Magazine

How Are Women Feeling About Negotiation Right Now?

By Ellevest Team

So here’s some good news for 2022: It’s an ideal time for getting what you want at work — whether that’s landing your dream job, a well-deserved promotion, or a big raise. (Maybe *all* the things?) Thanks in part to the Great Resignation, a hot job market, and employers wanting to retain their people, employees have leverage at the moment.

And the best part? The negotiation skills you pick up now are going to continue coming in handy, pretty much for the rest of your career.

Recently, an Ellevest Instagram post shared a stat that ​​women who negotiate their salaries and benefits stand to earn $1 million more (on average) over their lifetimes. (!!) So what you bring to the negotiation table for one job can have a cascading effect on the rest of your career.

Which is why we also wanted to know: How do *you* feel about the topic? And what’s holding you back from asking for more? 

In an Instagram poll, 56% of you told us you have successfully negotiated a raise, job offer, or promotion (yay!); but we also heard that even successful negotiations can be anxiety-fueled, no matter what stage you are in your career. 

As always, your responses were as insightful as they were inspirational. Here’s some advice on the top three questions you had about having these conversations, plus a few ways you land that dream job, earn more, and negotiate that title bump.

“I’m scared of rocking the boat. What if I lose the job offer?”

It helps to remember when you get the job offer (woo!) that 70% of managers expect a salary and benefits negotiation. That, and they want to get. you. on. their. team. stat. Think of negotiating a job offer as a collaborative process with a common goal in mind — getting you onboard.

Some good advice from the Elle Raisers community: “HR here. Ppl are afraid to negotiate. Don’t be. The worst they will say is no. Get your 💰” -@mmeelic

Our deeper dive rec: If negotiating a job offer makes you nervous because you’ve never done it before, learning how negotiations typically work, as well as deciding how you’ll handle each step in the process, can help you feel more comfortable and confident when you do ask.

“How do I start the conversation about a raise or promotion? I have no idea.”

Start with gathering your data. Note, there are two kinds: internal (info about your company and your coworkers) and external (info about other companies and people in your industry). You’ll definitely want to learn about the internal pay structure of your company and ask your people department: “What’s the salary band designated for this role?”

Some good advice from Ellevest CEO Sallie Krawcheck: “Every year, you should be having the raise conversation with your boss. ‘What does it take to be successful in my role? What are the metrics I'm being measured against? If I hit these metrics, what kind of career progression and raise should I expect to see?’”

“How do I answer the salary expectation question without sounding greedy?”

It’s generally a good idea to let the recruiter bring up the topic first. But before you interview (or even apply), do your research to get an idea of the salary range in advance. You can always use this question in the little dance that is the hiring process, too: “What’s the salary range you’ve designated for this role?” 

That said, the sooner you make the ask, the better — Future You could be losing out on thousands of dollars in salary over the course of your career. A 10% raise today would make that 10% raise five years down the road even more gratifying.

Some (more) good advice from the Elle Raisers community: “Do your research! Glassdoor, LinkedIn, colleagues in the industry!” -@kflanigan

Our deeper dive rec: We wrote you some scripts on what to actually say (word for word!) and a few strategies for how to confidently answer that salary expectation question. Lastly, you shouldn't feel guilty — ever — for not disclosing your current salary with potential employers. (FYI, it’s actually illegal in some states.)

Looking for more? We’ve got all your salary and negotiation questions covered — from how to set yourself up for a “Yes” before the next conversation to tips for navigating the negotiating table, plus what to do next if you hear a “No.” (You’ll want to bookmark this one.)


Disclosures

© 2022 Ellevest, Inc. All Rights Reserved.

Information was obtained from third-party sources, which we believe to be reliable but not guaranteed for accuracy or completeness.

All opinions and views expressed by Ellevest are current as of the date of this writing, for informational purposes only, and do not constitute or imply an endorsement of any third party’s products or services.

The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice.

The information provided does not take into account the specific objectives, financial situation or particular needs of any specific person.

Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.

Ellevest Membership fees are as follows: Ellevest Essential is $1 per month, Ellevest Plus is $5 per month, and Ellevest Executive is $9. Other fees as described in Ellevest’s Wrap Fee Program Brochure and the Ellevest Membership Terms and Conditions Agreement will continue to apply.

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Ellevest Team

The Ellevest team is working to help women reach their financial goals.