Salary Negotiation Basics A Refresher for Equal Pay Day

Salary Negotiation Basics A Refresher for Equal Pay DaySalary Negotiation Basics A Refresher for Equal Pay Day1Every Equal Pay Day provides us with another opportunity to improve our salary negotiating skills. This April, to do your part in closing your personal gender pay gap, its important to remember why negotiation is so important.The American Association of University Women (AAUW) has found through research that the pay gap begins right after college, where women receive lower earnings than men just a year after graduation and struggle to pay student loan debt. Multiplying these income discrepancies over the span of a career results in lifetime wage gap that can result in over a million dollars in lost income, according to the National Womens Law Center (NWLC).As the AAUW states Women who negotiate increase their potential to earn higher salaries and better benefits packages. By negotiating fair and equitable salaries, youll be better able to pay off loans, buy the things you wa nt and need, and even save for retirement. So its important to continuously learn how to pinpoint and articulate your worth in the marketplace to improve your negotiating skills.Negotiating salary is a key component of becoming a leader, and its a conversation Ive had many times with not only my Advancing Women in Product (AWIP) team, but also with other women in the product management community, said founder and CEO of AWIP. With this in mind, refresh your negotiating toolkit with these basic salary-negotiating tips.Salary Negotiation Basics A Refresher for Equal Pay DayKnow your worth.Doing your homework in relation to salaries for your position, location, and experience level can be worth its weight in gold. Wang suggests arming yourself with this market data to use as a key part of your negotiation. Certain job families or roles have standard ranges, and thats been the case for every company Ive worked for, she says. A Product Manager Level II will have a range, and so will a Pr oduct Manager Level III. Ask friends and community what your experience level and expertise should be compensated. Wang adds that a big caveat is to never base yourself off of required years of experience If you are young and high-achieving, make koranvers your potential employers know this.Be smart and strategic.Salary negotiating can be stressful because you want to land an opportunity. But its important to remember that if youve been offered a job, the employer wants to hire you- so its appropriate at that juncture to negotiate for what youre worth. The AAUW advises being strategic in your discussions, which means knowing the right time to bring up salary For example, dont bring it up before you get a job offer until then, there is nothing, salarywise, to discuss.Be bold.The next step after finding out what youre worth and perfecting your timing is to put your stance forward. Dont be afraid to negotiate even if its your dream job says Wang. Because if you do- and even if you dont get what you put forth- it proves that you are an assertive individual whos not afraid of asking for what she deserves. Good hiring managers will take that as a positive sign (dont ask for crazy amounts though) and encourage you.You wont always get exactly what you ask for- but by using savvy pay negotiation tactics, you certainly could. Either way, taking the necessary steps to start the salary discussion may move you closer to your financial goals than you had expected.