Carol Parker Walsh Consulting. I provide advice on career, executive leadership & personal branding for high-achieving professional women.
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Let's talk about money.
Are you cringing at the idea?
You're not alone. When it comes to talking money during salary negotiations, women often avoid the subject like the plague.
I get it. It was years before I started asking for what I wanted during the job offer process. I quickly learned my lesson after finding out a colleague was making more than me while doing the same job. That experience taught me a valuable lesson: Women have to start talking more about money.
The truth is if you've done your homework before you get to the salary question, you can boldly ask for what you want and confidently negotiate to get it.
And let me be clear — I believe you should always negotiate your salary and ask for more money. It's better to start with some more bargaining room in order to position yourself to get more money than you initially thought possible.
Let's talk through three strategies that will help you confidently talk money.
1. See it as an opportunity.
Even though you may be nervous and fearful about engaging in money conversations, it's important to know that salary negotiations are normal. In fact, 73% of employers expect it.
According to a study by Career Builder, most women don't negotiate because they feel like asking for more money makes them appear greedy or that the employer won't hire them as a result. Women also notoriously undervalue their worth by as much as 20%, and this can cost them up to $1 million dollars in potential income over the life of their career.
It's critical to shift your perspective and reject the cultural stigma associated with self-promotion and demanding what you're worth. See it as an opportunity to get clear on how the organization will benefit from your contribution and presence.
Negotiating your salary presents an opportunity to push yourself out of your comfort zone and become the best advocate for yourself and your career. It's an opportunity for you to demonstrate and strengthen your leadership skills. It's also an opportunity for you to learn more about the organization's values and if they value you.
Talking money isn't always easy, but it's important for women to start encouraging each other to talk about it so we can be better informed and start taking charge of our financial destiny.
2. Research market value.
Never go into a salary negotiation without doing your research. Understanding the market value of the position you're applying for and your skill set will help you gain valuable insight into what you should be paid. While the pay range will vary across industries and locations, equipped with this information, you'll have greater confidence as you consider your entire salary package.
When a recruiter asks for your salary expectations, you'll want to know the going rate and what's right for you. I can't stress enough how important it is to know what you want and how it maps to your long-range career goals.
While it would be nice if every company were as open about their salary ranges as Buffer (supplying a transparent salary calculator), there are a plethora of resources that can give you some great inside information. You can check out Salary.com, PayScale, Fairygodboss, LinkedIn Salary, Indeed and Glassdoor, to name just a few. Keep in mind that Glassdoor and Indeed are based on self-reported data.
When negotiating, don't use your current salary as the basis for your future salary. It should be based on the organization's budget, compensation, incentive structure and market value. Without this information, you'll end up bargaining against your own interests and ultimately losing out. Know the salary range for someone with your skills and experience, what the company usually pays, and what compensation is right for you. If you do that, you'll feel comfortable asking for the highest salary available to you.
3. Showcase your brilliance.
It's well documented that women are not on a level playing field when it comes to pay equity. Women who tend to downplay their accomplishments and brilliance don't feel confident or empowered to negotiate their compensation packages.
Get in the habit of documenting your significant contributions and exemplary performance, and use it to justify requests for higher pay. Start collecting evidence that demonstrates your ability to deliver proven results well before the interview process. Think beyond what's listed on a job description. Understand and articulate how your gifts, strengths, talents and genius translate into a higher wage. This will stop you from leaving money on the table.
While knowing your value and worth will prepare you to ask for more, it will also prepare you to walk away if necessary. If you can't come to an agreement on a compensation package that feels fair and appropriate after trying to work with the company, decline the offer. It's not the right job and company for you. As the song says, you have to know when to hold 'em and when to fold 'em.
There is no reasonable explanation for why the pay gap for men and women continues to exist, particularly when women continue to effect change in powerful and financial ways across industries. Showcasing your brilliance isn't just a feel-good statement; it's an effective tactic for negotiating.
While I've talked a lot about money, when it comes to negotiating job offers, you have to consider the entire compensation package. This can include vacation days, stock options, professional development, remote work, mentoring, and moving and signing bonuses. Ultimately, whatever you negotiate, what's most important is that it's something you feel really good about that is aligned with what you want for your life and career.
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