Salary Negotiation with Paige Williams
In this episode of Financially Naked: Stories from The Financial Gym, host Sara B is joined by the multi-talented Paige Williams, a career coach and salary negotiation expert who recently achieved Financial Independence, Retire Early (FIRE) after an impressive eight-year corporate career.
Paige has an incredible story; she is a public speaker and has successfully managed multiple businesses, including a tequila company and an educational software company. Her passion for career coaching began during her time as a manager when she realized her employees needed more personalized attention and mentorship. This realization and encouragement from her friends led her to charge for her coaching services.
In this episode, Paige shares her insights on career coaching, effective salary negotiation strategies, and understanding one's total compensation package. Tune in to learn from Paige's wealth of experience and gain practical tips to enhance your own career journey.
Podcast Notes
Paige's approach: Paige's educational and extensive experience in the corporate world gives her the unique approach she brings to career coaching.
Why career coaching: Paige's love for people and their stories, combined with her natural leadership skills, inspired her to become a career coach. She transitioned from being 'bossy' as a kid to a leader in adulthood. She uses her gift of observing people to help them understand their strengths and progress towards their goals
Career Knowledge: Throughout her career, Paige realized so much knowledge about the negotiation process was gatekept. It can be hard to find resources and many people were just winging it. As a coach, she can share this knowledge.
From corporate to coaching: Paige became highly requested as a mentor in her professional career. With encouragement from a friend, she was inspired to become a career coach and help people 1-1.
The Career Coaching Process
Initial consultation: Career coaching typically starts with a consult or discovery call. This helps Paige understand the unique challenges and how she can help. She helps with logistical tasks and self-advocacy work.
Negotiations and Compensation: Workplace negotiations are a common focus. Paige helps people understand their current compensation and values. She helps clients create a plan beyond salary, including vacation days, healthcare, and other benefits.
Designing the Desired Package: Paige helps clients design the compensation package they want and ensuring their needs are met. Then, create a plan for how to reach that goal.
Tools and Strategies: From there, clients are provided with tools and strategies to achieve their desired outcomes, including asking for various benefits outside the traditional salary package.
Personalized Advice: Everyone's strengths and needs are different. While you can find career advice online, working with a coach like Paige can help streamline the process and give you personalized guidance and feedback.
Negotiation Techniques and the RICH Process
Foundational Mindsets: Paige teaches clients the importance of framing their mindset for negotiations, being collaborative, and knowing when they can afford to walk away. She created the RICH framework.
R - Research: Do your research ahead of time. Understand all the elements of your compensation package, what is standard for your role, and what options you may have through the company. Go in with a clear view and plan.
I—Identify the Target: Determine your deal-breakers and acceptable conditions. Decide what values are non-negotiable and what can be compromised. Take your time to figure these things out.
C - Create a Strategy: Plan the opening move and prepare a rationale based on market rates, credentials, and experience. It's their job to get the best deal for the company and your job to advocate for yourself.
H - Hold Boundaries: Maintain boundaries during negotiations. Don't feel pressured to make immediate decisions. You can ask for a break during the conversation or time to think about the offer and come back. Negotiations take time, and it's very common to have multiple rounds before coming to an agreement.
You can take the conversation at your own pace. It's not about overpowering the room or being mean; it's about demonstrating your value.
Common Fears & Final Thoughts
Fear of Rejection: When advocating for yourself, it's important to maintain professional decorum and remain cooperative. We all fear rejection, so it's a common fear for folks preparing for negotiations.
Total Compensation: Understanding total compensation, including intangible benefits, is important. Paige advises clients to anchor conversations around the full value of their package rather than just focus on take-home pay.
Quick Actionable Tips: Know your value, gather information from the company, and prepare a confident strategy for negotiations. Negoiating is part of doing business, so try not to take things personally.
Be an advocate: Be aware of pay disparities due to gender or race. Depending on who you are, this may affect your negotiation experience. Ask the company how they address and advocate for pay equity during the hiring process.
Conclusion: Encouragement and Empowerment: Sara B and Paige emphasize the importance of understanding your values and advocating for yourself in the workplace. They encourage listeners to stay informed, ask questions, and seek support when needed to earn fair compensation and career growth.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
Connect with Paige Williams
Book time with Paige: www.tinyurl.com/bookpaige