Black Women’s Equal Pay Day: 3 Steps to Negotiate Your Salary with Confidence
Black Women's Equal Pay Day is part of a series of days annually that raises awareness about our country's gender pay gap. This year it fell on September 21, 2022, demonstrating that Black women worked an additional 264 days to earn what white, non-Hispanic men made in 2021. For Native American and Latina women, the Equal Pay Day observance is even later.
Regardless of industry, job, or level of seniority, women of color make significantly less money than white men. According to the National Women's Law Center, Black women are paid only 63 cents for every dollar paid to white men, which equates to a staggering loss of nearly one million dollars over a 40-year career.
The pay gap reflects the unique challenges and barriers women of color face in seeking equal pay for equal work. Salary negotiation is key to bridging the wage gap and empowers women, whether for an initial job offer, a raise, or even a career pivot. Some women overlook the opportunity, have fears of backlash, or experience less than desired outcomes in negotiating for higher pay, which can impact how much they earn throughout their careers. For working women and mothers, it can make a difference in supporting their families or saving for their futures.
Although pay equity requires systemic solutions, there are steps you can take now to prepare for your next negotiation opportunity and potentially pave the way for other women. Here's how:
Know your value
You are your own best advocate, so recognizing your value and the expertise you bring to the table is essential before beginning salary negotiations. It sets you apart and gives you an edge in today's competitive career landscape.
Recognizing my own value was a game-changer when I realized the leverage I had to negotiate my compensation for my career and business. I became clear on what I could uniquely offer organizations and equipped myself with impactful examples of my accomplishments that highlighted my value.
Empowerment Tip: Take a self-discovery journey to examine your core values, strengths, skills, and accomplishments. This reflective exercise will help you uncover your unique value, hone your professional brand, and build greater impact in negotiations. The more clearly you can illustrate your value, the more convinced your potential employers will be that they should hire you.
2. Research the facts
Knowledge is power, so researching the facts is critical in gaining valuable insight into what you should command for an initial job offer or a raise. Be sure to arm yourself with intel about your industry, the current market rate for the role of interest, and salary comparisons among competitors. There are many resources at your fingertips to research this information, including Indeed.com and Payscale.com, among many others. With these facts, you can set a realistic target salary goal, but be sure it is a little higher than you desire to allow room for negotiations.
Empowerment Tip: Dig deeper with your research by studying your complete offer from top to bottom, including benefits, retirement packages, and paid time off. Investigate the company culture and potential growth opportunities on sites like Glassdoor.com. Also, be sure the job aligns with the values, strengths, and unique gifts you uncovered in your self-discovery tip above.
3. Create a Strategy
Now that your salary goals are set, it's time to make a case for how you'll get there. Creating a strategy is my go-to personal approach to navigating many of life’s challenges and opportunities, including preparing for negotiations. As you're mapping out your strategy, develop a solid pitch and plan for how you will deliver your message. Consider these points as part of your framework.
Draft talking points leveraging your unique value notes from step #1 and the facts from your research in step #2, along with your salary goals. This step will help you to articulate your message and increase your bargaining power.
Sharpen your communication style and approach your meeting as a conversation rather than a negotiation. Be bold in promoting your accomplishments and the value you can offer an organization. Be sure to avoid phrases that discount your value.
Timing is everything when it comes to salary negotiation. Usually, job candidates negotiate after they receive an initial job offer. For an employee, be strategic and find the right moment, for instance, following the completion of a successful project or receiving positive feedback from a leader.
Expect to negotiate back and forth for a few rounds before landing on a final figure. If the company can't meet your requirements, respectfully withdraw, and focus on other opportunities that meet your compensation expectations and career goals.
Empowerment Tip: Develop and rehearse your pitch, leveraging your salary goals and talking points to support your proposal. Consider practicing your pitch with a family member, friend, or mentor to ensure you come across poised and confident.
These three steps will hopefully spark ideas to increase your bargaining power in salary negotiations. What will your negotiation strategy include?
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