Today’s Video Lesson—
According to a recent study, 57% of men who graduated with an MBA negotiated for their salary.
Only 7% of women negotiated. (Read more: ‘Nice Girls Don’t Ask’ in the Harvard Business Review.https://hbr.org/2003/10/nice-girls-dont-ask/)
That means there’s a ton of money left on the table—money that you could use to pay for preschool, save for college, or plan for a family getaway.
It’s time to ask for what you really deserve.
Here’s what the experts say are the 3 crucial steps to a successful negotiation—
1. Realize that you can’t over-prepare for a negotiation.
Make a list of everything that is on the table.
—Compensation—Bonus, base salary, overtime
—Where you work—Work from home a few days a week, set your own schedule, half days at home
—Parental leave—Extend to start work at home
—Other benefits that matter to you
2. Frame your ask in terms of what’s in it for your employer.
Show the benefit to your employer—don’t make it about you.
For example, if you’re asking for more flexibility, frame it as, “I’ll be able to accomplish more because I don’t have a commute.”
3. Anchor high
When you are entering into an negotiation, start with the highest number you can possibly say without breaking into laughter.
Women are often reluctant to put the first number out in a negotiation, but studies show the first person to put a number out there sets an anchor point.
Additional reading for this weekend—
The Time-Consuming Activities That Stall Women’s Careers, Harvard Business Review
How Being Busy Affects Our Motivation, NPR News
Your task + class comments—Reflect on the goal you set at the beginning of class. How can your superpower help you achieve that goal? Is there a negotiation that can help you achieve that goal? Tell us about it.
Need to catch-up or read-ahead? Access all of your Work It lessons.