Salary Negotiation Tips for Women - 2024

Dear busy professional woman, guess what the percentage of women is who said they didn`t negotiate their salary when they were hired? The answer is 64% according to this article: The key reasons why women don't negotiate their salary (yahoo.com). The same resource found that when women negotiated, 71% of them were successful to reach their goals.  Imagine if you initiate this conversation, ask for what you deserve and you are one of that 71%. How would that feel?

You might be one of those who want to negotiate and don`t know how. And that`s OK. That`s exactly where I can help. As an executive and career coach with a certified negotiation training and having been in negotiation meetings in international business settings countless times, I`d like to share some tips with you. Because many years ago I was you and would have appreciated if I knew these before. 

Please remember: “When you don`t ask the answer is always no." (Nora Roberts)

Here is a 6-step method with concrete actions to help you before your negotiation call or meeting. 

STEP 1: PREPARE YOUR NEGOTIATION STRATEGY

Preparation is powerful. Make sure you are prepared before your meeting. What does this mean?

Here are five concrete actions you can take:

1. Learn your market value. What is your ideal salary?

When negotiating your salary, it is important to consider what the current market value is so that you know what to ask for. Your trusted network can help here. Plus, there are free digital platforms to check this information. Please, take into account that salaries vary according to geographic location. Here is a list:

• www.jobs.ch/en/salary/start/ (For Switzerland) 
• salary.com
• glassdoor.com
• indeed.com
• salaryexpert.com
• payscale.com
• salarylist.com

2. Define your BATNA (Best Alternative to Negotiated Agreement)

Imagine what would happen if the negotiation failed. What are the actions you will take in this scenario? What are your options if you can't come to an agreement? What will you be willing to accept if you don’t receive your ideal salary after the negotiation rounds? 

3. Calculate your WALKAWAY

Ask yourself: what is the situation or amount that I will know that there is nothing left for me to negotiate? What is your bottom line where you will say no to?

4. Prepare your bargaining range (ZOPA)

When you start negotiating, take into account that both yourself and your employer will have alternative options or 'BATNAs' (Basic Alternative to Negotiated Agreement). Do you have skills that organizations find hard to find? Are there many other candidates they can choose from? Or are you one of the few options? These are just a few questions which can help you in this preparation phase.

5. Identify your stretch goal

What is the minimum amount that you are willing to accept?

STEP 2: PREPARE YOUR CONTENT STRATEGY

This is about preparing the data points on why you believe you deserve it. Write down a few reasons where you can show the impact you created for the company and what makes you unique as a talent.

Here are four tangible actions you can take to prepare:

1. Show the impact of your work: Yes, you worked hard. And what was the measurable impact of your work for the company? For example, maybe you in your X project, you lead a transformation which made your company save X thousand or Y millions of dollars, or reduce costs by X percent, or the programme you were leading helped them increase their online sales X percent etc. Need help here? You might find this post valuable: 23 Action Verbs to Help You Highlight the Impact/Value of your Work
2. Show your strengths: Maybe you have experience in five different industries which adds value to your team, maybe you worked in two continents or you have X years of engineering experience in farms for blue horses. Before you go into the negotiations, look at your work performance reviews and consider the feedback you received, too. I am confident that it was not out of luck that you had exceeded expectations for three consequtive years or was in the high potentials list of the company. Please own it.
3. Show high demand skills you have: Make a list of your skills or certifications, especially if they are in high demand within your industry.
4. Use empathy: Please remember that you are negotiating with a person. Before you can persuade the person sitting opposite you, you have to understand them and their business priorities. What are their interests and concerns, how can your great work bring a positive value to the team`s or company’s bigger goals? What is a problem you can help solve with a future project or a professional skill? What are the options where you can create a win - win situation? Please remember that negotiation is not only about you and what you want. Some people forget this. 

STEP 3: THINK OF OTHER BENEFITS. WHAT ELSE IS NEGOTIABLE?

Remember the other elements that are negotiable. Here are examples. What else can you negotiate?

• Bonus
• Holiday
• Relocation
• Transportation allowance
• Better job title
• Flexible working
• Language lessons
• Childcare and schooling
• Trainings, certification or post-graduate studies
• Stock options

STEP 4: Choose a good time for your meeting

I`d choose Thursday or Friday for having a negotiation conversation. People tend to be more relaxed towards the end of the week. Who wants to start a Monday morning with a salary negotiation meeting with their employee?

Step 5: Rehearse with a friend or your coach

Step 6: Remember to be kind, consider good intentions

Preparation is power before going into a negotiation and remember that you will be negotiating with a human, therefore there will be subjective valuations and personal attitudes towards different topics on the negotiation table.

Thank you for choosing to read this post. I hope it helps you to thrive in your next negotiation. 

✔️8 Things You Can Negotiate. Salary Negotiation Tips for Beginners 2023.

✅If you would like to get certified on the topic of negotiation in general, I would highly recommend the Negotiation Training from HBS Online. (PS: This is my personal recommendation after studying with them. It is not an affiliate link or something similar.)

✅If you want to work with me as a coach on this career related topic: Book a free 30 min discovery call today.  

✅You might also like this post✅

23 Action Verbs to Help You Highlight the Impact/Value of your Work

References: 

The Best Way to Win a Negotiation, According to a Harvard Business Professor | Inc. - YouTube

How To Effectively Negotiate a Promotion Salary Increase | Indeed.com

How to Negotiate a Promotion: 7 Steps | HBS Online