5 Best Practices for Salary Negotiations

5 Best Practices for Salary Negotiations

Data shows the overall gender wage gap persists with women earning 82 cents for every dollar a man earns. The pay gap disparities are even more pronounced for Black, Indigenous, and women of color. Salary negotiations can be a way for BIPOC women to not only close the pay gap, but also maximize their earning potential for long-term financial benefits and stability. Here are some best practices for women to keep in mind when preparing for a salary negotiation.  

  1. Market Yourself 

Know what you’re good at and learn how to market it. Document your accomplishments, skills, and value-add to the company to justify your desired salary. Create a "brag deck" to highlight your professional experience and strengths. Look up power verbs to effectively describe your professional experience and strengths. Look up power verbs that can help you describe the roles and responsibilities in your application materials.    

  1. Do Your Research! 

Conduct thorough market research to understand the current salary range for the role you are negotiating for, taking into account your location, industry, and level of experience. Understand the company's financial situation and be ready to negotiate non-salary benefits if the salary range is not flexible. 

  1. Roleplay Salary Negotiation  

Practice makes perfect and roleplaying with a partner or mentor can help you feel prepared for salary negotiations. You can prepare a script or outline with your key talking points to practice without sounding overly rehearsed. These exercises can help you practice your responses, feel more confident, and anticipate potential objections. 

  1. Determine your BATNA 

Knowing your best alternative to a negotiated agreement grants you opportunity to have a fallback option if the negotiation does not go as planned. If the company is unable or unwilling to meet your salary expectations, you need to determine beforehand what you are willing to accept in an offer, such as alternative benefits to pay, or when to walk away. 

  1. Pay Attention to Your Body Language 

After all your hard work researching, role-playing, and practicing, you do not want to send the wrong message with your facial expressions, posture, and overall body language. Make sure to pay attention to your body language, tone, and overall presentation to convey confidence and authority during the negotiation. 

The key is to be as informed and prepared as possible to ensure you can effectively advocate for the compensation you deserve. Want to learn more about effective salary negotiations? Email [email protected] to set up your consultation with our team. #women #paygap #genderequality #equity #impactostrategies 

To view or add a comment, sign in

Explore topics