Being the first in our families to learn how to navigate corporate life can come with a handful of obstacles. Including not knowing how to negotiate a five-figure raise in our salary. But can I share a secret with you? Companies expect you to negotiate your salary all the time; that’s part of their yearly compensation/salary budgets.
The Equal Pay Disparity Among Latinas and WOC
Often times we think,
“Oh my goodness, you want to offer me a job–and pay me? Yes!”
We jump on the first offer and often take the bare minimum without even knowing if negotiation is an option or thinking about what we bring to the table and how we add value to the company.
There’s a significant equal pay disparity among Latinas and Women of Color.
Five Figures, Not Four
Because many times that five-figure increase is actually not that much. When you really look into what you bring to the table and the skills you have.
One of the beliefs that is holding back our entire community is the idea that we have to work really hard or that we need more time in order to deserve a raise. However, it’s about honing the phrase,
Work smarter, not harder.
As we acquire more skills, education, and more knowledge, we should absolutely negotiate because we are bringing more to the table. We have to begin acknowledging our worth.
Overcoming First-Gen Latina Guilt
It can be difficult to admit to the fact that we are already deserving of five figures. Our bodies reject it. We can’t believe or come to terms with it. That’s why it is so important to first focus on doing money mindset work before taking on the strategies towards negotiating a salary raise and building generational wealth.
Just because you have a better degree doesn’t mean that you’re gonna automatically make more money or that you’re going to start building wealth. You have to work on the mindset first, then the money systems in order to make the money. Because at the end of the day, it doesn’t matter how much money you make, what matters is how much money you keep.
Before learning how to negotiate well and executing the negotiations, it’s important to focus on a strong mindset foundation.
I say this because not only does it require preparation, along with salary and compensation research, it also requires unlearning the beliefs that are keeping you from asking for more money.
The Money Mindset Work is the Foundation of Your Wealth Building Journey
Mindset work does not happen overnight, it can take months.
Before we even go into this,
“What do I say?”
It’s so important to really work on the belief system around money. Focus on your money story, and your money narrative because learning that is going to help you capitalize on negotiating more money at work, feeling more comfortable, and not feeling that you’re being greedy because you’re asking for more.
You can have the perfect script. But when you’re doing it in person, if you don’t believe what you’re saying, neither will your employer. The energy of that comes off.
Do Salary and Compensation Research
You can do salary and compensation research by keeping notifications on LinkedIn to keep up to date on your role’s market value in the industry and how it compares to the current status of inflation.
However, keep in mind that websites like Salary.com, Glassdoor.com, and Indeed can provide you with salary ranges, but they are all back-dated from a collection of data from a couple of years ago, and how inflation and changes in the value of money over time plays a role.
Remember and Acknowledge Your Worth
If there’s a disconnect, definitely bring it up to your employer because know that you are valuable. Remember to ask yourself,
Are they happy with my work? Am I happy with what they’re providing?
If your boss comes to you with an offer, match his with the most current and up-to-date salary compensation you’ve researched that aligns with the skills and experience that you bring to the table. If you don’t get the five-figure raise you were asking for or a certain percentage that you counter-offered be open to negotiating other aspects of the job. Such as more flexibility to work from home, which can have benefits in cutting down daily costs. Vacation time, tuition reimbursement, or stock options.
This is YOUR journey towards creating your wealthy life; own it. If you need support in understanding your financial goals and your total compensation package, including what’s inside your 401K or 403b, apply to work with me through private coaching.
Let’s build wealth, juntas!
Luzy King is an award-winning Latina Wealth Coach. She became a first-gen investor after learning about investing and wealth building by accident through her MBA program in 2019. During the same year, Luzy was denied access to financial advice because she didn’t have $100K to start investing, and she made a commitment to learn things on her own and become the first one in her family to start investing. Now she is passionate about teaching women of color all of the strategies she wishes someone would have taught her in school. Luzy is a certified trauma-informed Financial & Business Coach, contributing author, and Community Leader. Luzy is on a mission to destigmatize the idea of wanting more money, more money more options. She is ready to teach women of color how to build a legacy through stock market investing and entrepreneurship.
Follow her journey and tag along.