The gender pay gap has made many headlines, but the question remains: What can women do to ensure that they receive the same pay as men with similar qualifications? In the face of institutionalized discrimination, salary negotiation is the most powerful tool for female professionals. Armed with the right information and techniques, you can ensure that you're compensated fairly.
Research Company and Industry Standards
Research can make or break your salary negotiation. Well in advance of a salary discussion, start looking into standard salaries for companies in your industry and area. Find out what competitors pay employees at your level, but be wary of asking your male colleagues about their salaries — company policy may forbid employees from discussing compensation. Online salary estimators can also be useful, but keep in mind that they do not take into account the company size, geographic location and the cost of living in your area. Use your research to identify an ideal salary and the lowest acceptable salary. Then compare your experience and education to that of other company employees to determine the unique value and expertise you bring to the team.
Start With the Initial Offer
For women, the most important salary negotiation happens immediately after a job offer. Since promotions and raises are usually figured from your initial salary, the first negotiation has a significant compounding impact on total earnings during your tenure with the company. A Glassdoor.com survey found that women are considerably less likely than men to negotiate an initial offer. If you accept a lower offer than a male employee hired at the same time, it can be impossible to close the gender pay gap under a standard schedule of pay increases. Employers rarely lead with their best offer, so there is almost always room to maneuver.
Negotiate Extras
Base pay is only one part of a compensation package. If the employer is unable to increase the salary by an acceptable amount — a situation that is not uncommon in companies with fixed budgets — include non-monetary perks in your salary negotiation. Ask about adding more sick days, or request extra vacation time and personal days. If you spend a great deal of time on a computer, consider asking for a new model, a second monitor or the latest software update. For a job that requires a move, ask about a signing bonus or relocation assistance. Other possible perks include mileage reimbursement, flex time or a better office.
Justify Each Request
Increase your chances of success in a salary negotiation by preparing justifications for each request. When asking for more money, remind the employer of your value by saying, "Because I'm on the high end of the education and experience requirements, can we increase the base pay?" If you want a new computer, explain how the faster operating system and improved software increase your productivity. In some cases, the justification is as simple as: "I can't take a pay cut from my current position. Can we add an extra week of vacation to make up the difference?"
A salary negotiation is intimidating, but it can pay off dramatically. By advocating for yourself and emphasizing your value, you can secure a salary that's equal to that of your male colleagues.
Image courtesy of stockimages at FreeDigitalPhotos.net
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