How to Negotiate a Five-Figure Raise as a Latina

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.

According to leanin.org, on average, Latinas make 55 cents for every dollar a white man makes.

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.

According to Forbes, men apply for a job when they meet at least 60% of the qualifications, but women apply only if they meet 100% of the requirements listed on the job description.

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.

Numbero and SmartAsset are great tools to use where you can compare the average cost of living depending on which city and state you are looking at.

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!