Women earn 82 cents to a man’s dollar’ (source: Lean In). So why do men make more? Research supports it’s not about education but rather the fact that women fail to engage in salary negotiation conversations. Women are held back financially because of their dislike for these difficult negotiating conversations. But the good news is when women do ask for a raise, they are successful 71% of the time (source: The Big Salary Review, Glamour Feb 2017).
Not sold on how this is costing you as a woman? Consider a recent Harvard Business Review study of men and women negotiating a car purchase. On average ‘women were willing to forgo as much as $1353 (for men, it was $666) to avoid the “pain” of negotiating when buying a car.’ The same applies to the money you are leaving on the table when you negotiate your next job offer or ask for a raise.
4 Salary Negotiating Tips:
- Find the Ideal Time – Your annual performance review, or better yet, after a big success (i.e. after completing a complex project, landing a new client, etc.).
- Do Your Research – Know your ‘market value’. Check in with a head hunter or your professional association for local salary ranges.
- Don’t be a Pit Bull – Research from Harvard Business Review found that women tend to put on a male persona of being tough, aggressive and demanding, and as a result they fail to get the result they what. Instead, start with a smile. It’s simple but smart as it makes you approachable and engaging. Then, move into talking about the organizational goals and outlining your accomplishments in supporting these objectives.
- Be Confident – If you know there is a wage disparity, express it. As Sandberg suggests stating: ‘My understanding is that jobs that involve this level of responsibility are compensated in this range (highlight industry salary levels).’ I suggest practicing Amy Cuddy’s Power Poses (check out her TEDTalk) to get you prepped for a successful salary negotiation.
Salary negotiation isn’t a battle ground but rather a conversation. It’s an opportunity to update your manager or the recruiter of your recent successes, highlight the value you bring to the organization and your desire to be a strong contributor to the team’s success. Then, lead into discussing your salary market research.
For more Salary Negotiation Tips, click: 7 Tips for Negotiating Your Next Job Offer.
Wishing you much negotiating success!
Certified Executive Coach & Internationally Certified Career Management Professional
JL Careers Inc