Business financial make money capital trading
- A survey by jobs website ZipRecruiter and Business Insider in March found that men are more likely to negotiate a higher salary in a job interview than women.
- Men also feel more confident in their negotiating abilities than women, the poll of 5,000 job seekers found.
- But recruiters expect you to ask for more money, and their initial offer is often lower than what they can actually do.
- The key to asking for more money — and actually getting it — is to be confident, reasonable, and succinct.
- Visit Business Insider’s homepage for more stories.
You could probably be earning more money than you are right now — you just have to ask for it. But many people, especially women, don’t.
A March survey by jobs hiring and research website ZipRecruiter and Business Insider confirmed a troubling statistic. Men are more likely to negotiate a higher salary in a job interview than women, the survey of over 5,000 job seekers found.
Based on self-reported behavior, men feel comfortable making higher salary demands than women do. On average, men said that they would feel comfortable asking for 54% more than their current pay in a salary negotiation after being offered a new job. Women, by contrast, said they would only feel comfortable asking for 46% more than their current pay.
Men had a much higher opinion of their own negotiating abilities, when asked whether they expected to do poorly, moderately well, or very well in a salary negotiation. Men were 50% more likely to describe themselves as excellent negotiators and to expect that they would do very well in a salary negotiation, getting the best possible outcome from the situation, the survey found. Women were 55% more likely to say that they would probably do poorly and walk away with less than they could have.
These findings show that negotiations are crucial to a woman’s long-term earnings, which can likely contribute to the persistent wage gap.
Here are some strategies, especially for women out there, to get the salary you deserve.
Business financial make money capital trading 1. Know that hiring managers expect you to negotiate.
Danielle Dayries, founder of career consulting firm DMD & Associates, Inc., told Business Insider that if you ask for more money in a reasonable and confident manner, the hiring manager will understand that this is part of the process.
“I’ve never had a hiring manager tell me they were shocked at someone’s salary demands,” Dayries said. “You know what they are really thinking? ‘I hope we can pay this person enough’ or ‘I’m nervous this candidate has other offers in the wings’ or ‘I really hope this works out.’ So, when you are made an offer and you do counter back, remember that they are really interested, or they would not have made the offer.”
Business financial make money capital trading 2. Practice your speech ahead of time.
Cynthia Pong, a career coach and founder of Embrace Change, said that the key to making an effective request for more money is to practice.
“Practice this with a family member or trusted friend ahead of time,” she said. “Chances are, it will feel scary and unnatural. So, like I tell my clients, your best bet at success here is to practice ahead of time.”
Business financial make money capital trading 3. Know how much you should ask for.
Amanda Augustine, a career advice expert for TopResume, said that it’s important to have a reasonable number in mind.
“Use sites such as Paysa, Salary.com, PayScale, and Glassdoor to research the going rate for the role you’re currently performing, taking into account your company’s size, location, and industry,” she said. “This data will provide you with a pay range you can use to base your salary request.”
Business financial make money capital trading 4. Start the conversation with confidence and enthusiasm. Then follow this suggested script.
Once you know how much you should ask for, the key to starting the conversation is to be enthusiastic, confident and reasonable in your request, Terri Wein, cofounder of career coaching firm Weil & Wein and Jobtreks, told Business Insider.
“Reiterate your excitement about the job, ask for a higher range in a firm voice, and express confidence that the person with whom you are speaking can help you,” she said. “State your case and then stop talking.”
Wein recommends saying something like: “I am so excited by this opportunity to join your team. Based on my previous experience, I would like a base salary ranging from $70 to 75K instead of $65K. We are very close. Can you regroup with your team, and let’s talk later today?”
Dayries offers another potential script: “I would be more comfortable with $X and am confident that I will make an immediate impact due to my track record of [cite relevant wins]. If you can offer $X, then I’m on board.”
Salary Negotiations really begin during the interview process when you are sharing evidence of your worth in the form of SAR stories or Situations you were in, the Action you took and most importantly the Result or impact of your work. Hearken back to the evidence you presented during the interview and start out with this:
“[Salary] was a great starting point, but I’d like to discuss this further. I mentioned that I (insert most relevant SAR) and I am confident of my ability to make a quick impact for the department/company, etc.”
Then conclude with stating that you are on board while refraining from saying “I need’ or “I want.”
Instead, state: “I would be more comfortable with X $$$ and am confident that I will make an immediate impact due to my track record of (insert most relevant SAR). If you can offer X$$, then I’m on board.”
After that, the ball is in their court.
Business financial make money capital trading 5. Don’t talk too much.
Pong agreed that once you’ve asked for more money, stop talking.
“For many of us, even talking about money, much less asking for a higher salary, is difficult — to say the least,” she said. “So it will be extremely tempting to immediately backpedal and say something damaging, like, ‘But I know you all have a tight budget,’ or ‘But I really only need $_____ to survive.’ No. Stop yourself before you can even start any kind of qualification like that.”
Practicing ahead of time will help you feel more comfortable with this silence after you ask.
Business financial make money capital trading 6. Don’t apologize for asking for more money.
Pong said you should avoid the pitfall of thinking you shouldn’t ask for more money. As long as you’ve done your research to make sure your request is within range, you can be unapologetic while still being polite.
“This goes especially for women, people of color, and others from marginalized groups,” she said. “We have to do our part in pushing the powers that be to close the race and gender wage gaps.”
Wein said that a common mistake people make is to be defensive or apologetic in their ask. Remember that you are self-advocating, she said.
“If you don’t sound like you think you deserve a higher salary, the answer will be no,” Wein said.
Instead of saying something like, “Do you think maybe it is possible to get a bit higher salary? I know I have only been making $65K but I would like to try to make more money,” Wein recommends trying, “I bring a lot of expertise to this position. Comparable positions pay $70 to 75K. [Make sure you have done your research and are prepared with specific comps.] Let’s figure out how we can make this happen and I am ready to accept.”
Business financial make money capital trading 7. When you’re asking for a raise, highlight what you’ve already done for the company.
If you’re asking for more money at your current position, you should clearly tell your supervisor what you have already done for the company and why you deserve to be paid more.
“Asking for a raise is similar to salary negotiation during a job search,” Wein said. “The added information is to make your case for both the value you have brought to your current job and your vision/ideas on future projects.”
Dayries told Business Insider that she recommends tracking your accomplishments on an ongoing basis.
“I suggest my clients have a calendar reminder set up every quarter where they jot down their accomplishments – this is a great time to update LinkedIn too,” she said. “Then, document your value by researching compensation trends, salary surveys through professional associations or networking with professional colleagues and even recruiters.”
That way, you have a list of evidence proving your value to the company and why you deserve more money.
Dayries said you shouldn’t be discouraged if your supervisor doesn’t seem immediately convinced.
“Keep in mind, pay raises often require a little back and forth — remain positive and confident,” she said.
Business financial make money capital trading 8. If you would still take their original offer, be strategic in how you ask.
Be careful not to close the door on the company’s original offer if you’d be willing to settle for it.
“As a recruit, if you think you would take the offer anyway, ask in a way that you can go back and accept even if they don’t raise the offer,” Wein said.
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Business financial make money capital trading 9. Be professional.
Don’t make the mistake of taking a combative approach when you ask for a salary increase or giving them a demand of “give me a raise or I quit,” said Virginia Capezio, a senior human resources consultant at TriNet.
“This type of approach doesn’t support your worth to your employer and is not conducive to kicking off a thoughtful conversation,” she said. “If you have a job offer from another company that comes with a higher salary and are really prepared to leave your employer if they can’t give you a raise, you can let them know in a friendly, professional manner. People tend to not respond well to ultimatums.”
Business financial make money capital trading 10. Be open to compromise.
If your employer can’t or won’t match your exact salary demands but you’re happy overall with your job, you may want to consider a compromise, Capezio said.
“Your employer may be able to give you a compensation increase that is lower than your ask or they may be able to promise you that they will revisit your request a few months down the road,” said Capezio. “You also may be able to negotiate for other perks like the ability to work from home, flex scheduling, or certain other benefits.”