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5 key steps to negotiate the salary you deserve

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Lesson time
5 min.

In this lesson you will learn 💸

  1. How to determine an appropriate salary
     
  2. Best practices for preparing for a salary negotiation
     
  3. Strategies for effectively starting your next negotiation

Take a guess 🎯

What percentage of women do not negotiate their starting salary?

🤨 Not correct

Studies from Carnegie Mellon University have shown that only about 7% of all female college graduates negotiate their starting salary

👏 Correct!

Studies from Carnegie Mellon University have shown that only about 7% of all female college graduates negotiate their starting salary

🤨 Not correct

Studies from Carnegie Mellon University have shown that only about 7% of all female college graduates negotiate their starting salary

Differences between women and men

  • Not only do women negotiate differently, but they are also perceived differently - clothing and gestures play a role in your negotiation
     
  • Women tend to prioritize security more; in studies, men were more than twice as likely as women to turn down a salary offer that fell 15% short of their initial request
     
  • Women articulate their concerns differently: a study has shown that when it comes to asserting their salary expectations, women phrase their concerns differently. Almost half of the women mentioned a salary that was below their own expectations during the conversation, while only a quarter of the men did so

You're worth more than you might think

Workplace financial inequalities persist partly due to the reluctance to openly discuss them. Remember the connection between mindset and the gender pay gap? Some supervisors discourage salary discussions among employees, exacerbating the lack of transparency about fair pay. Therefore, don't be discouraged - salary negotiations are crucial.

Find out what the standard salary in your sector is - not just with your employer but within the industry. Also, ask friends about their approximate salary, especially those who work in the same field but for different companies.

    Take a guess 🎯

    When is the gender pay gap often widest?

    👏 Correct!

    Several studies have shown that the gender pay gap is often widest during those times.

    🤨 Unfortunately, that's incorrect

    Several studies have shown that the gender pay gap is often widest in your 40ies.

    🤨 Unfortunately, that's incorrect

    Several studies have shown that the gender pay gap is often widest in your 40ies.

    5 tips for a successful salary negotiation💃🏼

    1. Gather facts: Find out what the industry standard salary is in your sector - not just with your employer - for example, using a salary calculator. Also, ask acquaintances working in similar fields what is typical
       
    2. Justify your expectations: This involves your personal story. For instance, list your personal achievements. What makes you unique or indispensable?

    3. Prepare for the conversation: It's best to have a conversation guide where you list your achievements, what you need to be successful, and how you envision your future. Note down what you aim to achieve with this conversation

    4. Practice: Conversations with your family and friends are perfect preparation. You'll be less nervous, know what to expect, and have received initial feedback

    5. Address numbers: It's helpful to be aware of the entire compensation package (not just the salary itself) including benefits that are important to you, such as a pension plan that accommodates part-time work

    Take a guess 🎯

    What works better: stating a specific number or a range?

    🤨

    What if they had offered you more? Or if there isn't enough budget? With a range, you give the other party more room to move towards you.

    😊 

    With a range, you give the other party space to come to you instead of having to respond with a counteroffer.

    Not quite ready to negotiate your salary yet?

    1. List your greatest achievements
       
    2. Write down what you have contributed to the overall success of the company
       
    3. Note down what you aim to achieve with this conversation (for this step, you need information on what salary is typical in your industry and position)

    Tip 📌

    For a comprehensive view, it helps to test several calculators and even try them out while pretending to be a "man" unabashedly, to see if this would yield different results.😉

    Sure... money might not be the easiest topic of conversation. At the same time, you are at your workplace to earn money - so it's now or never! With the right preparation, you can negotiate confidently and successfully with ease.

    Ready to test your knowledge?
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