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Why Negotiate?

Posted By Julie McReynolds, Tuesday, September 26, 2017
Updated: Friday, September 22, 2017

 

Why Negotiate?

By Megan Betterman

 

As women, we often take care of the needs of others ahead of our own. This narrative plays out in our careers and keeps us from asking for what we may want: more money, more responsibility, more flexibility and many other elements of our careers. 

On the money front, we fear many things:
 creating havoc in our relationship with our future or existing boss
 asking for more will not work and is useless to even try
 finding the words to ask in a rational, compelling manner

These fears are valid. On the flip side, there are compelling reasons we should consider asking for more. The first is the amount of money we stand to miss out on if we don't negotiate. I've seen figures cited from $500,000 up to $1,000,000 in lost earnings over the course of our careers. It reminds me of compound interest and the value of starting to save and invest early on in life. The same is true in our careers. A powerful way to think about this is a $5,000 raise in 2017 is not a one-time increase to your earnings. You'll be receiving the benefit of that additional $5,000 in 2018, 2019, 2020 and so on.


The second reason to negotiate is it's expected. A study conducted by salary.com found 84% of hiring managers expect candidates to negotiate. Most hiring managers leave wiggle room when they make an offer in order to have flexibility if a candidate does ask for more.


A third reason to consider negotiating is due to the wage gap in the US. This topic is getting quite a bit of press in the news based on our volatile political climate. Caucasian women earn 79% of what their their male counterparts earn, African-American women earn 65% and Hispanic women 54%. McKinsey & Company has released information stating it will take us 100 years to have parity between genders in C-level roles and 25 years for parity at the VP level.

These numbers make my jaw drop. As strong women with MBAs, it's incumbent on us to change this trend. I’m looking forward to sharing more on this topic at the National Association of Women MBAs annual conference on October 21. Lori Klinka and I will be partnering up on how to interview successfully and then ask for what you’re worth. For more information on this topic prior to the conference, visit my website.

About the Author

Megan Betterman is on a mission to train women on how to negotiate their compensation, earn their full value and advance their career goals. She recently founded a consulting business to bring this mission to life and offers group workshops along with individual training. Additionally, she leads a team of digital marketers at HealthPartners in Minneapolis, the largest consumer governed non-profit health care organization in the nation. Megan recently completed the MBA program at St. Catherine University in St. Paul, Minnesota with a focus in marketing. She spends her free time traveling the world, perfecting paleo recipes, and teaching yoga along with meditation.

Register now to attend her session at the 2017 Conference and Career Fair!

Tags:  Career  job  jobs  MBA Women  NAWMBA  NAWMBA2017  negotiate  negotiation  womeninbuisness 

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