Mastering Salary Negotiation in the Modern Workplace
Explore insights on salary negotiation in the age of transparency, including why women hesitate to ask for raises and how to overcome such challenges. Learn essential tips for effective negotiation, such as research, authenticity, and timing strategies to close the gender pay gap.
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SALARY NEGOTIATION IN THE AGE OF TRANSPARENCY
MICROSOFT CEO SAYS WOMEN SHOULDN T ASK FOR RAISES: It s not really about asking for a raise, but knowing and having faith that the system will give you the right raise. That might be one of the initial super powers, that quite frankly, women (who) don t ask for a raise have. It s good karma. It will come back.
Why Women Dont Apply for Jobs Unless They re 100% Qualified by Tara Sophia Mohr (Harvard Business Review) Lack of faith in themselves Misunderstanding the hiring process Fear of Failure Blind adherence to the rules
Why Women Dont Ask for Raises Fear Making excuses Lack of self-esteem Lack of confidence Clich s and outdated social notions
Learn how to negotiate for yourself Do your homework & research salaries (come in armed with data) Ask me (or another friendly recruiter) Salary.com Jobstar.org Glassdoor.com Ask your firm administrator for alanet.org s salary survey info.
Learn how to negotiate for yourself Be authentic Maria Klawe talked about her battle with imposter syndrome Initiate open & honest discussions regarding salary Steve Pearlstein, The Washington Post, Want a Say on Pay? Tell them what you make.
When to introduce a salary negotiation to the hiring process After the job offer Buy yourself some time Get ALL the details in writing Show your research Don t get personal
How much should I ask for? A slightly inflated amount Concessions: Redefining the pie Compromise And if they won t budge?
4 Ways to Close Your Pay Gap by Jennifer McLanahan-Flint, foodonourtable.com Do you know what you make each month? Review your salary history over the past four years (including benefits & bonuses) What is your average % increase (average in the US=4-5%) 1) Know your current salary
4 Ways to Close Your Pay Gap by Jennifer McLanahan-Flint, foodonourtable.com Get your job description &/or Ask your manager the salary range for your position Is the internal salary on par with the external? 2) Research the external & internal salary market
4 Ways to Close Your Pay Gap by Jennifer McLanahan-Flint, foodonourtable.com Understand how revenue is generated in your organization Find out where your salary is budgeted and who controls that budget Understand how raises are calculated 3) Revenue
4 Ways to Close Your Pay Gap by Jennifer McLanahan-Flint, foodonourtable.com Many employees are averse to taking the risk of drawing attention to themselves (this will keep you underpaid) Ask for more $ before your next review period Let your supervisor know your expectations Frame your request as options (% increase; flat $ amount) 4) Risk
Entitlement isnt a 4-Letter Word By Jennifer McClanahan-Flint, foodonourtable.com Review your accomplishments over the past year Be prepared to give a number ($) Appreciate bask in the enjoyment of the recognition (instead of bubbling over with gratitude) Entitlement you really do have the right to what you want If you work hard & produce you have a right to feel entitled at work (& at home) Think about what you deserve It requires that you expect & ask for what you want
Credibility how to project confidence excerpts from The Credibility Code by Cara Hale Alter Keep your head level Point your nose at the listener Don t tilt your head Keep your chin level Keep your body position still and let your head move independently (if speaking with multiple individuals) Establish your place at the table/desk Spine strong, shoulders level, own the space Sit your tailbone all the way back in the chair Keep your torso 6-8 away from the table (own the space in front of you with interactive gestures)
Credibility how to project confidence excerpts from The Credibility Code by Cara Hale Alter Vocal codes of conduct Speak with optimal volume (don t be a low talker remember that Seinfeld episode!) Articulate clearly Keep your pacing relaxed Avoid using fillers (um, uh, you know ) Start high and end low
Resources Amy Cuddy Takes a Stand, New York Times: http://www.nytimes.com/2014/09/21/fashion/amy-cuddy- takes-a-stand-TED-talk.html?_r=0 Vivek Wadhwa, Innovating Women: The Changing Face of Technology: http://www.amazon.com/Innovating-Women- Changing-Face-Technology/dp/1626814228 Great Negotiation article from Mindy Crary: http://www.huffingtonpost.com/mindy-crary/how-to- discover-your-market-value-and-get-paid-what-youre- worth_b_5648454.html Jennifer McClanahan-Flint is a Family and Career Strategist. Through her Leverage to Lead Programs, she helps high-achieving working women build careers that are flexible, fulfilling and financially rewarding. If you want would like to receive career strategy insights and advice in your inbox, you can sign up for a free subscription to her weekly newsletter at www.foodonourtable.com. The Glass Hammer: http://www.theglasshammer.com/news/2014/04/09/salary- history-gender-pay-gaps-holy-grail/ Here are a few articles Jennifer wrote about pay and asking for a raise: http://www.foodonourtable.com/2014/08/07/why-your-pay- is-essential-to-your-success/ http://www.foodonourtable.com/2012/09/13/4-ways-to- close-your-pay-gap/ http://www.foodonourtable.com/2014/04/16/entitlement- isnt-a-four-letter-word/ Microsoft CEO, Satya Nadella s blunder and Board member: Maria Klawe s response: http://www.fastcompany.com/3037056/strong-female- lead/the-overlooked-leadership-lessons-in-the-microsoft-ceos- conference-fumble History Unshackled! The Secret History of Wonder Woman by Jill Lepore: http://www.sfgate.com/books/article/The- Secret-History-of-Wonder-Woman-by-Jill-5841246.php Feel free to contact either one of us: Kim Clancy, Managing Director, HOP, LLC, kim@hopllc.com Why Women Don t Apply for Jobs Unless They Are 100% Qualified by Tara Sophia Mohr: http://blogs.hbr.org/tara- sophia-mohr/ Heather Larrick, Regional Office Administrator, Shearman & Sterling, heather.larrick@shearman.com In Business As in Life, You Don t Get What You Deserve, You Get What You Negotiate by Chester L Karrass. Also recommend his seminars on negotiating. Info at http://www.karrass.com/
