Black women make only 67 cents for every dollar paid to white, non-Hispanic men, according to a report from the National Women’s Law Center. In order to bridge the wage gap, it is important to negotiate and request the money that matches your value. A salary strategy could be the missing tool you need during your job search to ensure you get everything you deserve.
A salary strategy is a plan that considers the wage you want, your skills and your non-negotiables. It is important to know your value. Before you head into the final steps of the interview process, you need to assess your skills and experience. You also need to know your required salary range and communicate these expectations to recruiters early on. Be honest with yourself and recruiters by establishing parameters for what you will and will not accept.
“When you set clear salary expectations in the beginning of the interview process, it allows the manager to evaluate and advocate for this when issuing you the offer,” said Lashaunique Plummer, a HR business and operations leader and founder of Balangize. “It lessens the need to negotiate on the backend.”
A salary strategy is beneficial and can give you more confidence in the negotiation room. Here are Plummer’s four tips to help you craft your strategy during your job search.
Rank the Benefits You Currently Have
In the job hiring process, every benefit will not have the same importance to you. Take time to review your benefits package and rank your priorities. It’s important to know what benefits are at the top of your list and the ones that you are more flexible on.
Identify the Non-Negotiables
While most people focus on the base salary, your total compensation includes more than that. Ranking and deciding what your non-negotiables are will help you evaluate the full offer. This comprehensive approach will help take into account what is most important to you.
Utilize Multiple Sources to Learn What the Market is Paying
Don’t just look at Glassdoor to gage the salary range for the role. Instead, try other resources, like Indeed’s Salary Calculator and Payscale.com, where you can add your skills and other details for a more comprehensive picture. It will also take into account your geographic location, which is an important factor in determining overall pay.
Decide on a Salary Strategy
Plummer teaches her clients four strategies for getting the salary they want:
- Maintain Your Current Potential: This salary strategy allows you to stay close to your current company potential and request the same salary.
- Seek More Than Your Current Potential: This strategy aims for a higher salary by justifying the value and transferable skills you have.
- Seek the Market Value: This strategy is rooted in research and focuses on advocating the market rates for the role you are targeting.
- Bridge the Gap: If your current pay is already high above the market, this strategy says to choose a target that meets your needs, while considering your unique skills.