Close the Gap in Wage Five Tips for Negotiating Salary Every woman law should use.
It’s hard to figure out what you’re entitled to be asking for before accepting the job when you don’t know your worth to the company. You may be selling yourself short when you enter an interview for a salary without knowing what you’re asking and accept a salary offer lower than the amount someone with similar previous experience earns in other organizations. Women are often paid less than their male counterparts in all fields. Based on the National Women’s Law Center, women will lose $418,800 during a 40-year career in the current wage gap. However, it’s not an impossible scenario. One method to help overcome the gap is bargaining for what you’re worth instead of accepting an offer straight out of the gate.
Redfin Chief economist Nela Richardson was not sure she’d be in this situation, even though she works as a government economist. She was taken off guard when she discovered another male colleague in the same job received a salary of $60,000 more than she was.
This was a turning point for Nela, and it altered the direction of her professional career. What, then, could she have done? She devised a plan to quit her low-paying job to find a job that paid her what she was worth. You are the most powerful when a business wants you to negotiate, so ensure you do this before taking the job.
Here are some helpful tips given by Nela for women who are about to make their way to the negotiation table:
Power is knowledge. It is important to network and connects with others within your field to obtain more information on the positions you’re seeking. Visit the events. Find out what companies pay for specific jobs. Connecting with other professionals in your field will enable you to understand what a fair wage would be for someone in your situation. It is important to understand the value of your market for the best bargaining potential.
Alongside attending networking events, make sure you take the time to look into various businesses and the salary they offer. Use websites such as Glassdoor and PayScale to determine the salary ranges for jobs in your region. Use this information to your advantage when you interview for a salary negotiation.
Be realistic (But Don’t Oversell Yourself)
Requesting more than what an organization provides is not a good idea. However, you shouldn’t accept a minimum price.
There’s always room to negotiate. You can ask for 5-10 percent over the industry average; however, you must be prepared to justify why you’re worthy of that extra. Perhaps you have a background that could benefit the business or connections that make you an appealing candidate. The company might regret hiring you if you demand a significant amount of money, yet you fail to deliver the promises you made. However, the right Employer will be able to appreciate those who know what they’re worth and can keep their promises in salary negotiations.
If the Employer Isn’t able to Offer You What You Want,
You’ve got the advantage of having the MOST influence in negotiations. There’s a possibility that the company will not offer you anything more than the amount they’re offering. However, they may be able to offer you some extra time off or let you work from home for a few hours per week. Certain factors are more important so than money. However, ensure that you receive those other benefits you’ve agreed upon in writing.
If the manager hiring you says they won’t be able to pay the amount you’re asking, you can ask what you’d need to accomplish to get to your salary goal. Requesting an annual guaranteed increase or within a specific period is also possible. Employers who respect you will appreciate your determination.
Talk Career Ladder
A great company will respect employees’ ideas for their career aspirations. Make sure you inquire about the possibility of upward mobility within an organization so that you can imagine what your future could look like if you decided to join that organization. It’s possible to not accept a job with no growth potential. Employers are impressed by motivated candidates who want to turn their jobs into lucrative careers.
Tell us if these suggestions are helpful for you!
Alanna Finn is the famous real property professional at Redfin and is in charge of Redfin’s Fun & Fabulous content for the Redfin Real-Time blog.
Nela Richardson is the Chief economist of Redfin; Nela leads the housing market research team in reports on data that aid Redfin customers make better decisions. She joined Redfin as a former employee of Bloomberg LP, where she was an executive economist at Bloomberg Government.
Redfin is a first-to-customer real estate broker representing those buying and selling houses. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer satisfaction bonuses, not commissions.