Very often you hear the phrase, “Money isn’t everything.” While that is true, NOT having the money you need to support yourself, your family and provide for all of the essential needs of your household; can create a sense of panic. Money issues can contribute other health-concerning factors like stress, lack of sleep, and unhealthy ‘numbing’ to soothe your worries. Sure, you could budget your finances to ensure you’re using your money wisely, but what if there’s an unknown gap in your current compensation compared to that of the standard market for your role.
Let me explain.
There is information available to you RIGHT NOW that will help you know whether or not you are being fairly compensated at your current employer. That is right, you can research your current position within your demographic and industry, and verify just how close (or far) your current salary or wage is to what the industry standard. Glassdoor offers their Know Your Worth resource (https://www.glassdoor.com/Salaries/know-your-worth.htm) and LinkedIn has a similar database resource called LinkedIn Salary (https://www.linkedin.com/salary/). At any time, you have these resources to explore where your current salary falls in the spectrum. The issue isn’t lack of information, but the tact and effectiveness in approaching the discussion and negotiating a salary increase for yourself. This is especially important for you LADIES, because women tend to avoid this topic like the plague.
According to Carol Sankar of Forbes:
“The act of professional negotiation has a completely different definition for men than for women. For women, negotiation is seen as an improper act of appearing “greedy” or desperate. It is frowned upon by women, who are often intimidated by the act of asking for their worth in business and the workplace. The same could not be further from the truth for men. In fact, men are encouraged to ask, renegotiate compensation agreements, partnerships and more. It is a highly marketable skill, which is viewed as a key leadership strategy.”
Glassdoor.com echoed this sentiment with supportive data:
“Women negotiated less than their male counterparts. Sixty-eight percent of women accepted the salary they were offered and did not negotiate, a 16-percentage point difference when compared to men (52%).”
Ladies, as uncomfortable as this conversation may be, it’s an absolutely necessary one. You could be being underpaid right now and not be aware of it. You do deserve it. You have earned it. You owe it to yourself to prepare and bravely approach the discussion, to vouge or yourself and the value that you bring to the table. In reviewing recommendations by LinkedIn, Glassdoor, Muse and Forbes, the following is a list of important factors to consider for effectively approaching and negotiating for a salary increase:
Be prepared – collect data to support your requested increase (Glassdoor, LinkedIn)
Pick the right time – budget planning season, annual review season, completion of a major project and spirits are high
Use effective word choices – not a rigid script, but clear and specific statements that capture your desired outcome
Display professional behavior – body language and tone of voice should express a calm balance of confidence, gratitude, and enthusiasm for the work that you do
Use justification points – recent accomplishments, accolades as well as logical and compelling evidence to justify your request
Be prepared for questions (on both ends) – Is your requested salary a reflection of the true value that you bring to the firm? Will your increase come with any new responsibilities or changes in your current team/management?
Resolve to continue performing well, despite the response – management may request some time to review your request, or you may get a response right away. Regardless of the outcome of that initial meeting, resolve to continue performing strongly while you wait, or even if the answer is ‘no’.
If the answer is ‘no’, there are other ways to negotiate for yourself such as in more vacation time, working remotely 1-2 times per week, leave early on Fridays, long-lunches midweek, or a title change
This week in my private FB group, Dare To Be Great, I will be going over all of these factors in detail so that YOU can confidently approach your management team to begin your salary increase discussion.
Join our FB group go to https://www.facebook.com/groups/daringarmy/, answer the three questions and submit your add request. We look forward to engaging you with our community members and ‘level-up’ your path to greatness.
Cheers to your success!