Three Key Strategies to Negotiate Your Salary as a Female Employee
Be Prepared and Know Your Worth
There is no doubt that asking for a raise can cause women anxiety. According to a survey by PayScale, thirty-one percent of women say they are uncomfortable negotiating their salary (compared to 23% of men).
Women are earning 80.5 cents for every dollar a man earns. This statistic can make a female employee feel undervalued and less likely to ask for a pay increase.
Women also fear being aggressive or that their employees won't like them if they ask for more money. But, the reality is, at the end of the day, ladies, you need to pay your bills.
Being prepared will take away the fear and anxiety of asking for more money. Learn these three key strategies to negotiate your salary as a female employee.
#1 Know Your Worth
First, determine your true market value. Visit Glassdoor's Know Your Worth salary calculator. Here you will be able to receive a custom salary estimate based on your title, company, location, and experience.
Monster’s salary calculator allows you to add your job title and location for a salary range. Look at your compensation range from low to high. How does it compare to Glassdoor’s salary ranges? Determine what the lowest amount of money that you will accept. Negotiate the highest.
#2 Calculate Your Expenses
Know how much income you will need to cover your monthly expenses. Don't forget about unexpected costs such as car repairs, car registration, child care, and so on. If the employer does not offer health insurance, calculate it as an extra cost. Count those extra expenses and put them into your annual salary considerations.
Also, calculate your gross income vs. your net income. Visit online federal income tax calculators such as SmartAsset to find your after-tax income. This is your take-home pay.
#3 Know When to Ask For a Raise
Salary negotiation for new employment
After you have accepted the job offer, the employer will write an offer letter. This will include your salary, benefits, duties, and so on. This is the time to negotiate your true value.
Never accept the first offer they give you. Employers expect you to negotiate. Evaluate their offer and then write a counter offer. State your increased value. Try to add something new about your abilities or reinforce your value to them.
If they offered you $60,000, but your median market value is $68,000 tell them that their offer is lower than what you expected. State your desired salary and what you can bring to the table.
Negotiating is a dance. Expect to dance with your employer at least once. If negotiating the salary is not an option, discuss other pay increases such as more PTO or vacation pay.
Salary negotiation during your annual performance review or other time of year
This is the time to highlight all your accomplishments over the year and negotiate a pay raise. Have at least 3-4 of your key skills and achievements ready before an annual review. Know your current market value and what percentage of raise you can ask for. These will be your ammo.
Tell the employer how you solved their problems over the last year. The employer may offer you the average annual raise percentage. At this point, prepare to highlight your achievements. Always be grateful no matter what.
If the employer denies your pay raise request due to a salary freeze, ask to re-visit the conversation in 3-6 months. Then, work your "you-know-what off" to prove you are worth it!
When you are negotiating, remember to have your:
- List of 3-4 strengths and achievements.
- Backed-up research about your true market value. This includes your job title, location, and years' of experience.
- Your salary range. This will help you stay focused and not accept anything less than you are worth.
- Gratitude even if things don't go the way you expect.
There is no doubt that you have worked hard and earned your worth, so go for it!