Tag Archives: salary negotiation

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Why more women need MONEY as a VALUE & its BENEFITS!

03b62859Having being a career coach for well over a decade and worked with a diverse range of clients from various industries and professions  (men and women), more often than not it is the men who include money in their list of core values. Occasionally women will, however, only very occasionally.  Why is this?  Below I have offered some thoughts.

Values Defined

Values can be seen as blurry things. If you need a refresher then below is a great descriptor of what values are from MindTools.

“Your values are the things that you believe are important in the way you live and work. They (should) determine your priorities, and, deep down, they’re probably the measures you use to tell if your life is turning out the way you want it to.”

 If you are not sure what your core values are read ‘How To Define & Live Your Values’ and complete the values exercise.

Values & Greed!

For women it seems that having money as one of your core values could possibly translate into the view that your greedy. Is this perception or reality?  I suspect a combination of the two.

When I coach  men in their 20s – 50’s about their values in detail and what this means to them, and how it is played out in their work and lives, more often than not money translates into them being able to provide for their current or future families. And no, it is not a luxury yacht, expensive cars or endless overseas travel. It mostly is around having food on the table, paying the bills, a comfortable lifestyle and being able to educate their children.  No doubt part of this also relates to status and a sense of self-worth.

So while certainly greed exists, I would suggest for the average person, they are looking to have a personally rewarding career and lifestyle. Is this greedy?  I don’t think so. However men are much more comfortable with acknowledging this personal value, and articulating it publicly. For many women this is not the case. In addition, men generally are better at putting a fair or inflated monetary value on their contribution in the workplace.

Is it that it is not socially acceptable for women to acknowledge (which I believe is a part of it), the other is that women are just as likely to want the same output in terms of what money as a value offers.  However, are less likely to acknowledge it – be it on a conscious or sub-conscious level. As a result this could potentially be contributing to pay inequality, with men four times as likely to initiate the negotiations as women.

My suspicion is that if you don’t talk about or acknowledge the importance of money in your life from a growth and opportunity perspective, you are less likely to find yourself in a positive money situation.

Choices

Money is one of my core values and the reasoning is not one of greed.  For me it is twofold, when I work I expect to be paid fairly for the work I do, as this is a part of me defining my self-worth. Secondly, I know that as a child of a migrant, that money provides you with choices.  My husband and I lead a far from lavish lifestyle.  There is no designer car or high end fashion. We travel rarely and when we do it is in our own state. However for me the value of money is there because like most parents we hope to be able to offer our children the best education we can. I would also like to know that when retirement comes we will lead a comfortable lifestyle where I can continue to do voluntary work within the community. Is this greedy? No, it is a case of money offering choices.

Women’s roles & money

In an age where we have more women working and more separations in families, women’s roles have extended greatly, be it the sole, equal or shared income contributor. Yet this is not translating into equal salaries.

There is an element of denial in how important money is to our lives particularly by many women. Not so much when it comes to shopping, saving or the household budget, more around how the money is earned! The spending part is easy for us all to speak about. The how and valuing how hard it is to earn is the challenge. Also, valuing our contributions and asking to be paid more when warranted!

Last week I met with a friend who is a contender for a senior role and has pitched herself in the middle range of what they are offering – even though she is brilliant and should be pitching herself at the top of the pay scale! Sadly it is a common scenario – a women undervaluing her expertise and the value she brings.

Like me, you have no doubt heard the saying ‘If you do what you enjoy and do it well the money will follow’. I am not so sure about that. Perhaps for some, however, for many others this does not translate into their reality.  I can tell you this from countless stories of women who spent their careers being loyal and working hard to deliver value to their employer/s and not being paid fairly for doing so.  So we can carry on with this mantra or we can acknowledge that the world of work and pay is not about what is fair and rewarding those who do a good job.  The onus is on us to value ourselves and to speak up.

I would love to see a mindset shift around how women define money as a value for their work and lives.  Once this occurs we may start to see some even greater traction around pay equality.

Steps for Change

Chances are if you are reading this you may sit into one of the groups below or know someone who does that you would like to help.

A) For those unsure of their core values:

If you are keen to explore your values in more detail, complete my values exercise ‘How To Define & Live Your Values’ and complete the values exercise. 

B) For those with money blockers:

If you know what your core values are, however have been reluctant to delve more into your value and attitudes towards money watch 4 Money Beliefs That Limit Your Wealth Inside and Out w/ Kate Northrup 

C) For those wanting to negotiate their salary:

If you feel you are not being paid fairly and want to learn how to successfully negotiate your salary package, get a copy of my book ‘The Busy Women’s Guide to… Salary Negotiation’ from Amazon   It’s less than $10 and pretty much everyone who has purchased and followed the steps has seen their bank balance and their confidence grow.

Your thoughts

What are your views and/or experiences around women and money as a value? How have you changed this? What do you believe women need to be doing more of to overcome some of the money blockers we have?

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Free Salary Negotiation Training Webinar, 14th March 2016, Noon

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Are you uncomfortable at the thought of engaging in a Salary Negotiation conversation with your boss or potential new employer? 

If you answered YES, then I encourage you to sign up for this free Salary Negotiation Webinar. You will take away a lot of practical tips and advice about how to negotiate your salary packaged. It is far easier than you think.

The webinar is hosted by Gender Gap Gone,  Please join me for a one hour free salary negotiation training webinar on the 14th March, 2106 12pm – 1pm.

I am an experienced Career & Lifestyle Strategist with many years experience in salary negotiation coaching. I am also the author of The Busy Women’s Guide to Salary Negotiation.

For additional salary negotiation resources visit The Busy Women’s Guide to… Salary Negotiation

Investing the time now to negotiate a fair salary package will provide you with an infinite number of benefits, not only financially, both now and in the future.

Invest in yourself today and start being paid what you are worth!

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Why ‘Employer Rating Sites’ are a must to research your next employer!

03D05724Gone are the days of joining a new employer blindly so to speak. In the past you joined an employer on good faith that were going to be a great and fair place to work. That they would deliver on all those ‘verbal promises’ sold at the interview.

Employer rating sites offer a great source of information about how the marketplace views employers – which for some organisations can be an amazing endorsement that confirms that all the hard work they have put into offering a great workplace is working. Whilst for others it can be a bit of a wake up call. Employer rating sites are terrific for job seekers as they provide you with a current marketplace barometer of how employees really view working at that organisation. You will find a lot of the bigger companies,  however you may not find as many small to medium-sized businesses.

Now in addition to doing your usual Google search and asking about your networks, there  are a number of good employer rating sites you should be using before you start your next job, such as;

Glassdoor 

It is one of the original employer rating sites and has some terrific data on the organisation, key staff and even salary data.

Rate My Employer 

Rate My Employer is a similar site to the above for the European market.

CareerBliss 

This site has reviews of most listed companies. You can use the research salary data feature to find employee salary information. A hub of great data.

I encourage you to spend some time doing your due-diligence on these sites when you are going through the job search process.  They offer a wealth of information about what the employer is really like (however you may need to read between the lines with some) and it provides some terrific salary data to leverage at the the salary negotiation stage.

About the author

Kelly Magowan is a certified Career Coach with her own Career & Executive Coaching Practice. She has built a reputation as a thought leader in the careers space and has published a book on Amazon,‘The Busy Women’s Guide to… Salary Negotiation’. 

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The 7 Steps to Successful Salary Negotiation

business handshake in an office to seal a partnershipLet’s face it, most of us (men and women) find engaging in a salary negotiation discussion about as comfortable as presenting to a large room full of strangers. It is daunting, yet it is an essential skill to master for the sake of your confidence, career and your bank account.

To increase your comfort level and the likelihood of achieving a positive outcome from the salary discussion follow this 7 step process;

1. Prepare the meeting agenda (keep it brief).
A clear road map of what is to be discussed will keep you on track and provides a more professional edge to the discussion.

2. Research the job market for current salary data & document what you are seeking.
There is an abundance of free information available online for salary data such as pay scale, also through personal networks, HR, Industry Associations and Recruitment Firms you can find out where to pitch yourself.

3. Prepare the business case (keep it factual and concise).
It is less about your needs (i.e. tenure or having a big mortgage to pay) and more about you selling your past value and achievements and your future potential and benefits to your employer.

4. List your alternatives & what items you would be prepared to negotiate.
You must have clarity around what items you are looking to negotiate, such as base salary, flexible work hours and a car park (avoiding a shopping list of requests, instead package it up).

5. Anticipate potential objections & prepare responses.
Entering into any sort of negotiation is more likely than not to be met with objections. Ensuring you prepare for these is very important so you don’t get put off. The most common objection provided is variations around the company and/or division not having the budget or funds to provide any increases. Very rarely is this the case, as they can and will always find the funds if they believe you to be an asset to the business.

6. Book a meeting with the decision maker/s on neutral territory.
Wherever possible conduct the negotiation meeting face to face and on neutral territory. This ensures that you are is not disadvantaged.

7. Role play and practice of negotiation meeting.
The avoidance to negotiate is largely due to people not have the training or experience in negotiating. Without seeking out opportunities to practice negotiating (around anything, even a coffee) and role-playing you are unlikely to gain the confidence you need to be successful. Research suggests that if you don’t act on the decision to do something out of your normal routine within 5 seconds, chances are you won’t act. So there is only a small window of opportunity each time to convince yourself to move out of our comfort zone.

There is never a right or best time to have the salary negotiation discussion. The right time is now, be it with your current or prospective employer. Don’t wait for the next performance or pay review, or until you finish the current project you are working on, or until you achieve a certain qualification. Start the process today!

Download your complimentary salary negotiation checklist – Salary-Package-Negotiation-Preparation-Checklist

Kelly Magowan is a certified Career Coach with her own Career & Executive Coaching Practice. She has built a reputation as a thought leader in the careers space and has published a book on Amazon, ‘The Busy Women’s Guide to… Salary Negotiation’. 

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Great Career & Lifestyle Books to Get You Inspired in 2016

booksI love reading, and in particular I enjoy reading books related to how we live and work.  This year I managed to get through a sizeable stack of books (I even managed to write my own, The Busy Women’s Guide to… Salary Negotiation). Below I have a brief overview of those that I found to be most relevant for people looking to make career and/or lifestyle changes. I find that the two generally coincide.

 

 

Enjoyable Books That Made an Impact in 2015  

Mean Girls by Meredith Fuller, is a great book that helps understand the dynamics of working with female colleagues – namely those who maybe causing you some grief. The good news is that you are not alone. At various stages in our careers we all encounter ‘mean girls’. It is nothing you are doing wrong – generally it is all about them!  This great book offers some good strategies to deal with the various types of ‘mean girls’ that inhabit our workplaces.

Sell Your Thoughts by Matt Church, is a book which title goes on to state ‘How to earn a million dollars a year as a Thought Leader’. The book is a part of a program that the author offers. Whether or not you are interested in doing the program and/or becoming a thought leader, what the book does is offer a great formula for guiding you through how to capture your personal brand. It offers the reader some thought provoking career related questions around who are, what you want to be known for, how you want to make your mark and so on. If you are considering self-employment or looking to remain an employee the book is a valuable resource.

Life in Half a Second by Matthew Michalewicz is an inspiring book, based on his life experiences. Matthew is a migrant who is a self-made successful business person and the book is his formula for experiencing success in your life be it business, career and/or personal.  The book is confronting in a great way, forcing the reader to reflect on how they want to live their lives. Given we all have only a finite time on this planet, what do we really want to be doing with this precious commodity called time!

How to Find Fulfilling Work by Roman Krnaric is a book I picked up in December from The School of Life in Melbourne.  As a career strategist the title caught my eye!  The book is an easy read that is peppered with career related exercises which is where the fun and challenging part kicks in. To get the value from the book you have to do the homework! While I agree with most of what is written I feel that the author is too dismissive of any personality profiling – namely Myers Briggs (MBTI).  From his description I suspect his knowledge of how the tool is actually used is limited. Any profiling tool offers a different perspective on who we are. They are not there to typecast or pigeonhole us which the author seems to suggest. We are more than our MBTI type!  He also seems to have an outdated view of careers coaches which was disappointing. In reading his book, I would suggest that what he is proposing when it comes to finding fulfilling work is what most contemporary career coaches advocate. For those contemplating a career change, it is a nice little book to get you started.

What I Am Looking Forward to Reading in 2016

My brothers kindly gave me the following book selection below (at my request) for Christmas. So this wonderful pile of books are sitting patiently on my bedside table waiting to be read. Each book sounded intriguing based on the reviews by the various people who made the recommendations. These were people who were ‘Thought Leaders’ in everything from career coaching, through to leadership development and general business.

  • A More Beautiful Question by Warren Berger
  • The Definitive Book of Body Language by Allan & Barbara Pease
  • The Workplace Within by Larry Hirschhorn
  • Ego & Soul by John Carroll
  • To Sell Is Human by Daniel Pink

If you have read any of the books from either list please feel free to share your thoughts. Also further book recommendations are always welcomed.

The Right Way To Ask For A Raise

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As we come to the end of the year, many of us think about our goals for the new year.  An increase in income is often a big one for a lot of us.  I am thrilled to share that my friend Susie Moore is offering some awesome free video training on “The Right Way To Ask For A Raise”.  Susie coaches a lot of people on confidence and how to ask for what you want and when it comes to money it’s so important to speak up!  There is evidence that those who consistently negotiate a raise earn $1M more over the course of our career.

Here is her first free video on why you have to ask for a raise if you are confident that you deserve one. Click here: susiemoore.ontraport.com/t?orid=2028&opid=1

Over the next few days you will see a couple of more free videos with even more key insights – covering what not asking is really costing you and what 3 key things that need to be in place before you ask for more money at work.

Be on the lookout for a special free bonus gift that I have created in support of this important subject. All of those who sign up for the series will receive a complimentary copy of my book, The Busy Women’s Guide to… Salary Negotiation.

 

How Chanel’s Style Advice Can Help You in Your Next Salary Negotiation

quotescover-JPG-62While fashion icon Coco Chanel is remembered largely for being a style icon, she was also an incredibly savvy self-made business woman. She had an impoverished upbringing, yet she was clear about her unique creative gifts and the value she had to offer the world.  She was willing to back herself in business which was particularly unusual in 1913 when she opened her first store with the financial backing of a made (is made correct?) admirer (she paid off the loan a few years later). She also was an innovator and took calculated risks, from establishing and growing high end fashion stores, to creating the perfume Chanel 5 in a time when perfume was not worn by most of the population.   Chanel made many bold decisions over her career, which were largely the right one’s that led to this amazing lady creating one of the most renowned fashion houses in the word.

Chanel has many wonderful quotes that relate to fashion, business and life with one of my favourite quotes being, “Before you leave the house, look in the mirror and take one thing off”.  It is one of the quotes which transcends fashion and is just a pertinent to how women should approach salary negotiation. Let me explain.

Just as Chanel is highlighting in her quote that sometimes women can overdo it when we dress up to go out by adding too much to our outfits – the same applies to when women enter into the salary negotiation. We can overdo it by having too many items we want to negotiate and being too verbose and over justifying why we deserve them in the salary negotiation process.

My advice is to approach the negotiation as the great Chanel would have done. She would go in confidently, clear of her agenda and business case and she would execute the negotiation with just the right amount of information.  She would be sure of the value that she brings to her current or prospective employer and would be confident in asking to be paid her worth – because she would know exactly what it was.

As highlighted, being too verbose in salary package discussions is an approach that women sometimes use, but that is off-putting to decision makers. Having long lists of wishes and lengthy justifications for a pay increase can result in an immediate “No”. Consider your audience and their work style. If your boss is sharp and straight to the point, your salary negotiation pitch should also be sharp and to the point. Being clear and concise will more likely result in achieving the outcomes you want.

The three key things to remember when negotiating your salary package include;

  • Confidence – even if you have to ‘Fake It Till You Make It’
  • Business Case – research & prepare a compelling business case to justify the increase
  • Keep It Simple – don’t over complicate it or over personalise it

The financial situation for women has advanced since Chanel opened her first store over a hundred years ago, however women still remain underpaid in contrast to their male contemporaries.

When negotiating think of Chanel. Don’t overdress and certainly don’t over justify and overdo the salary negotiation discussion.

Kelly is the Author of The Busy Women’s Guide to… Salary Negotiation which you can purchase on Amazon. Start being paid what your worth! 

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