4 Ways to Prepare for Your Salary Negotiation
Many things have changed over the past couple years. Sadly, unequal pay isn’t one of them. If you’re a woman, it’s likely you aren’t being paid what you deserve. And if you’re a Black woman, unfair pay is basically guaranteed. It’s one thing to acknowledge this as fact but to see the statistics is particularly sobering…and a reminder of how vital salary negotiation tips can be.
According to Payscale, women earn 82 cents for every dollar earned by men. That number decreases significantly for women of color, especially Black and Hispanic women. COVID-19 did nothing to boost progress. In fact, it did the opposite. According to the Bureau of Labor Statistics (also shared in Payscale’s report), unemployment rates rose significantly for Black, Hispanic, and Asian workers. Within each of these demographics (except Black-Americans), women faced more unemployment.
These stats are an extension of opportunity gaps and occupational segregation, both of which are rooted in systemic injustices we’ve failed to properly address and solve as a country.
So how do we force change? Besides advocating and voting for legislation, like the Paycheck Fairness Act, we can also arm ourselves with knowledge and language for the negotiation table. Ultimately, the script should be written according to your unique circumstances. However, there are a couple of things anyone can do beforehand, whether they’re finalizing a brand deal or talking to the HR rep at a 9-5. Ahead, Mindy Yu, Director of Investments at Stash, shares her quick and easy advice.
Do your homework
“Always come to the table with research to back up your salary ask. Understanding industry standards for professionals in your position gives you the knowledge you need to have a leg up on the conversation. Start by digging around online to gather insight—you can do this online on platforms like PayScale, Glassdoor and LinkedIn.”
Nix the Taboo of Talking to the Others
“Research from Stash recently found that 40% of people still believe there is a stigma associated with talking about money, yet many feel more informed about their financial decisions after talking with others (43%). Talking to trusted peers, mentors or relatives within your industry about salaries can be a great way to assess if you’re being paid a fair wage.”
Bring Proof Points to the Table
“When asking for a raise, make sure you present the value you’re adding to the company. Be sure to bring an organized list of your accomplishments and the impact you’ve made on your company to the table to support your request for a raise.”
Practice makes perfect.
“As with most things, practice makes perfect. Prepare in advance to get comfortable talking about your accomplishments with confidence. If you believe in your skills and achievements, it’ll come through authentically in your conversation.”
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