Women, don't be afraid to negotiate what you're worth to your organization. Use these tips to get your next raise.
Talking Points:
- Even among graduates of elite business schools, women earn ninety-three cents for every dollar men earn.
- There are three ways in which men and women differ when it comes to salary negotiation. Women set less-aggressive goals, they make less-assertive opening offers, and they don’t choose to negotiate.
- There are five key ways to negotiate for a better salary.
- First, research and plan your opening offer.
- Second, initiate negotiations. Don’t ask, “Is this negotiable?” Just negotiate!
- Third, know your market value. Don’t answer the question, “What is your current salary?” Instead, know how valuable your skills, experience, and work are across the board – not just what you’ve been paid in the past.
- Fourth, visualize your constituency. People are more effective negotiators when they negotiate for someone else. Believe that you are negotiating for your future self and your future family…because the truth is, you are!
- Fifth, realize that it’s not all about you. In negotiating, focus on the value you will bring to your organization. Show your supervisors that when they pay you more, it will be a valuable return investment.
Discussion:
- Initial reactions to this topic? What jumped out at you?
- Are you satisfied with your current salary at your current job? Why or why not?
- Of the reasons listed about why women, on average, earn less than men, which resonates most with you? Why?
- Why is it important that you negotiate rather than ask permission to negotiate? What’s the fundamental difference between those two things?
- Why is it important to distinguish between what you’ve been paid in the past and what your market value is today? Explain.
- Even if you’re negotiating for yourself, why is it important to “visualize your constituency?”
- What value do you bring to your organization that would support a pay raise?
- If you received the raise you want, how would your workday change? What could your employers expect as a return on their investment?
- Is there a step you need to take based on today’s topic?
