By Erica Zaragoza, Financial Advisor

of GWN Securities, Inc. 

for LA Wealth Management

Negotiating a higher salary and better benefits can be a daunting task, even for seasoned professionals. For high-earning women in their 40s and 50s, the stakes are higher, and the expectations are greater. This guide is designed to empower you with strategies and insights to negotiate confidently and effectively, ensuring you get the compensation you deserve in your next job or during your next review.

Understanding Your Value

Do Your Research:

Before entering any negotiation, it’s crucial to understand your market value. Research industry standards for your role and experience level using salary databases, industry reports, and networking with peers. Knowing the going rate for your position arms you with the facts you need to support your case.

Assess Your Unique Value Proposition:

Reflect on your unique skills, experiences, and accomplishments that set you apart from others in your field. Create a list of your key achievements, quantifying your contributions wherever possible. This self-assessment will not only boost your confidence but also provide concrete examples to justify your salary request.

Preparing for the Negotiation

Crafting Your Pitch:

Your pitch should be a compelling narrative that highlights your expertise, past successes, and the value you bring to the company. Practice articulating your points clearly and confidently, focusing on how your skills align with the company’s goals and needs.

Anticipate Objections:

Be prepared for potential objections or concerns the employer might have. Think about possible counterarguments and plan your responses in advance. This demonstrates that you’ve thoroughly considered the employer’s perspective and are ready to address any issues.

The Negotiation Process

Timing is Everything:

The best time to negotiate is after you’ve received a job offer but before you’ve accepted it. At this stage, the employer has already decided they want you on their team, giving you leverage. Avoid discussing salary and benefits prematurely during the interview process.

Start High, But Be Realistic:
Begin with a salary request slightly higher than your target. This leaves room for negotiation and signals to the employer that you know your worth. However, ensure your ask is within a realistic range based on your research and market standards.

Focus on the Total Compensation Package:

Salary is just one part of the equation. Don’t overlook other components of the compensation package such as bonuses, stock options, retirement plans, health benefits, flexible working arrangements, and professional development opportunities. These elements can significantly enhance your overall package.

Use Silence to Your Advantage:

After presenting your request, pause and let the employer respond. Silence can be a powerful negotiation tool, indicating that you are confident and serious about your demands. Resist the urge to fill the silence or backtrack on your ask.

Closing the Deal

Be Ready to Compromise:

While it's important to stand firm on your key requirements, be prepared to show flexibility in other areas. This demonstrates your willingness to collaborate and find a mutually beneficial solution.

Get Everything in Writing:

Once you’ve reached an agreement, request a written offer that outlines all the terms of your employment, including salary and benefits. This ensures clarity and prevents any misunderstandings down the line.

Express Gratitude and Enthusiasm:

Regardless of the outcome, express your appreciation for the opportunity and your excitement about the role. A positive attitude leaves a lasting impression and sets the tone for a productive working relationship.

Conclusion

Negotiating a higher salary and better benefits is not just about securing a better deal—it’s about recognizing and asserting your value as a professional. By understanding your worth, preparing thoroughly, and approaching the negotiation with confidence and strategy, you can achieve a compensation package that reflects your expertise and contributions. Remember, it’s not about finding balance but creating a fulfilling integration that honors all parts of who you are. Embrace these strategies and take actionable steps to ensure your career and personal life thrive. After all, you deserve it.

Disclosure: Information provided should not be considered as tax advice from GWN Securities, Inc. or it's representatives. Please consult with your tax professional.