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Repost Series: Closing the Gap: Strategies for Career Success
26 Plays5 months ago
Join Shanarra in this episode of The Goode Guide as she shares various insights and strategies to advance your career in the long run. She'll also delve into tactics for securing a salary increase, self-advocacy, addressing the gender pay gap, and more. Stay tuned for valuable tips and advice!
The Pay Gap
[3:31]
Shanarra delves into the gender pay gap in the US, highlighting a statistic of women earning 82 cents for every dollar earned by men. Shanarra emphasizes the crucial role of women negotiating their salaries to address and narrow the gender pay gap.
Negotiation Tactics for Salary Increase
[9:16]
Shanarra shares her negotiation tactics, which include advocating for additional pay during job offers. She underscores the significance of market research and confidence in effective negotiation strategies.
Strategies for Job Offers
[12:47]
Shanarra advises knowing your value and setting realistic expectations during salary negotiations. She recommends practicing your negotiation pitch and anticipating potential questions from the other party. Shanarra also highlights the importance of expressing excitement and enthusiasm during negotiations to maintain a positive atmosphere.
The Importance of Self-Advocacy
[20:26]
Be open to compromise and consider the entire package when negotiating an offer. Shanarra emphasizes the significance of negotiating salary based on hard facts and confidence in your experience. She encourages listeners to take action and implement the tactics she provided in the episode to negotiate their salary effectively.
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Transcript
Introduction to The Good Guide Podcast
00:00:00
Speaker
Hey there, welcome to The Good Guide, your ultimate career companion. I'm Shannara Good, and I've been on quite the career roller coaster. From the trenches of entry-level positions to the boardrooms as a now more seasoned professional. Believe me when I say i have been there and know that I've acquired some wisdom over the years that I cannot wait to share with
Podcast Themes: Career Challenges
00:00:22
Speaker
you. Ever felt like you're on your career journey solo?
00:00:26
Speaker
Or maybe you're curious about conquering career plateaus, overcoming imposter syndrome, or leading with unwavering confidence. Well, I promise you are in the right place.
00:00:38
Speaker
Every week, my guests and I will share our own challenges and successes. We'll talk about everything from career development to leadership to even work-life balance. Expect a healthy dose of authenticity and of course, our tips and tricks that will have you navigating your career with a newfound confidence.
00:00:58
Speaker
Don't miss out on the knowledge drop, y'all. Hit that like, subscribe, and follow button on Apple Podcasts, Spotify, or your favorite podcast app. Trust me, you won't want to miss an episode.
Behind-the-Scenes Podcasting
00:01:12
Speaker
Because this is the good guide, where we're not just chasing success, we're defining it.
00:01:19
Speaker
Are you ready to elevate your career game? Let's dive in. Okay, i literally have to stop myself from laughing right now because i have tried to record this podcast or at least the intro to this episode maybe 20 times. And every single time I do, my dog Tonks will either shake or bark or, I don't know, cough something up. And I literally just have to grab her and be like, okay, you need to go into another room.
00:01:46
Speaker
So first of all, welcome. I feel like I just entered into this episode hot but like just wanted to give you guys an inside look into the day-to-day life of trying to record a podcast.
00:01:59
Speaker
But...
Addressing the Gender Pay Gap
00:02:00
Speaker
Today, I really want to talk about something that quite honestly boils my blood. I'm truly not exaggerating because it genuinely is a topic that like just gets me so heated.
00:02:15
Speaker
But I also think that it's an important topic for us to talk about, especially as women in a corporate setting like I am. Because we don't talk about it enough, we run into the problem that i feel like we are in today.
00:02:29
Speaker
Before we get into the main meat of the topic, I want to level set with the fact that we're in the month of February. And in February, in a lot of different industries, definitely in corporate retail, we are starting Q1 or the beginning of the year.
00:02:49
Speaker
which means we've closed our books on the previous year. So you might right now be prepping for your end of year review process, or maybe this is when you would get a bonus or a raise or anything like that.
00:03:05
Speaker
Well, in addition to kind of you getting maybe promoted or or something happening at the end of year at your current company, it also might feel like, hey, I'm suddenly getting a ton of LinkedIn emails or a ton of folks like trying to see if I would come over to their company.
00:03:24
Speaker
Well, it's exactly for the reasons I just spoke to. Companies are closing out their books, starting a new year, and suddenly they've now just kind of like been able to open up their piggy bank and spend the money that they want to spend.
Negotiating Salaries: Bridging the Gap
00:03:38
Speaker
And as we know, one of the most expensive things that companies spend their money on are people. So all that to say, I want to talk about pay negotiations.
00:03:50
Speaker
Okay. Pay negotiations. And it's not exactly pay negotiations that boil my blood. It is the pay gap that I don't think that we as women are exposed to or do enough research on when it comes to negotiating our salaries a upon getting an offer for a new job or even in initial conversations with recruiters about a new job.
00:04:16
Speaker
Today's topic is going to be all about negotiation, how you should go about it. But first, I want to level set you guys with the statistic, the very statistic that boils my blood.
00:04:29
Speaker
So I was doing some research a couple of weeks ago about the general pay gap. I was just curious what it was as of today. I knew that there had to be disparity. i think that's something that we've all kind of been clued into, but I didn't know how drastic it was.
00:04:50
Speaker
I pulled up this statistic. In the United States, the gender pay gap has been reported as roughly 82 cents for every dollar earned by a man.
00:05:04
Speaker
This was reported from the U.S. Census Bureau. Now, obviously, there are going to be a number of factors that go into this number. But still, think about that.
00:05:16
Speaker
Roughly 82 cents for every dollar earned by a man. So let's like put some quick math to that. This means if a man is making $100,000, on average, or $82,000.
00:05:31
Speaker
a woman is making eighty two percent of that or eighty two thousand dollars Now, $82,000 is not what I'm turning my nose up at. Like, that's a great salary, right?
00:05:43
Speaker
Depending on your your industry. But that's a decent salary. We're still over 50. We're over the median. However, break that down. If I'm just talking gross, right? I'm not talking about net or anything like that. Not thinking about different states.
00:05:57
Speaker
But gross, that is $1,500 month. month. That, my friends, boils blood.
00:06:07
Speaker
and a hundred thousand dollars fifteen hundred dollars in gross hey ah month that my friends boils my blood That is a hell, and excuse my French, but that is a hell of a lot of money when you think about what a man is bringing home and what a woman is bringing home.
00:06:28
Speaker
And so we need to do a better job as women on closing that gap because clearly one else is doing it for us.
00:06:42
Speaker
And mind you, the most impacted industries are financial services, technology, healthcare, the ones that you would probably assume, especially when I think of finance, all I think about are men.
00:06:54
Speaker
So that's not to say like, for example, in retail, like I know retail is a relatively equitable space across gender. So I'm not even talking about for me and how I feel about like my personal salary. I'm just saying in general, we only start to get paid equal to men when we start to demand being paid equal to men.
Mastering Negotiation Tactics
00:07:17
Speaker
So taking a deep breath here shaking off. The anger. and Letting my blood simmer instead of boil.
00:07:31
Speaker
Now I want to talk about how do we close that gender pay gap? How do we as women in the workplace influence the closure of that gap?
00:07:43
Speaker
And really what it boils down to, there's the word boil again, um but really what it boils down to is we have to start doing our research. We have to start negotiating a higher salary from the jump.
00:07:59
Speaker
It does not matter if you have sought after the job or if you're being recruited for the job. If a new job and therefore a new paycheck is on the line, you owe it to yourself and to the women that come after you to push that boundary more and more.
00:08:21
Speaker
Now, I'm not saying that it's going to be comfortable. Talking about money, putting yourself on the line, having to put in that work, heck, it's not even fair that we have to put in that work, but we do.
00:08:35
Speaker
And the beauty of it is on the other side of that research, of those negotiations, of the time that you spend putting into fighting for that additional pay will pay off in the end.
00:08:49
Speaker
Let me give you another statistic that will hopefully encourage you to start to negotiate your salaries. So there was another study done where it found that men are more likely to negotiate their salaries over women.
00:09:05
Speaker
The study reported that on average, about 20% of women negotiate their initial job offers compared to that of 25% of men. of men So we've got a 5% gap to fill y'all.
00:09:21
Speaker
And going to be honest. i am always or have majority of the time in my career been that 20%. Now, I don't say that to brag. I truly don't.
00:09:34
Speaker
I'm trying to come from a place of authenticity and and sharing with you guys that like, you better believe if I'm getting a job offer, I'm asking for additional money. And that started all the way back to my very first job offer that I ever received for full-time work.
00:09:53
Speaker
Now, I was successful, which is amazing, but I feel like my tactics have become more and more refined over the years.
00:10:05
Speaker
And now, not only has my research improved, my research into the role or the industry or the company or competitors, but there's also a level of confidence that has grown,
00:10:21
Speaker
because my years of experience has grown. When I first sought after that additional pay in my very first negotiation, it wasn't really based off of much other than like, hey, I might as well ask.
00:10:36
Speaker
Versus now, sure, I'm still doing my research. I'm still seeing what industry standards are and competitors are, et cetera, et cetera. But I also know for a fact that I am bringing in a skillset that they need.
00:10:53
Speaker
Research and confidence to me is like that sweet spot that really ensure whether or not they say yes to the additional ask, you're still going in with a solid negotiation tactic.
00:11:07
Speaker
Right here, right now, going give you guys a couple of seconds to grab yourself a notebook because this is where the tactics, the tips, the tricks come into play.
00:11:19
Speaker
And if you are in need of a reminder, jot these down. Obviously, you could also come back to the episode, but I am a pen to paper gal, so I love to write everything down.
00:11:30
Speaker
So number one, I've already alluded to this. Do your market research, market research, market research, market research. That is where you're going to get your fact-based information from.
00:11:43
Speaker
There are so many different resources out there these days. Glassdoor continues to be one of my favorites. And especially over the years, it's just become more and more dynamic. And I really enjoy the platform.
00:11:55
Speaker
LinkedIn is also obviously a great resource. And i believe one of the things that they do really, really well is they provide a salary range. Now, if you pay for the LinkedIn premium subscription, which I i have before, i don't currently now because I'm, to be frank, I'm not actively looking for employment, but They also tend to have some really good statistics in terms of at least salary range.
00:12:22
Speaker
So that's a really good point of view to take. But like I said, Glassdoor still continues to be one of my favorite platforms to use because you can search by your location, you can search by title, things like that. So obviously do your market research in terms of salaries.
00:12:39
Speaker
The second thing is a little less fact-based and a little more kind of playing into that confidence piece of it. Know your value. Know what you are worth.
00:12:53
Speaker
And that's not just something that you feel and express to yourself, but you need to articulate your skills and your experience and your accomplishments with whoever you are interviewing with.
00:13:09
Speaker
That is so important because people regard you in the way that you regard yourselves. Make sure that you know your value.
00:13:20
Speaker
Make sure that you are highlighting your skills, your qualifications, all of that in those conversations. The next thing, and this is something that I have to constantly remind myself of because sometimes I just get hungry for dollar signs. You know, I get hungry for zeros.
00:13:38
Speaker
But set realistic expectations, set realistic goals. Make sure that you're being realistic about the salary range that you were asking for. Don't go for roles that you know you're severely overqualified for, or don't say yes to interview for roles that you know that you're severely overqualified for, because chances are if you've done your research, if you've stated your value, if they know who they're hiring or who they're looking to hire,
00:14:06
Speaker
you're not gonna be able to negotiate a $50,000 range there. That's a little drastic, at least in my opinion. Someone could maybe share a very different opinion, but just make sure you're setting realistic expectations, not just with yourself, but with the organization that's reaching out to you.
00:14:24
Speaker
By that, I mean, not going for roles that you are overqualified for. Like there's been so many times where a recruiter has reached out to me, has been like, this is our range. And I straight up say, you know, that's well outside of what I'm expecting. So like, I'm not going to interview for that role. No matter i how cool it sounds, it's not going to be realistic for me.
00:14:45
Speaker
The next thing that I would recommend is to practice what you would like to say in the negotiation conversation. The fact of the matter is you want to ensure that you are getting your points across.
00:15:02
Speaker
Negotiating is a very intimidating thing. process. And so the last thing that you want to do is kind of go in there, fly by the seat of your pants and forget one of the main reasons why you were asking for this negotiation.
00:15:18
Speaker
So just always be prepared with that type of pitch that you're going to go into your negotiation with. And then always, always anticipate that they're going to ask you questions.
00:15:32
Speaker
Maybe that means pitching to a current mentor that you have or sharing your negotiation kind of sentence or whatever that looks that conversation looks like um with someone that you really trust.
00:15:44
Speaker
Ask them to ask you questions. Always anticipate that a recruiter or a hiring manager is going to come back with a question or a challenge or something that they need clarified. All right, let's move on to the next one.
00:16:00
Speaker
How you express yourself in a negotiation is also very key. You want to make sure you're coming off strong. You want to make sure that you've got your talking points. You also want to make sure that you're doing so with excitement.
00:16:15
Speaker
Do not forget to share that you were excited about this opportunity. Sure, you might be negotiating, but you're still excited about, right?
00:16:26
Speaker
Oh my gosh, I had such amazing conversations. I'm so excited. Thank you so much for the offer. Blah, da, da, da, da. Just because you are negotiating does not mean that you need to remove the joy and the enthusiasm that you have for potentially joining this organization.
00:16:48
Speaker
especially if you are genuinely excited, like make sure that you let that be known. Because I think a lot of times a negotiation could come off as a negative thing when it's really just a discussion about like, hey, how do we come to an agreement?
00:17:03
Speaker
That doesn't negate the fact that I am excited, I look forward to, i cannot wait.
Constructive Negotiation Dialogue
00:17:09
Speaker
Make sure that you were expressing that excitement even within the negotiation conversation.
00:17:18
Speaker
The next tip is, and this is something that I've actually had to really consider. I've thought about this, especially during different transition moments. Consider the entire package.
00:17:31
Speaker
So I'm talking about every benefit that's coming along with this offer. An offer is not just about the dollar signs. It's not just about the money that you put into the bank.
00:17:45
Speaker
It's also about the benefits package, the bonus package, right? Like that end of year eligibility. a lot of smaller startups that I've worked with, like I've gotten equity in the company.
00:17:57
Speaker
Things like that are a part of the package. And you have to weigh those pros and cons around what does it mean for me to get that money biweekly?
00:18:09
Speaker
What does it mean for me to get that money in a paycheck form versus equity in a company? I mean, think about the people that were in the early Microsoft days. How many of them were like, I am so happy that I was okay with the equity, right?
00:18:25
Speaker
Make sure that you're looking at that entire package when it comes to the offer and you're not just turning your nose away to the money that they're giving you week to week or however often you're getting paid.
00:18:39
Speaker
Drum roll, please.
00:18:44
Speaker
No, I'm kidding. Be willing to compromise. Because I will say this. I have never been rescinded and offer for trying to negotiate, but I've also never negotiated people.
00:19:03
Speaker
a sense of, or an unwillingness to compromise, coming to the table with like a sternness of, and a meanness that I'm like, what I say goes, i'm go to cross my arm. Like, I still want to make sure that at the end of this negotiation, win or lose, I'm still saying that I'm going to work at this place.
00:19:23
Speaker
And sure, a lot of those conversations might be with HR and maybe the hiring manager isn't directly involved, but like, um chances they've heard a little bit of tea post-offer. So just be mindful of that and just be willing to compromise. And just make sure that when you are compromising, that it is something that you were willing to compromise on or at a breaking point that is still within your means or or within the space of you being comfortable.
00:20:00
Speaker
I've had to do that in in a few different negotiations where going into that negotiation, I had to really think to myself, there is a chance that they are going to say no.
00:20:12
Speaker
Am I okay with whatever offer they give me? Am I okay with saying yes to that? Because I have to either accept that they are going to accept my negotiation amount or accept that they may not accept it at all.
Equal Pay for Equal Work
00:20:28
Speaker
And they might say, i am stern in this offer, take it or leave it. And there you have it. Those are my tips. That is what I've got for you.
00:20:38
Speaker
I truly, truly, truly, and I cannot express this enough. I genuinely talk about this a lot. I even posted on my story the other day, there was this reel or TikTok or whatever that was talking about this exact thing. Especially now, being a leader of people, as i talk to my analysts,
00:21:00
Speaker
I always recommend that they negotiate. I always do it with the idea in mind of you have to do your part in pushing that boundary, pushing that top end higher.
00:21:15
Speaker
That is on us. That is on the people before us. You have a duty to yourself women in the working world to reduce that gap, that 82% of what men make, that is the legacy that we need to leave behind.
00:21:36
Speaker
That 82% of what men make needs to be toe-to-toe, eye-to-eye, 100% the same. We need to start to be compared against the same rubric,
00:21:49
Speaker
We need to start fighting for the money that we deserve because we've gone to school the same amount as Joe. We have the same amount experience and oftentimes more than Joe.
00:22:06
Speaker
By the way, I have nothing against anybody named Joe. I genuinely do not. It just is the first thing that popped into my head. But genuinely, I think that we owe it to ourselves to go into these conversations when it comes to salary and negotiate based off of hard facts and based off of confidence that we have in the experience that we bring into that role.
00:22:32
Speaker
Period. End of sentence. I'm go to go ahead and step off of the soapbox now and hope that this episode just leaves you guys with a little bit more confidence and sureness.
00:22:46
Speaker
And hey, I might want to negotiate my salary in my next interview or role.
Conclusion and Future Engagement
00:22:53
Speaker
And now I have few tactics that might help me get there.
00:22:58
Speaker
I wish you guys nothing but luck. in your next negotiation conversation. And I cannot wait to speak with you guys on my next episode.
00:23:11
Speaker
Thank you so much for tuning in to this episode of The Good Guide, the podcast dedicated to guiding you through every twist and turn in your career journey. If you loved this episode, make sure to leave those five-star reviews and share this podcast with a friend, loved one, or hey, even a colleague.
00:23:30
Speaker
If you have a topic that you'd like for me to tackle, check out this week's show notes for links to where you can submit your question. It might even be featured during the Q&A segment of the next episode.
00:23:40
Speaker
But first, make sure to subscribe to the podcast so you don't miss a beat. Take care, y'all.