Most women I know hate negotiating their salary and avoid it at all costs. What if I offered you a million dollars to negotiate your salary? Would you be interested? It is estimated that women who consistently negotiate earn $1 million more in their lifetime than their counterparts.
In order to negotiate well, whether you’re negotiating at your current job or for a new job, you need to be informed.
You need to know the following things:
- What is your next best offer? Assume the negotiation totally falls apart. Where does that leave you? Unemployed? At your current job? At a previously offered amount?
- For a new job, what is the absolute minimum you are willing to take? What are the things that you need to have to be at your absolute minimum? (The most perfect workplace ever? Or half days on Friday?)
- What are other people in similar positions at similar companies with similar responsibilities making?
- What is your value to the person with whom you are negotiating? What is their next best offer? (Are there dozens of people that can do what you do? Does the person have access to these people?)
Before you start a negotiation, you should consider your leverage and the timing of your approach. If you just decide one day that you need a raise, you probably won’t get very far, but if it comes when you are asked to take on more responsibility, you have more leverage.
Finally, some things to keep in mind:
- A negotiation is a conversation, not a competition.
- It isn’t all about money. Consider the whole package (vacation, benefits).
- Be honest about your needs.
All things considered, it’s a pretty easy way to earn a million dollars.