Self-advocacy and pay equity should almost always be a priority for professionals, especially for ... [+]
Meggie Palmer is the Founder of PepTalk Her, a company and app aimed at closing the gender pay gap through corporate programming, online courses and personalized career coaching. She joined Negotiate Anything to discuss negotiating salary during the current economic climate, as well as the best tools and mindset shifts to equip you for success.
The Necessity of Salary Negotiation in Current Times
Self-advocacy and pay equity should almost always be a priority for professionals, especially for women and people of color. However, it becomes increasingly more important when we begin to account for inflation and the rising cost of living. Because of this, Palmer encourages professionals to make time for reflection over their career in recent months.
“If you haven’t had a raise in the last 12 months, then you have been sliding backwards,” she shared. “You need to be getting at least an eight to nine percent increase in salary just to keep up [with the rising cost of living].”
Knowing Your Worth & Taking Ownership
Beyond inflation, the gender and race wage gaps are a tough reality for many in the workforce. While this can be incredibly frustrating and demoralizing, Palmer encouraged listeners to avoid shifting blame where possible. While it’s easy to do, it can also be disempowering and influential on what we believe is possible.
“The gender pay gap does exist, and that’s not our fault,” she said. “In the meantime, there are things we can do and levels of personal responsibility we can take to move from fault and blame towards change - the change you want to see in your career and the life you want to lead.”
It’s equally important to remember that (while not an excuse), company leaders are often too consumed with other priorities to carefully consider the professional and salary goals of all of their employees. Although it’s difficult, this reality underscores the importance of self-advocacy.
“You can’t expect your boss to fix everything for you,” Palmer shared. “You actually have to make sure that you are steering your career and taking control of it yourself.”
Recognizing how scary and difficult this process can be for many, she encourages professionals to take a deep dive into feelings of personal worth, as this is likely to correlate with what they are willing to ask for.
“The actual strategy behind these conversations isn’t usually the toughest part,” she explained. “It’s overcoming that barrier [of fear or lack of personal value].
Preparing the Data
The importance of preparation cannot be understated. According to Palmer, the bigger the request, the more amount of time should be spent preparing for the conversation.
“The most important ingredient for a successful negotiation is preparation,” she stated. “If you prepare for these conversations you can actually map out, in advance, what’s going to happen.”
Outside of collecting relevant data on industry, salary ranges, cost-of-living increases and more, Palmer also advises professionals to begin regularly tracking their contributions as an additional data point.
“You should be reflecting at least once a week on what you have contributed - whatever it is, write it down now,” she explained.
Not only will this strategy give you a pointed list of your contributions to the company, but it’s also designed to help build confidence, a crucial part of any successful negotiation.
“The reality is that when you are confident, and when you believe in yourself, the way you are perceived in a negotiation goes up.” Palmer shared. “It’s a lot harder to say no to somebody who has the data, who has the confidence, and who’s constructively engaging in a conversation about how you can find a mutual agreement on salary going forward.”
Palmer’s app, PepTalkHer, includes a feature for tracking successes at work. Her website also includes a host of free guides and resources aimed at helping women build confidence and negotiate higher salaries.
To learn more, visit www.peptalkher.com. To listen to the full episode, click here.
