Here's another one to add to your current "Reasons Why Millennials Aren't Really Spoiled Kids" file:A 2015 study found that only 38% of millennials negotiate their first salary. And of course, if you're a woman, those numbers go even further. Women negotiate only 34% of the time compared to 44% of men. This, despite the fact that 74 percent of employers in the same study said they allow room for a raise.
So what gives? Why aren't more of us asking for a little more of the pie when it's there for the taking?
Cue the arguments that millennials are highly non-confrontational and have an egalitarian outlook. But the crack at the idea that our hearts even bleed for the principles of capitalism seems like a bit broad, right? As with the gender pay gap and the trust gap, there are a number of factors at work, but here's one that seems quite intuitive:The notion of "authorized millennials" is so pervasive that in a conscious effort not to perpetuate this stereotype, we are not asking for what we deserve.
The antidote? Learn about what we deserve and prepare to ask for it. We sat down with two money and entrepreneurship experts on the matter:personal finance guru and bestselling author Shindy Chen, and Tamara Mellon, co-founder of Jimmy Choo and founder of his new eponymous shoe and handbag company. .
The next time you're preparing to negotiate your salary, consider the following. Because the money is probably on the table and with the right preparation, it's yours.
Preparation is everything.
1. Have salary data by demographics.
"When you ask your boss to give you more money for the work you do, you better be prepared to show Why you deserve it,” Chen said. “Check salary websites such as Glassdoor, Payscale, Indeed and Salary.com. Research your current position, title, and role with comparable companies and roles in the same city as you. The last one is huge, because you don't want to forget that salaries are higher if you live in a more expensive metropolitan city. Compare corporate positions to startups, then add considerations like your seniority and skill level. Even if you're on the high end, you need to show why you're worth it. At the same time, adds Mellon, your comparative research "shouldn't define or limit you. Consider the numbers you uncover as a starting point. And know exactly what you are asking for. “Consider non-monetary compensation. Additional vacation days, flexible Fridays. It doesn't change the bottom line of your checks, but the non-monetary incentives are really part of the negotiations. Knowing how things compare apples to apples is key here; for example, negotiating an extra two weeks of paid vacation is worth about $4,000 in salary on a salary of $100,000 per year. Go knowing what you want. »
2. Identify predictable obstacles and set the table.
“Plan the time,” Mellon says. “Be clear about what you want to meet. The element of surprise does not work to your advantage. Be aware of your supervisor's schedule and difficult times of the day, and set up your conversation to get the time it deserves. Put yourself in your supervisor's shoes. Companies are not human, but managers are. Do a mental exercise of what your supervisor appreciates about you. Perhaps you have taken on a leadership role with other members of your team, or have become their trusted point of contact for projects involving XYZ. Your human value list is much longer than the work deliverables. ”
And practice makes perfect:“Be aware of your presence. You communicate a lot without saying a word. Nonverbal cues like touching your hair or playing with your pen can diminish your authority. Ending sentences with the intonation of questions can also. Practice out loud and be aware of what you are communicating with your whole body. »
When the time is right…
3. Sing the song to yourself.
"I have a saying that I always like to share with people, and that is 'numbers don't lie, but people do said Chen. “When you work and do your job at an excellent level, you bring exceptional value to your business. You should be royally compensated for this. So when you want a higher number, you have to back up the desired number with the actual numbers themselves. Show how your team went from x to X . Show how your sales numbers have gone from this .
“Show how your customer service scores blew up the charts. But what if you can't assign numbers to your case? That's fine, but you have to show your worth in other ways:have you won any awards or nominations? Have you received great verbal praise internally or from customers? Have you represented your team or your company as a spokesperson during outings or at seminars at your highest level? New recruits trained? All these extras should not be rewarded. Get paid your worth. But don't get too bogged down in the past, Mellon adds:“Talk about your potential and what you will do. Your raise determines your salary in the future. With this in mind, your new tariff must be linked to your upcoming and current projects. Don't get so distracted by what you've done that you forget to talk about what you're doing. »
4. Demonstrate your loyalty.
“Asking for a higher salary must also come with some confidence and belief not only in yourself, but in your company,” says Chen. “Be looking forward and positive to working with your peers, your team and your company in the future. Put yourself in the employer's shoes. Would you like to work with someone who is defensive or combative, or worse, delivers an ultimatum (if you don't give me an X raise…)? »
5. And then go for it.
"Once you've spent a few minutes laying the groundwork, get down to business," says Mellon. "It's scary to say, 'With all the things I mentioned, I would like to ask for a raise. I currently make $A, and would like to discuss a $B salary.” But that's the whole point of your meeting, so don't be afraid to voice your request. And don't be afraid of the silence. This is a key thing to learn in any negotiation in life. Silence after applying can be nerve-wracking, especially if you don't know how the decision will turn out. But filling the silence with chatter or nervous reasons does you a disservice. Wait for your request to come in and your manager to process it. What seems forever is only a few seconds, I promise. »
6. Whatever happens, hold back.
“Chances are that your raise is somewhere between your current rate and your desired rate. It's not failure, it's progress! You want to leave the conversation with a few things:having had a candid conversation about your worth with your company and your supervisor; have reached some kind of conclusion about increasing your salary or adding value to your employment contract; and (this is important) for planting a seed to revisit the conversation in the future. Whether it's a review you request in six months or a follow-up after a project, set an issue in the field so that your value is an evolving conversation, just like your work is an evolving project,” explains Mellon.
Now go ahead and stack that money.
– Deena Drewis
This post originally appeared on Girlboss.com .
