International Equal Pay Day
Today is International Equal Pay Day, which celebrates efforts to achieve equal pay for equal work around the world. According to the United Nations, the global gender pay gap is estimated to be 20 percent. Anti-discrimination legislation and corporate policies ensuring pay parity are the most impactful ways to close the gender pay gap, but individuals aren’t powerless in the fight for fair pay. Pew Research Center reports that 61% of women did not ask for higher pay when they were last offered a job, compared to 58% of men. Avoiding negotiations often means leaving money on the table – according to one study, women who negotiate their salary can earn $1 million more of the course of their career than those who don’t. Here’s some strategies to level up your salary negotiation skills:
- Research the market: New York’s salary transparency laws have made it easier than ever to understand salary ranges for different roles, though some companies use wide salary bands to mask what they’re actually willing to pay. Use job search tools like LinkedIn, Indeed, and Glassdoor to identify if a business is paying market rate for a role, or if a more senior title better aligns with the job description. Asking trusted friends and colleagues about their compensation and negotiation experiences can provide even more specific information about compensation at your current career stage.
- Know your worth: Compare your skill set to the job description – are there any areas in which you’re overqualified? Do you have specific experience that sets you apart from other candidates for the same role? Lean on your track record when you’re building your case for a higher salary – if you have hard data that shows you improved a business’s bottom line, improved marketing performance, or otherwise made a significant impact on operations, it’s key to communicate to the people with whom you’re negotiating. These data points can help your counterparts make a case on your behalf if they need additional budget to meet your salary request.
- Think beyond base pay: Depending on the role, you may be able to negotiate more than just base salary. Are there other benefits that would be valuable to you in a role – a flexible schedule, additional vacation days, or a stipend for professional development? If there’s no wiggle room on base salary, can you propose a performance-based bonus to increase your total compensation?
- Practice, practice, practice: While many people will change jobs throughout the course of their careers, most people will only experience a handful of salary negotiations in their lifetime. These high-stakes negotiations can feel stressful and overwhelming to anyone, especially inexperienced negotiators. Find opportunities to practice negotiating in other areas of your life to help demystify the experience – haggle over the price of an item for sale at a flea market, negotiate a deadline for a project at work, or work with members of your household to negotiate who handles chores for a day. These smaller negotiations can help you get comfortable hearing “no” when you negotiate and identify negotiation strategies and styles that work best for you. When it comes time to negotiate a salary, work with a trusted friend or mentor to rehearse your specific negotiation and gain confidence in your pitch.
Further reading:
- 15 Rules for Negotiating a Job Offer (Harvard Business Review)
- How to Negotiate Via Email (Forbes)
- Ten Rules for Negotiating a Job Offer (Free Code Camp)
