Negotiating Your Worth in a Pandemic
At The Financial Gym, we’re often telling our clients to “Know Your Worth”-and yes, even in a pandemic you should know and advocate for what you are worth! Negotiations can be scary, especially in these unprecedented times when there isn’t a roadmap or guarantee on what the next few months will look like. The good news is that you CAN negotiate in a pandemic, and the secret is that a lot of the pre-pandemic advice still applies! Whether you’re looking for more money in your current job or hitting the job market, read on for tips on negotiating right now.
Do not approach a negotiation with a scarcity mindset
Yes, times are tough and companies are scaling back, but you still deserve to get paid what you’re worth! If you’re thinking “I need a job, any job. I’ll take what I can get. I’ll accept the first offer because I may not get another,” then you’re thinking with a scarcity mindset. We don’t want that to be your headspace when you approach a negotiation. It’s so important to remember what you’re worth, and also what is reasonable for your job and qualifications.
Do your research to understand what the market value is for the job you’re interested in. We love sites like Payscale, Glassdoor, and Salary Expert as references. You can also set up time with mentors and former colleagues who are in the same industry. Trusted people in your field are a great place to start asking what you can expect to make given your experience.
Think beyond salary and about total compensation
It’s no secret that the pandemic is taking an economic toll on many businesses. Do your best to understand the financial picture of your employer or potential employer. Being aware of the business’ financials is important for structuring the conversation, however, remember that it’s not your job to worry about the company's financial health. You don’t make all their decisions and you do not need to martyr yourself for the profitability of the business.
Negotiating for a higher salary can be beneficial, but it’s not your only option, especially if you learn there is a salary cap or budget restrictions. Is there a flexible work policy you’d like to negotiate for? Can you increase your bonus plan? Are there additional medical benefits or vacation time you’d like to have? When you’re negotiating, especially with a new job, ask to see the total compensation package before making any decisions.
When negotiating within your current role, are there tools you can utilize to your advantage? Does the company have a clear path to compensation? Is there pay transparency throughout the company? We know that women get paid on average 80 cents to a white, non-Hispanic, man’s dollar, and that Black, Native American, and Latina women make 62, 57, and 54 cents, respectively. Pushing for pay transparency and clear policies around pay structure could help improve pay equity at your company.
Take advantage of the virtual setting
In many areas of the country, employees are still social distancing and conducting much of their business virtually. If this is the case for you, take advantage of the virtual setting! Much of the physical reminders of the power dynamic between you and the person on the other side of the desk might be leveled now that you are virtual; for example, you don’t need to be reminded of someone’s larger office or desk or go through their assistant before your meeting.
Whether you’re negotiating virtually or not, prepare your notes! If you have the luxury of being behind a screen, keep your notes nearby. In these notes, make sure to highlight the skills or projects you worked on throughout COVID-19 that are outside the job description. Call out what impact these skills had on both the business and the bottom line!
Once you start your conversation and make your points, don’t be afraid of silence. It might feel awkward especially if you’re not used to using technology in this way, but it’s important to give the other person time to understand and process what you’re saying. You’ll also want to take note of non-verbal cues your negotiation partner is offering. When working from home, there can be a lot of distractions, so you might need to take a moment to pause or even reschedule to a time when both parties can be focused on the conversation.
Negotiating can be often uncomfortable, no matter how often you do it. Don’t let that potential discomfort be a barrier to advocating for your worth! Something our Trainers love to recommend,: before that big meeting, play your best pump up tune- that song that makes you feel invincible! If you want to talk more about knowing your worth, schedule a warm up call so you can meet your new Best.Financial.Friend.