The three mistakes women make when negotiating their salary
Research shows that women may have more trouble negotiating their salary, whether it’s because their lack of history with effective negotiation or the way their actions are perceived from the other end of the table, according to Business Insider.
Sallie Krawcheck, co-founder of female-focused investment platform Ellevest said that Wall Street taught her negotiation skills, saying that “if you weren’t standing up for yourself, you knew you were losing ground.” On average, women are less likely to negotiate their salary than men, because they may lack confidence or guidance, which only contributes to the growing gender wage gap, as Fortune reports.
These are the most common mistakes women do when negotiating their salary, according to Krawcheck:
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1. Assuming there’s no room for negotiation
The biggest mistake women make is accepting the first offer, assuming that’s the final one. They think that once presented with an offer, it’s a yes or no situation. She suggests negotiating a 5% to 10% raise on the initial salary a woman is given.
2. Worrying about a socially awkward situation
This phenomenon is called the “social cost of negotiation”. Asking for a bigger salary is, of course, “tough, stressful and painful” as Krawcheck says. But the temporary uncomfortable feeling might be worth it in the long run.
3. Not practicing in advance
It is best to practice negotiating with someone you know – like a relative, a friend, a significant other or a roommate. The key is to focus on objective reasons – like why you think you’re an asset for the company – instead of personal ones.
Other mistakes women make when negotiating their salary include, according to Business Insider: believing what they are told, waiting to ask instead of doing it right away, making it clear they won’t leave, thinking they have to threaten to be effective, talking about what is fair and believing that asking will put their job at risk.
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