Think again: Millennial men still make more than women.
According to the 2014 edition of an annual survey conducted by Wells Fargo, Gen Y women make about $20,000 per year less than men of the same age. As a result, we struggle to save adequately for our futures and feel overwhelmed by financial responsibilities like student loan debt.
We must work to find a solution so that women can feel empowered with their money and enjoy more financial success. That starts with understanding how to make more. The easiest way to do so? Negotiate a raise with your boss.
But studies have shown women aren’t good at advocating for themselves and their finances — which is part of the problem. Let’s start at the beginning: learn how to ask for more with these tips for negotiating your next raise:
Prepare Before You Pitch
Plan ahead and understand what you’re asking for and why before you walk into your boss’ office. You’ll need to do more than say, “could you add more to my next paycheck?” Expect to ask for a specific number.
Provide Examples of How Valuable You Are
You’ll need to be able to explain why you deserve that number, too. Avoid getting personal; your boss won’t be moved by your plea for a higher salary because you need to pay your mortgage.
Instead, the number you’re asking for should be in line with the value you contribute to the company. You should illustrate how much you’re worth to your boss as part of your negotiation for a raise. Discuss what you’ve accomplished and what you’re looking forward to doing in the future for the company.
Think About Timing
Part of your planning should be choosing the right time to negotiate a raise with your boss. Neither slow periods where company revenue falls nor crunch times when everyone is stressed and working overtime provides a good opportunity to ask for more pay. And be courteous: schedule your meeting ahead of time rather than springing an unexpected conversation on your boss.
Remember, your compensation is more than just your salary. Your boss may be limited by budgetary concerns or other administrative factors that won’t allow them to grant you a pay raise when you ask. But you can negotiate for other types of compensation like more vacation time, paid training or education, and additional benefits.
Dealing with “No”
Be prepared to manage your emotions if you negotiate with your boss for a raise and the answer is “no.” Don’t become confrontational or aggressive and never threaten to take retaliatory action (like threatening to quit your job if you don’t receive the compensation you wanted).
You can either be upfront and ask if you can negotiate for a raise in six months, or ask how you can take on more responsibilities and improve performance to earn a raise in the future.