How To Negotiate Your Salary with Yvonne Maxwell | TRiBE’s Toolbox

Hi and welcome to TRiBE’s Toolbox where
you will find tips, tricks and stories for Black women, by Black women. I’m Yvonne Maxwell and I’m an IT consultant and the co-founder of TRiBE. In today’s
episode we’re going to discuss how to negotiate your salary and cover how to
identify your unique selling point Now throughout my professional career I
have spent so much time trying to figure out how to negotiate salaries. How do I
convince employers that I am worth more than what they actually advertise? Now I
have so many tips and tricks to share with you so grab a pen and paper and get
ready to learn. Stage #1: Know your worth. Studies have
shown that women rarely negotiate their salaries in fact most women are
uncomfortable with the concept of it and have never even considered it. Now as a
Black woman I feel like any of those figures just double because we’re
dealing with the fact that we’re women and we’re Black. The truth is anyone can
learn the skills, anyone can learn how to negotiate their salaries. All you need is
the skills, a little training and also a tiny bit of confidence. If you’re
striving to get the pay that you deserve it’s important that you understand what
the going rate is for your position in your geographic area and your actual
industry. So things like doing research about the actual role speaking to men
and women and you have to make sure you speak to both genders because you need
to identify if there is a gender pay gap issue there. Also make sure you
understand the responsibilities requirements and expectations of your
position. For example, try and get a copy of your job description and job
descriptions of other roles that are similar as well that will give you a
good idea of what different organisations expect of somebody in your
position Stage #2: Identifying your unique selling
points or USPs. It’s so important that you understand
what makes you stand out from other candidates and documenting this is so
crucial to your negotiating journey Knowing your USPS will give you a better
understanding of where you fit in the market at the moment, it will also help
you identify areas that you may need perhaps some training or just general
improvement. Pause the video here and write down five key USPs that you think
you possess. Great, let’s have a little look at what you’ve written down. Did you find that difficult? Was it a little challenging finding positive things
to say about yourself? That is completely normal if you did find it hard, please
don’t feel bad at all. When you are thinking about your USPs
don’t necessarily look at skills or positive things that are just general in
terms of life like for example “I’m a good listener”. That’s all well and good
but is an employer gonna find that extremely extremely beneficial and is
that going to give you a leverage over other candidates? So when you think about your USPS think about skills that are specific to the job that is at hand Stage #3: So, how much do you actually ask for? Now there’s a simple equation that can guide you in terms of understanding how
much to actually ask for when negotiating your salary. For a seasoned
professional, your equation will look something like this. Now combining what
you’ve learned in previous roles with the research that you’ve done on
different job salaries within the market, plus the work that you’ve done to
identify your USPs that will give you a desired salary range. Now please make
sure that you actually have a specific number within that range that you have
in your mind when you go into negotiations as opposed to trying to go
in with say £30 to £35K go in with £33.5. For people who are just entering the
market so for example a graduate or maybe someone who’s had a very very long job break the emphasis is going to be placed on the research that you’ve done
across the job market and also your unique selling points as opposed to how
much you’ve earned in previous roles. Now don’t be afraid again to find something
that’s within that range but again probably be a bit more flexible because
after all you haven’t had as much experience as others. Stage #4: Timing is key. Starting discussions about salary prematurely can give off the completely wrong signal to employers now what they see when you do it too early is this
person doesn’t care about actually fitting in to the organisation because
it doesn’t actually care about the role what they want is that money. So for
those negotiating promotions why not do it within your annual or your
six-month review or perhaps you have a performance review scheduled? Doing it in these settings will give you a structured space in order for you to
actually enter negotiations with your employer. Stage #5: let’s talk tone. Any negotiations should be approached in a professional and reasonable manner whether negotiating for a new job or a promotion
the focus should always be on your achievements and your performance. One of the golden rules to salary negotiation is don’t mention any personal justifications or reasons for wanting more money like I know your rent does increase girl and I
know that childcare costs are expensive but just don’t mention it. The likelihood is that a lot of your employers or a lot of your colleagues
are also experiencing the same strifes so don’t mention it at all
find other justifications as to why you deserve more money. Now I’m going to be
real with you salary negotiation is not easy it requires practice and a
confidence in who you are and what you bring to the table. So over the next
couple of days I’d like you to do some role-playing exercises either with a
friend or practice in the mirror by yourself. I personally prefer the mirror
option. And just ask yourself what do you want? What do you bring to the table? Why do you want it? This will build your confidence in actually using the
language on how to negotiate it’ll also build confidence in knowing
who you are as well and what you bring to the professional table. Stage #6: it’s not always about the money. So, is asking for more money the best option for you? Because there are so many other benefits that you can ask for when
negotiating. For example, greater flexibility in terms of your start and
ending time at work or perhaps even more annual leave or even stocks and share
options. These are just a few of the options that you could consider when
negotiating for other benefits at work Pause the video here and write down five
to ten options and benefits that you could ask your employer for that do not
involve money. You’d be surprised what you can think of. Now, we’ve gone through what to negotiate and how to do it but it’s important to know that despite doing everything I’ve
told you your negotiations may not be successful and that’s not necessarily
your fault. It could be that your employers don’t have the means to give
you more or perhaps they don’t want to. Now walking away is never going to be
easy but it’s definitely important to know when to do it. This could be because of financial need market value or simply what you need to do in order to feel
good about the salary you’re bringing home. Ultimately you deserve to earn what you’re worth so please don’t let the fear of failing prevent you from trying. Thanks for joining us for this episode
of TRiBE’s Toolbox. Make sure you like and subscribe. Comment down below and let me know what you’ve learnt and whether you’re going to try a negotiating your
salary and please don’t forget to check out the other videos in TRiBE’s Toolbox

2 Replies to “How To Negotiate Your Salary with Yvonne Maxwell | TRiBE’s Toolbox

  1. We hope you love watching 'How To Negotiate Your Salary' as much as we loved making it. For more information on Yvonne or to find out more about TRiBE, check out the links in the description box.

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