The Saying: it is a man’s world often rings true in the corporate sector, particularly when negotiating terms of contract and salaries. There has always been an argument as regards the role men play in building the economy, versus women. While there are not sufficient data to back up the claims, there has been an upsurge in campaigns for pay equality across all genders.
The good news is that securing an MBA has led to increased job offers and higher salaries of over 60% across all demographics, men, and women inclusive. On the flip side, the gender pay gap remains existent and by an even wider margin, post-graduate degree. According to a 2017 study by the Forte Foundation, among 900 U.S. execs, women leaders reported they earned 3% lower than their male counterparts when working with their undergraduate degree.
In their current post-graduate positions, they reportedly received 28% less. The study revealed a gap of about $59,000 annual pay. The worst-hit were minority women execs, who earned about 52% lesser ($77,000) than non-minority men.
While some companies are doing their best to close this gap, women must be adequately trained to up their negotiation game. The negotiation society as a forum dialogues innovative ways to increase negotiation skills among the workforce.
Before going into negotiating a better pay structure, it is essential to look at other factors women seem to consider while taking a job. Asides measuring success in monetary terms, women may consider financial compensation as only one aspect of the fulfillment they derive from their jobs.
It follows that they are more likely to consider flexibility, location, and the activities involved in their job as an innate part of the satisfaction they enjoy from their jobs. It makes them settle for lesser pay in some cases.
Another research claims that even when women request an increase in pay, they are least likely to obtain it. The study also proves that when these requests are made to other female top-executives, they are denied a raise. Knowing these facts makes it crucial to treat gender pay inequality delicately.
One factor to consider when negotiating for better pay, as a woman, is using the right approach. Also, you should be aware of your options. Knowing you can get a better deal gives you the advantage to steer the negotiation your way.
Make adequate preparations before you begin bargaining: this is no-brainers. When you are about to commit to an agreement, ensure you have sufficient information about the other party to back up your argument. Identify the values and interests of the other party and tailor your case to resonate with these values.
Highlight what you want to achieve from the negotiation and a BATNA: Knowing why you are negotiating will give you a reason to stay longer at the negotiation table. Research proves that those willing to delay negotiation almost always get the best part of the deal. Do not be in haste to wrap up the deal.
Negotiate for yourself: it is traditionally woven as a trait for women to show empathy towards others. They are also willing to make sacrifices for others. Understand that while this is a beautiful trait, you should get what you want from a deal. Instead of abandoning your interests altogether, align them with the benefits of the other party.
Attend workshops and conferences to upskill yourself: Strive to keep improving with every opportunity. Some workshops are even organized for women to increase their negotiation skills. Take part in these conferences, as you will learn valuable negotiation skills.