A recent Robert Half survey revealed some unsettling information about pay parity in New Zealand - 65 per cent of the Kiwi women respondents said they believed men got paid more than women for doing the same job.
If this is true, it's a worry. But the reality is that I don't see it happening. The employers I work with do not offer different rates of pay depending on whether the candidate is a man or a woman.
However, what I do see happening, regularly, is female candidates underselling themselves by not highlighting their skills, not explaining just how perfect they are for this job, not explaining what they can bring to the role, and not confidently stating what they are worth.
Many people, and it seems especially women, find discussing compensation and benefits with an employer or potential employer nerve-wracking even when the economy is humming; in a recession, it can be downright scary. But all job candidates should be ready - and willing - to broach the topic with hiring managers. In fact, more than half (56 per cent) of senior executives surveyed by Robert Half International said they are comfortable with applicants asking about salary in the first or second interview.
So how do you negotiate for what you're worth in an interview? If you follow these tips, you can be confident that you will be taken seriously - and you will be presenting your case in the best light.
1. Do your homework. Conduct research to find out your market value, or, in other words, what the skills and experience you possess are worth. Begin by reviewing salary surveys and publications such as Robert Half's Auckland Salary Guide, talking to colleagues and recruiters, and checking salary comparison websites. Keep in mind that your geographic area plays a significant role in determining pay levels - it's unlikely that a finance manager in Hamilton or Tauranga will be paid the same as one in central Auckland.
2. Research the company. Is the firm in a position to bargain? Find this out before you even try to negotiate the salary. If you've been offered a job at a newly formed startup, or a company that recently announced redundancies, your bargaining power may be limited. If the firm isn't able to offer the salary you seek, consider negotiating other elements of your compensation package, such as benefits, holidays or flexible working hours. Another option is to see if the company is willing to re-evaluate your compensation six months or a year after you start, assuming you've met performance expectations.
3. Look at more than money. Whenever you are offered a new position, make sure to consider all aspects of the job. Will you gain more responsibility or work on a high-profile project that will be a valuable addition to your CV? These factors may make up for a smaller compensation package. Also consider the benefits package. Does the company offer health insurance, free car parking, or other benefits? Determine which factors are critical to you - perhaps having an extra week's holiday is actually more important to you than another $1000-$1500 in salary - and which ones you're willing to compromise on.
4. Show them your value. Be prepared to show how the company's investment in you will pay off. Provide concrete examples of how you boosted business for former employers (how did you boost sales? Improve customer satisfaction? Reduce turnaround time? And by how much?). Explain how your knowledge of a particular software program could save the business 10 per cent in outsourcing fees or that your experience leading a major project will allow the company to complete its projects more quickly. To negotiate better compensation, you need to be able to show, in numbers, that the employer will be better off by hiring you.
5. Get it in writing. Once you've agreed on terms, ask the employer to draw up a letter that outlines the specifics of the offer, such as the position's key responsibilities, salary and any special arrangements that resulted from the negotiations. Having everything in writing will prevent misunderstandings down the line, and it will also provide a good starting point for your next salary review, when you'll be able to point to how well you have carried out those responsibilities and exceeded expectations.
Flexibility and an open mind are critical to successful salary negotiation. By researching your market value, assessing the company's financial position and demonstrating a return on investment, you'll most likely find an offer that's agreeable to both you and your new employer.
If you are perfect for a job, ladies, then say so
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