HomeTop StoriesMajority of women have never asked for a raise. Here's how to...

Majority of women have never asked for a raise. Here’s how to negotiate for a higher salary

Asking for a pay raise is no easy feat, particularly for women.

More than half of women around the world have never asked for a raise before, according to a 2024 study by job listings site Indeed. Of the 43% who asked, three in four received a pay increase.

Additionally, 61% of women globally believe “they need to work harder for recognition than their male counterparts,” according to the survey, which polled more than 14,500 women across 11 countries.

According to research from Indeed, here’s the percentage of women who have asked for a raise in each country surveyed:

One Asian country stands out from the pack: India. Women in India were the most confident, with 65% of the respondents saying they have sought out a pay raise in the past.

“Female respondents in India were consistently more optimistic than their global counterparts,” Nishita Lalvani, marketing director for India and Southeast Asia at Indeed, told CNBC Make It. Indian women also reported having more satisfaction when it comes to steps their employers were taking to close the gender wage gap.

However, women in Japan and Singapore were the least confident when it came to asking for a salary increment, the survey showed. Only 13% of women in Japan and 32% in Singapore said they’ve asked for a raise before.

Globally, 24% of the women surveyed said they lacked opportunities to ask, while 28% said they were afraid of negative consequences. Additionally, 28% of women said they did not have the confidence to bring up the conversation.

“Women generally find it more of a challenge to self-advocate for a promotion and/or pay raise,” Aileen Tan, chief human resources officer with AIA Singapore said.

Having the drive and ambition are crucial if you want to build a successful and fulfilling career. This must be coupled with the ability to deliver and execute on plans.

Alieen Tan

Chief human resources officer, AIA Singapore

“I learnt early in my career that ‘nothing ventured, nothing gained,'” she told CNBC Make It. “It is equally important to be willing to raise your hands and step out of your comfort zone because all opportunities will come with its own set of risks.”

Here are six tips on how to best navigate a salary negotiation, according to HR experts.

Do your research

Prior to the conversation, it is important to find data on salary benchmarks for your role online and discuss with peers so you can be best informed before entering the meeting, said Pooja Chhabria, career expert and Asia-Pacific head of editorial at LinkedIn.

It’s imperative to have “clarity of thought” about what you think your compensation should be prior to the discussion, she told CNBC Make It.

Be confident

Although having the salary conversation can be daunting, ultimately, being well prepared will help you find confidence during the conversation. Practicing with a friend or a mentor beforehand can also help you identify ways to perfect your delivery.

“I always believe that it takes a lot of effort to look effortless. So that confidence will always come from having that clarity of thought having done that research,” she adds.

It is also important to understand what your manager and company cares about, and to keep that in mind throughout your conversation. After all, the point of a negotiation is to reach a “mutually beneficial outcome.”

Prepare your pitch

Preparing your pitch should begin before the conversation is set to take place. It is important to include specific achievements, and be prepared to address any objections from your manager.

“Be very clear about what is it that you’re going to tell your manager, starting with showcasing your value [and] giving examples of industry benchmarks,” Chhabria suggests. It’s also important to “address concerns where there could be constraints around budgets,” she said.

Additionally, “having a mentor to advocate for you is key,” says Aileen Tan. “[My mentor] helped me build up confidence and provided a good sounding board.”

Schedule a meeting

It is important to schedule a meeting in advance and to make clear that you would like to discuss compensation and career development. Don’t spring the conversation on your manager unexpectedly or frame it casually.

Additionally, be strategic with the timing of the meeting. “For example, if everybody’s really busy with the launch a new product launch and everybody’s really all hands on deck, maybe that’s not the right time,” she says.

Showcase your value

As they like say for college essays: “Show, don’t tell.” It’s the same with salary negotiations.

It’s crucial to bring examples of how you’ve helped solve problems and create a positive impact in the past. Quantifying your examples with numbers can also help during your negotiation.

“Communicate the impact that you’ve driven through your role, through your work, through the results that you’ve driven, tying it back to what the company and your team objectives are,” Chhabria suggests.

Be professional

Source link



Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments