Whether negotiating a salary package in a new role or going into salary renegotiations, many women are inclined to be modest.
Some women enter negotiations with all the reasons why they shouldn’t get the rewards and some employers use this weakness to their advantage.
It’s a generalisation but by way of contrast when men go into negotiations they tend not to have anyone else in mind. They are outwardly confident, are comfortable selling themselves and often over-inflate their worth. It’s an approach many women could try.
Don’t undervalue yourself.
In some women’s minds there’s a negotiation formula that goes along these lines:
What I think I am worth, minus the amount of time I spend with my kids, multiplied by “what if I need to leave early?”, divided by flexibility.
And that equals all I am going to get.
Do not apply that crazy formula in any negotiations.
Results equal results. Your first priority in negotiations is your ability to deliver results. Put a price on that.
In fact, use the formula “results equal results, plus a bit more”. That’s what you’re worth.
Many roles are about outcomes, deliverables and results, not about being in the workplace at a particular time. So with technology you can be available 24/7. It doesn’t work if you’re in a retail role, but if you can, use it to your advantage.
Know if you’re not being paid the right amount. Research the benchmarks of your colleagues or competitors. Approach negotiations confidently.
When going into contract renegotiations, think about what you are worth to your employer. You may be able to measure it in terms of sales, customers, revenue or business outcomes.
Make some investigations into the going salary rates. Get a feel for the market from the salary range being offered on positions being advertised. Or talk with trusted peers in your industry – but don’t ask around in your workplace. You could contact a specialist recruiter to see if they have any salary benchmarks, or you may have a professional association with resources available to you.
If you feel you are underpaid against the market benchmarks, before going into negotiations, you need to arm yourself with your achievements and worth to the business. Build the platform on which you are going to have your discussions. Be ready to demonstrate why you’re worth it. Summarise your key points and consider putting them in writing so you have them in front of you and can talk about them confidently. Be practical and clear about your achievements and also about your aspirations for the next 12 months.
Go in knowing what you want. Don’t be afraid to ask. Sometimes it helps to imagine you are negotiating for someone else and to take the “me” out of it. The nature of negotiations is that there will be some argy-bargy until you get the best deal you can.
Believe in yourself: believe that you’re worth a better deal.
Women are often supporting others: a friend, a colleague, child or a parent.
Apply the same principles of care and belief that you offer to others to yourself – and see what magic it brings. You have to blow your own trumpet at some point.
Imagine you are advising a close friend what to do.
Think about what you would say to them and take that advice yourself.