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Although some factors contributing to the wage gap are institutionalized, there are changes every woman can make here and now for gender equality. According to Carnegie Mellon Professor of Economics Linda C. Babcock and critic Sara Laschever, the more women who negotiate their salaries the smaller the pay gap.
In their book “Women Don’t Ask,” Babcock and Laschever found that men engage in negotiation four times as often as women, who are more likely to feel worried and uneasy about negotiation. According to the book’s website, “eight times as many men as women graduating with master’s degrees from Carnegie Mellon negotiated their salaries.” These men were able to increase their salaries by around seven percent or $4,000. This suggests that the wage gap could be closed if only more women were willing to negotiate their salaries.
Here’s your guide to securing the wages you deserve.
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Knowing how much you deserve is crucial to receiving a satisfactory salary. Compare yourself and your abilities to those described at a benchmark job. A benchmark job is used in market research to assess how much a typical candidate is worth. Salary.com recommends that you match your benchmark at least 70 percent.
If you plan on presenting your findings to your potential employer, use a benchmark that is employer reported. According to a survey reported by Salary.com, 95 percent of employers do not trust self-reported benchmarks.
As previously mentioned, salaries are estimated by using benchmarking tools. These include average pay for professionals with your level of experience and education and for professionals in your field. The greater your education and experience, the greater your rarity and value as an employment option. So if you are more highly educated and there are fewer professionals like you in your area, you will have more success negotiating a higher salary.
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This tried and true method, which developed in the 1980s, churns out statistically-backed results benefiting the negotiator. The key to this method is silence; you want your potential employer to name a number first. “If the company asks for a number on the application, leave it blank,” says Lifehacker.
If asked a second time, the suggested answer is “I will consider any reasonable offer.” According to Lifehacker, “this is a polite stalling tactic” which works 30 percent of the time. If you are asked yet another time to name a number, suggest that the company is in a better position to assess your worth and politely wait for a response, no matter how many times you are asked.
This method forces the company to name a number which you are in a better position to negotiate.
The flinch is a method coined by Jack Chapman, author of “Negotiating Your Salary: How to Make $1000 a Minute” and follows up your successful play using the Noel Smith-Wenkle method. After your potential employer names a number, repeat it and let tense silence fill the room.
This ensuing awkward silence is great for making your potential employer sweat and often forces him or her to name a higher number.
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Don’t forget about the benefits when making negotiations. When you’re clinching your deal, don’t forget about anything else you want from the company.
Whether its vacation days, an expense allowance, a hiring bonus or stock options, now is the time to make your play. If you can effectively demonstrate a gap between your market worth and what you’ve been offered, don’t be afraid to suggest additional benefits that will help close that gap.
