Did you know that on average, men will earn $10,381 more in 2022 than women will across the nation? This is important to discuss as this past Thursday, Dec. 8 was Latina Equal Pay Day. In 2021, Latinas working full-time, and part-time jobs earned just 54 cents for every dollar the average white non-Hispanic man earned.
This is often referred to as the gender pay gap and often starts when women first enter the workforce. A combination of factors affects women's lifetime economic security and makes it likely that over a lifetime women will earn less than men, be less likely to advance their careers as far as men, and accumulate less superannuation and savings than men, and will therefore be more likely to live in poverty in old age.
As a Career & Confidence Coach, my goal is to help empower women to advocate their worth with confidence. Part of advocating your worth is examining and renegotiating your salary with your supervisor. I want you to have the confidence to ask for what you deserve, because your value to the company should not impact your financial situation negatively.
Below are three tips for re-negotiating your salary without the stress.
1. Start by evaluating what you have to offer
It’s important you know exactly how much value you can offer an employer before you begin the process of negotiating a salary.
There are several factors that can influence your compensation, such as:
Geographic location: Consider the cost of living in your geographic location. For example, you might require a higher salary in San Francisco than in Minneapolis for the same set of responsibilities because it generally costs more to live there.
Years of industry experience: If the job description requires three to five years of experience and you meet the higher requirement, it might warrant a higher salary.
Years of leadership experience: Similar to industry experience, if the employer prefers or requires leadership skills and you meet or exceed their expectations, it may be justification for higher pay.
Education level: Relevant bachelor’s, master’s, PhD or specialized degree programs can impact your compensation depending on the role or industry.
Career level: In general, you might expect a higher pay range as you advance further in your career.
Skills: Niche or technical skills that take time to master may attract higher salaries.
Licenses and certifications: An employer may require or prefer that you have specific licenses or certifications. If you already have them, you might be in a good position to request greater compensation. When you begin your salary negotiation, be sure to reiterate why you’ll be a valuable employee and consider using the above factors to justify your desired salary.
A great tool to help you understand your strengths is the Career Development Toolkit, which will help guide you in self-exploration.
2. Research the market average
Knowing the market average can give you a good baseline for your salary request and can even be used as justification. By understanding what other people in similar positions make near your geographic location, can help you leverage a higher salary to meet the comparable.
Here are some questions to consider as you begin your market research:
What's the national average salary for the position?
What's the average in your geographic location and in cities nearby?
How much do similar companies in your area pay employees in this position?
What is under the responsibilities of researched positions?
Visit Indeed's Salary Calculator to get a free, personalized pay range based on your location, industry and experience.
3. Prepare your talking points
As you’re developing negotiation notes, it might be helpful to answer the following question as a framework for your conversation: Why do you feel you deserve a higher salary than the one the employer is offering? Put together a few talking points before you contact the employer and be as specific as possible.
Those details might include information like:
Results you’ve achieved in previous roles such as goals you’ve met, the revenue you’ve helped drive or awards you earned. If possible, use actual numbers.
Years of industry experience, particularly if you have more experience than the employer stated as a minimum requirement.
Skills or certifications, especially if they are in high demand within your industry.
Average salaries being offered by other similar employers for similar roles.
Highlight additional roles that you have taken on that are not a part of the original job posting.
Describe how you are invested in the company and their mission, and how to continue delivering high-quality work that you need to be paid aligned with the comparables in the area.
Make the Time to Renegotiate
Now that you have the tools to prepare for renegotiating your salary, it is time to schedule a one-on-one with your supervisor.
If you're currently employed, you can ask your employer for a salary increase if you've earned workplace recognition or achievements, reached a company anniversary or have proof that you helped the company meet its goal.
If you're a new employee, discuss the accomplishments and experiences you mentioned during the interview process in terms of salary value at their company.
Wish you the best of luck in negotiating your worth!
Comment below to let me know your negotiation story.
References:
US Census Bureau, “American Community Survey | S2001 | Earnings in the Past 12 Months (in 2019 Inflation-Adjusted Dollars).” Accessed January 27, 2022.
US Census Bureau, “2020 ACS 1-Year Experimental Data Tables.” Accessed January 27, 2022.