5 things to focus on in a negotiation.

Negotiation skills are crucial for anyone looking to increase their pay. Based on my personal experience and data I’ve read, us ladies 1. Are paid lower across the board, 2. Hold less higher-level positions and 3. Struggle to ask for what we are worth (or even believe in ourselves enough to truly know and recognize our worth). Here are five key negotiation skills you can focus on to enhance your ability to negotiate for higher compensation in 2024. Come on ladies, let’s not wait another moment.

Research and Preparation:

Knowledge is power in negotiations. Women should thoroughly research industry standards, salary ranges for their role and experience level, and specific details about the company's compensation practices. Being well-prepared helps in making a compelling case for a higher salary. I don’t recommend going in and saying “salary.com says…”. Go deeper. And ladies, here’s a fun fact I read over a decade ago: while men will naturally think, “I don’t have the experience for this, but I can do this role and will learn quickly so I should go ahead and get paid for it,” women typically will say, “just pay me less for the role now, and when I gain the experience I can get paid more,” or “I can’t apply for the job yet because I don’t have 100% of the skill sets.”

Confidence and Assertiveness:

Confidence is a vital negotiation skill. Women should express their value confidently, highlighting their achievements, skills, and contributions to the organization. Being assertive, while maintaining a professional demeanor, helps convey a strong message about their worth. I’m not saying you must be willing to walk away, but depending on the situation, you need to think those thoughts through. Are you informing your employer you have taken on more responsibility and are asking to be compensated appropriately for that? Be ready for them to say, they didn’t ask you to do those additional tasks, or they don’t see value in what you are doing/offering to do. Or in the best case scenario, they are grateful for you stepping up and they will re-evaluate your pay. Know what’s important to you also while staying open to the needs of the business. At the end of the day, you will be whipped by the wind if you don’t clearly know what you want, what you are asking for, and what you need to stay engaged and healthy in an environment.

Effective Communication:

Clear and effective communication is essential during negotiations. Women should articulate their points clearly, focusing on the value they bring to the organization. Additionally, active listening is crucial to understand the employer's perspective and respond thoughtfully. Most of us aren’t great at this, but I’m a HUGE FAN of the pregnant pause. You don’t have to fill in all the blanks, even when something is uncomfortable. Say when you need and want to say, then hush. And wait. If you ask for something that a person is unwilling to give you, and they ask what you will do now, let them know you’ll have to think about it, and then walk away and really think about it. Don’t keep talking.

Flexibility and Creativity:

Negotiations may not always result in a higher salary, but being open to alternative benefits or creative solutions can still be a win. We can negotiate for additional vacation days, flexible work arrangements, professional development opportunities, or other perks that contribute to their overall well-being and career growth. So go in with finances in mind, but also think expansively. Likewise, if you’ve worked on an additional project or have brought results in a certain area and it’s not something you will repeat again and again, asking for a bonus is an option. This speaks to HR leaders because it’s not a reoccurring expense year over year (increase in base pay), but a one-time expense, which hits the P&L differently. Another idea is talking about variable compensation tied to results. Do your research and get creative.

Negotiating with Data:

Backing up requests with relevant data strengthens negotiation positions. Women should use performance metrics, market research, and any other applicable data to support their salary expectations. This approach provides a solid foundation for justifying a higher compensation package. I have access to international salary data, so if you’d like to reach out, I’m happy to help do some digging for you.

 I led a book club years ago when I was an HR Director with a team of leaders in the organization on the book Getting to Yes by Roger Fisher. If you’d like to pick up a copy, you can get it here. Here’s a quick summation:

These six integrative negotiation skills can help you on your journey of getting to yes.

1. Separate the people from the problem. In negotiation, it’s easy to forget that our counterparts have feelings, opinions, values, and unique backgrounds that contribute to what they do and say during talks.

2. Focus on interests, not positions.

3. Learn to manage emotions.

4. Express appreciation.

5. Put a positive spin on your message.

6. Escape the cycle of action and reaction.

 Remember, negotiation is a skill that can be developed and refined over time. Women, like anyone else, can benefit from practicing and honing these negotiation skills through mock negotiations (I know we don’t all love role playing, but I promise, IT HELPS), seeking mentorship, and continually learning and adapting to changing workplace dynamics. It's also important for organizations to foster a culture of fairness and pay equity, ensuring that all employees, regardless of gender, can negotiate and receive fair compensation. So, if you’re in an unhealthy spot, sometimes it’s just time to identify that and walk away.

 If you’re needing a mentor during this process, I’m your gal. For the ladies, I charge $150/hour and that comes with pre and post work as well as sharing of my tools and resources. Let me know if you’d like to connect.