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How To Negotiate Your Salary

Negotiating your salary is one of the best career practices to help you increase your income and help you start building wealth as a WOC; here is a step-by-step guide on what you need to know for your next salary negotiation.

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Picture of a woman negotiating her salary.

What is salary negotiation?

Salary negotiation is a process, back and ford, where you discuss your value and worth within a company. This process helps you to reach the salary you are worth. The negotiation must end in a mutual agreement, benefiting both sides, you and the company. 

Why Salary Negotiation Is Important?

There are a few reasons why you would want to negotiate your salary. The first reason is that Latinas are the lowest paying demographics in the U.S.   According to Leaning.org, Latinas make .57 cents for every dollar a white none Hispanic man makes. Therefore, you are worthy of receiving the whole dollar. Secondly, Latinas lose $1.1 Million over their career due to the gay gap. In addition, Companies expect their employees to negotiate their salaries all the time, in fact, your employer has set a salary budget for the year to pay you a salary increase.

What Is A Good Salary To Ask For?

The first thing you need to do is to conduct salary or market research to evaluate what the market is paying for the position you currently have. Take a look at sites like Glassdoor, payscale, and salary.com to give you an idea of how much you should be asking for. But here is the thing, don’t just assume those numbers are 100% right. Go one step further and ask a white man how much money he makes for the same position. A good way to find out this salary is simply by requesting a college or taking someone out to lunch. I know it can feel intimidating to start this conversation, especially if you struggle with money-limiting beliefs but trust me, it works!

Once you have a salary in mind, make a list of your accomplishments. These are the assets you will utilize to get the compensation you deserve. Talk about how you helped your company save time and money, increase their revenue, and even your ability to retain key employees if you are in a management position.

How To Overcome Limiting Beliefs About Money In A Salary Negation?

Money limiting beliefs can get in the way of your salary negotiation, especially if you are a first-gen professional with parents that never had the privilege to negotiate a salary. I get it; I was there too. But here is the thing: you are not your parents, you have worked hard for your education and although you might be anxious about negotiating your salary, it is just another day in the office for our boss. 

Here is what you need to do to overcome money limiting beliefs:

Write down all of your money beliefs on a piece of paper and ask yourself these questions. What is the opposite of these money beliefs? Who gave me these beliefs?

What Else Can I Negotiate Besides Salary?

Salary negotiation is about asking for your worth, and it doesn’t have to be limited to compensation only. Here are a few other examples of the different things you can negotiate.

  • Schedule flexibility and even work from home.
  • Health insurance
  • Paid time off
  • Sign-on bonuses when starting a job or when getting a promotion.
  • Professional development includes asking your boss or company to pay for a financial coach. 
  • Severance package

How To Negotiate A Salary?

As mentioned before, you should do market research to ensure you are not underpaid. You also want to practice asking for the salary because if you come unprepared for this meeting, you will not ask for me.

Practicing in front of a mirror is an excellent way to overcome the fear of asking for your worth. I know it may feel silly but believe me, it works. Some of the things you want to watch for are your body language and voice. You should also record yourself several times before your meeting and if you are comfortable enough, ask a friend to help you practice.

Use silence as a strategy when negotiating your salary. Say what!? Yes, silence is something we don’t use enough, in my opinion, and it can be powerful. Here Is what using silence looks like on your next salary negotiation.

Your boss tells you, “We value your work, and we would like to offer you the industry average of a 3% salary increase.”

You, “That sounds very generous of you, Bob, and I appreciate that very much. However, based on my market research and the current inflation rate, I would like to ask for a 15% increase.”

Say nothing; wait for his response.

You may not get the 15% you are asking for, but you can get more than the 3% he is offering.   Remember to look over the other things you can negotiate in addition to your salary.

Negotiation skills are something you can develop over time and the more you practice, the better you will get. We need to normalize asking for our worth and stop saying yes to the average 3% increase most companies are willing to pay us.

If you found this article helpful, make sure to subscribe to Say Hola Wealth Podcast where we talk all things finance and wealth building for Latinas.

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