Women, in comparison to men, often tend to overlook salary negotiation, ultimately leading them to squander significant potential earnings across their professional journey, as indicated by several studies. This lack of assertiveness not only places women at a disadvantage but also perpetuates the ongoing gender wage disparity. It’s a common misconception among many women that the opportunity for negotiation ceases once they secure a job, whereas, in truth, it’s only the commencement. It’s necessary to routinely negotiate pay raises each year, along with bargaining other non-monetary advantages such as resources, flexibility in work hours, and more. At whichever point in your career, arming oneself with effective negotiation strategies is crucial. Here are four guidance tips on how women can amplify their negotiation abilities.
1. OVERCOME YOUR APPREHENSION
Women are often too hesitant to assert their negotiation skills. But what could be more frightful than forfeiting thousands of dollars just because of reluctance to move beyond your comfort zone? Societal norms have not encouraged women to be assertive or demanding, and when we ditch such norms, society often criticizes us. This stereotype needs to be broken, particularly in the realm of negotiation. Therefore, overcome your reluctance to discuss finances by equipping yourself with adequate knowledge and conducting thorough research. Read on.
2. EQUIP YOURSELF
Walking into negotiations ill-prepared is never a good option. Power lies in knowledge, and you need all the power you can get. Women often fall into the misunderstanding that their job offer might be withdrawn if they bargain their salary. However, once you’ve reached the negotiation stage, the company has already invested substantial time and resources in selecting you as the ideal candidate. Men negotiate regularly without any fear of lost opportunities, it should be the same for women as well! To ensure a state of readiness, equip yourself with comprehensive salary data. Conduct meticulous research around comparable salaries in your field, inspect pay scales at your company through websites such as glassdoor.com and salary.com, and evaluate your unique selling proposition through your experience and qualifications. Ensure your employer is well aware of your worth.
3. DON’T SETTLE FOR THE INITIAL OFFER
Quite often, we succumb to the immediate offer presented, assuming it might be the limit of what they can afford – which is rarely the case. Always respond to the initial offer. Even if they resist changes in the salary, there are other variables you can negotiate, such as extended leave, flexible work hours, enhanced benefits, and increased retirement contributions.
4. PRACTICE MAKES PERFECT
Rehearse your negotiation tactics in advance, aiding refinement prior to the actual event. Be it seeking advice from a mentor or a trusted confidant, or even practise role-playing within your comfort zone, it’s crucial to dedicate time to pre-plan the dialogue and speculate possible outcomes for adequate preparedness. Regardless of who you are, neglecting salary negotiation isn’t an option, yet, it’s even more vital for women to proactively negotiate in order to help reduce the gender pay gap.
Have you ever felt apprehensive about negotiating your salary or benefits? Have you faced any backlash, or has it proven successful?
