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Negotiate For Your Future

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Negotiations often make us uncomfortable, but if we don't try, we could face a very different future. Women in particular are at risk for making less money over their working lifetime than men, and learning to negotiate can help lessen that risk.

Published in: Career, Economy & Finance
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Negotiate For Your Future

  1. 1. Negotiate Your Future: Why Paying Attention Now Will Pay Dividends Later Dr. Kate Duttro University of Washington Career Services, SMA/UWCC
  2. 2. Kate’s Iceberg Model of $$ Issues <ul><li>Visible and Latent Career Issues </li></ul>Health Insurance Inflation Company Rightsizings Gender Earnings Gap Cost of War Divorce/Death of Spouse Influence of External Feedback Victimhood Gaps in Work History Earning/Debt Ratio Part-time Work Good Girl Behavior Noble Poverty Prince Charming Lack of Retirement Savings Lack of Career Plan Imposter Syndrome Serving Others First Bag Lady Not Asking Single-Parent Families 2-Earner Families Child/Eldercare Self-Esteem Issues Discrimination Fear/Ignorance of Money Management Job Migration Debt & Bankruptcy Widow Poverty
  3. 3. Career planning with awareness of future financial issues can help you achieve an eventual retirement.
  4. 4. Average Earnings After 40 Years Working Women ($818,840) Men ($1,289,840)
  5. 5. Return on One-time Negotiation If each receives 3% raises each year, and neither negotiates again, salary gap = $15,373 ($76,870 Woman vs $92,243 Man ) at age 60. But his total earnings in 38 years = $361,171 more.
  6. 6. Compounded Interest If the man had banked the difference each year in a 3% bank account, at age 60 (38 yrs), he would have $568,834 more
  7. 7. Saving & Compound Interest Effect of saving $100-150-200 monthly over 40 years. (Note different interest rates.)
  8. 8. Why Do You Need So Much? <ul><li>Inflation </li></ul><ul><ul><li>1969 2-yr-old Datsun, $2,000 </li></ul></ul><ul><ul><li>1986 new Subaru, $13,000 </li></ul></ul><ul><ul><li>2004 new Honda $22,000 </li></ul></ul><ul><li>Cost of children (average income) </li></ul><ul><ul><li>$130,000 to $200,000 each (to age 17) </li></ul></ul><ul><li>Accident / Illness / Disaster </li></ul>
  9. 9. Traits Associated With Low Career Earning <ul><ul><ul><ul><li>NOT ASKING = Not negotiating </li></ul></ul></ul></ul><ul><ul><ul><ul><li>No career plan </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Lack of confidence </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Always letting relationships come first </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Too much volunteering / Serving others 1st </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Trying to do it all (not asking for help) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Joyless jobs </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Internal barriers </li></ul></ul></ul></ul>
  10. 10. Internal Barriers May = Mixed Messages About Money <ul><li>Money can’t buy happiness </li></ul><ul><li>Money causes stress and conflict </li></ul><ul><li>You can’t make a living as an artist </li></ul><ul><li>Money is the root of all evil/Noble poverty </li></ul><ul><li>Academic disdain for money/$$$ </li></ul><ul><li>Values and money = emotional issues </li></ul>
  11. 11. Recommendations? <ul><li>Identify and breech internal barriers first </li></ul><ul><li>Actively plan/control your career </li></ul><ul><li>Learn - Practice - NEGOTIATE </li></ul><ul><li>Educate yourself about money </li></ul><ul><li>Make the decision to use that knowledge and $$ management techniques </li></ul><ul><li>Start saving NOW </li></ul>
  12. 12. Take Control of Your Career <ul><li>Be proactive – know your value & get it </li></ul><ul><li>Ask for raises/evaluations regularly (have evidence) </li></ul><ul><li>If you don’t like your job, find another </li></ul><ul><li>Focus on your strengths </li></ul><ul><li>Work each day as if you were going on vacation tomorrow </li></ul><ul><li>Learn to delegate and/or ask for help </li></ul><ul><li>Live below your means </li></ul>

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