The National Bureau of Economic Research just released a study finding that Women tend to negotiate less than men, particularly when they are not explicitly offered the opportunity to negotiate. Now that you know this, what are you going to do about it?
Make sure you ask for what you want, even if “negotiation” is not on the table! Even if you are not interviewing for a new job, take the opportunity of your annual review to ask for what you deserve. Here are some tips to help you negotiate:
1. Know the market. Research what the average salary is for your position in your industry and be prepared to use this information to negotiate a higher salary. The Bureau of Labor Statistics is a great resource to start with.
2. Understand your boss’s style. Is your boss more perceptive to visual or auditory communication? Does your boss respond more to emails and memos, or a casual conversation? Be sure to present your request in the medium that your boss will be most receptive to.
3. Show your value. You need to advocate for yourself and make sure your boss remembers all the value you have added. If you have more relevant experience or education than the average candidate, you should highlight this fact. It’s also a good idea to take note of the achievements and contributions you have made throughout the year. Refer to these achievements and contributions to show the value you’ve added when asking for a raise.
4. Present options. If money is not an option, look at negotiating compensation in-kind. Perhaps you could use more time off, or would like to work from home. There may be other options that will improve your quality of life. Don’t limit your negotiation to you salary alone.