Negotiating salaries or asking for a raise can be daunting. This is especially true for people who identify with minority groups and/or women of color (WOC). Research from the University of Virginia Darden School of Business shows that college-educated black men earn 20 percent less than college-educated white men, and the gap is 8 percent for college-educated women. Additional findings from this study revealed that participants who were racially biased expected black job seekers to be less likely to negotiate as compared to their white counterparts.
Therefore, it is critical to enter salary negotiations prepared. If you’re ready to take the next steps, MinTech Agency has put together 4 tips for prospective hires and current employees to ace their salary negotiations.
Negotiating Your Salary as a Prospective Hire
Tip #1: What Are You Worth?
Before entering any salary negotiation, survey the pay landscape for your specific industry and job title. With up-to-date information on the average pay someone in your position receives, you can be confident in knowing your salary negotiations are backed up by industry statistics.
Tip #2: Prepare Yourself for Resistance
Once you’ve received a job offer from your hiring manager, take pride in the fact that you have presented yourself as a potentially valuable asset to the team or organization. That being said, salary negotiations can often be tense environments that new employees may be afraid or not willing to enter into. However, it’s all part of the game.
According to the Harvard Business Review, “You need to prepare for questions and issues that would put you on the defensive, make you feel uncomfortable, or expose your weaknesses. Your goal is to answer honestly without looking like an unattractive candidate—and without giving up too much bargaining power.”
Negotiating Your Salary as a Current Employee
Tip #1: Assess Your Accomplishments
Before entering salary negotiations, inventory the accomplishments you have achieved during your employment. When your employers see the value add of your work to the organization, they are more likely to see the validity behind your ask. According to Glassdoor.com, “Your salary is more than a deposit to your bank account: it’s how your company shows you that they appreciate your work and value you and your skills.”
Tip #2: Consult Your Peers or Career Advisors
In addition to researching the average pay for your current job title in your industry, it is beneficial to consult with career advisors in your field. Human resources may also be a valuable asset in helping you to determine the perks and benefits of your job, and who can communicate your desires for a pay rise to your supervisors.