Salary negotiations can be nerve-wracking due to the anxiety and fear that often comes with asking for more money at work. But for women, particularly women of color, failing to negotiate your salary can have long-term consequences on how much you earn throughout your career.
Today, the average woman who works full time, year-round earns 82 cents for every dollar earned by men. For many women of color, this pay gap is even larger, with Black women earning 63 cents for every dollar earned by white men, and Native American women and Latinas earning 60 cents and 55 cents, respectively, for every dollar earned by white men.
This wage gap, which has only closed by 3 cents over the last 30 years for Black women, according to the National Women’s Law Center, means that Black women must work until Aug. 3 in 2021 to reach the same pay white men earned in 2020. Over the course of a 40-year career, Black women stand to lose a staggering $964,400 due to this wage gap, with Native American women and Latinas losing even more, reports NWLC.
Certainly bias and discrimination contribute to this disparity, according to reports. But, there are also things that individuals can do to help increase their pay.
For Black Women’s Equal Pay Day, CNBC Make It spoke to six Black women career coaches about their best advice for negotiating your salary at work and their top tips for countering a lowball offer if you receive one.
What you should know before negotiating your salary
First thing is do your research because there are certain things you should consider when talking about salary. One is how large is the company because that will sometimes determine the pay range. Also, what is the median pay for your market because the same job in Chicago might not pay the same if you’re in a small town in Texas. Then, also look at the experience and education requirements for the position to see if they are putting more weight on one over the other because that can also be a determining factor.
Then, once you do your research, you want to look at what it is you need in terms of pay and make sure that you are asking for your worth and that it is within reason. So, just do your homework first to be prepared and then also educate yourself because a lot of women don’t know that it is illegal in the majority of states for an employer to ask about your salary history.
