what you want and deserve is to ask. You will rarely be handed great things in your career or in life. Work hard, know what you deserve and ask for it. When you are confident in your work and in your worth, it should be easy!
You got this!
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