“In business, you don't get what you deserve, you get what you negotiate.” – Chester Karrass
In our last episode about salary negotiation, Latricia shared some data regarding wage inequity in the workplace, namely that (1) in 1979, the average black man in America earned 80 percent as much per hour as the average white man. By 2016, that shortfall had worsened to 70 percent, according to research from the San Francisco Federal Reserve, which found the divide had also widened for black women and (2) analysis from Institute for Women’s Policy Research says if the wage gap keeps narrowing at the pace it has been the last 50 years, Black women will not catch up to white men until the year 2124 (that's 106 years from now), Hispanics until 2248, and white women until 2056.
Considering that the reasons behind the issue of wage inequality are far-reaching and complex, it would be irresponsible and intellectually dishonest to claim a single behavior would solve it. With that in mind, we believe that strategies around salary negotiation could tip the scales in our favor, even if only a small amount. With that being said, let's dive into the key points of effective salary negotiation as explained by Kyle Mosley, senior executive recruiter with Walker Elliot:
Do Your Homework
Do you know the details of the role you are applying for? Do you know the financial performance history of the employer you are interviewing with? How about the background of the CEO? These are just a few easy things you can google and research ahead of the interview so that when your interviewer asks "what do you know about us?" or "why do you want to work here?" you have something thoughtful to say. Remember, Google is free and has a strong ROI!
Speak to Your Practical Work Experience During the Interview
Part of being able to tie your practical work experience to the job you are applying for is dependent upon you doing your homework. Remember, the goal of your interview is to communicate your value to your potential employer. Being able to tie what you have practically done and seek to do helps connect those dots for the company seeking the best fit, and when it comes to finally getting to the brass tax of talking salary dollars, you will be better able to defend why you want a higher number.
Kyle shared that this is the main space that he sees POC falter in compared to their white counterparts. Do you know the salary range of the job? What about the benefits? Do you know who will be involved in your interviewing process and more specifically, who you should be speaking to when you get onsite for in-person interviews? Do you know how long the company has been seeking to fill the role? These are questions you can't Google, but you can ask during the interviewing process. You want to be equipped with as much information as possible to (again) inform what - and how - you negotiate.
Kyle also mentioned building your network through LinkedIn. This doesn't just mean reaching out to employers, but recruiters as well (reach out to Kyle here!). They can help you prepare for making the next move and perhaps, securing the bag.