Speak Up! Salary Negotiation for Women in Tech
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Mastering the art of salary negotiation is important for everybody, but women in tech face specific challenges. This presentation is full of helpful tips to help female engineers, product and program managers, and other tech roles negotiate the salary their skills and experience merit.
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Speak Up! Salary Negotiation for Women in Tech
- 1. Speak Up! Salary Negotiation Tips for Women in Tech Aubrey Bach, Marketing Manager Lydia Frank, Editorial and Marketing Director
- 2. Negotiate Salary Early and Often • Salary plateaus after age 40, often earlier for women.
- 3. "... a 25-year-old who negotiated a starting salary of $55,000 will earn $634,000 more than a non- negotiator who accepted an initial offer of $50,000.” Oh snap.
- 4. Women Are Less Likely to Negotiate • Men are more likely to ask for raises overall. • 31% of women who did not negotiate said they were uncomfortable talking about salary. 23% of men said the same. • 40% of men said they had always been happy with their
- 5. “Women worry that pushing for more money will damage their image. Research shows they're right to be concerned: Both male and female managers are less likely to want to work with women who negotiate during a job interview.” - Ashley Milne-Tyte, Planet Money #TheStruggleIsReal
- 6. #WorthIt of people who told us they asked for raises reported receiving an increase in pay. 75%
- 7. Gender Wage Gap? • When controlled for job type, experience, education, etc., the gender wage gap much smaller than BLS numbers. • But the gap widens at the Director level and above, and can be wider in certain job types. Source: PayScale.com
- 8. It’s a Gender Job Gap • The Gender Wage Gap is a result of women not going after high-earning jobs as often as men. • The lack of women in senior and leadership roles contributes greatly to pay inequity. Source: Forbes.com
- 9. STEM! STEM! STEM! Source: Forbes.com
- 10. Special Challenges for Women in Tech • The tech industry poses special challenges for women – earn your worth. • Consider YOUR priorities when choosing a company (pay, professional opportunities, work/life balance, benefits, etc.) Source: Catalyst.org
- 11. 1. What you are worth 2. What they are willing to pay you Negotiation 101
- 13. Take the PayScale Survey Determine How Much YOU Should Earn in A Role
- 14. • The salary negotiation process starts as soon as you fill out the first application • Never give a number or preferred salary range first. The Golden Rule of Negotiation
- 15. Don’t Be Afraid • Employers expect you to negotiate.
- 17. What is Compensation? • Salary • Bonuses • Equity • PTO • Flex time • Benefits • Educational and growth opportunities
- 18. Never Take The First Offer • Recruiters expect you to negotiate. • If the number they offer doesn’t meet the compensation package you researched, come back with a specific counter offer.
- 19. Stick to a Script “Not only do I have [all the standard requirements that everyone else has] + but I also possess [the following unique traits that make me a better candidate and worth more money].” - Jim Hopkinson (author of Salary Tutor), PayScale Salary Negotiation Guide contributor
- 20. Practice. A Lot.
- 23. 1. How do you approach salary negotiation when you are seeking a lateral move within a company? 2. How do you approach salary negotiation if you are re-entering the workforce after taking time off to care for children? 3. How do I negotiate a raise when my boss keeps comparing my salary to that of a peer who has more tenure but never negotiates? (“Why is their inability to ask for a raise my problem?” 4. I did not negotiate my salary when joining the startup I am at currently. I am aware that we are all paid under market value right now, but have equity instead. But as we grow and get more funding and revenue, how can I make sure that I am eventually paid at market rate? 5. When do you start negotiating things like signing bonuses, equity, or more stock when interviewing at or being recruited by a new employer? Can I ask for those things during a review with my company when I am not seeking a new job or promotion? Audience Questions
- 24. Thank You! Don’t be a stranger. aubreyb@payscale.com Twitter: @aubreybach lydia@payscale.com Twitter: @lydia_west katieb@payscale.com Twitter: @bardake
Editor's Notes
- Thank Katie, compliment, welcome everybody Introduction: Aubrey Bach, Marketing Manager at PayScale. I work with our amazing data team to turn the data we collect here at PayScale into the studies, special reports, infographics, blog posts, data visualizations and more that help our audience understand and increase their professional worth and make smarter decisions about salary and career. Today I’m here to talk to you all about how you can, and should be, negotiating your salary, whether you are looking for a new job, being recruited, seeking a promotion, or sticking with an employer you are totally happy with currently. I am going to talk a little bit about why salary negotiation is such an important topic to women in tech in particular, what opportunities for negotiation you may be overlooking, and then go over some nitty gritty negotiation tactics. Then, along with Katie and with Lydia Frank, our Director of Editorial and Marketing, we’ll answer some of the questions you guys submitted on the event page, and then hopefully have time for some more questions at the end.
- Salary plateaus after age 40, often earlier for women. When we adjust for cost of living, the average man stops seeing major increases in salary after age 48. For women, it’s 39. (Ask Katie for something pithy to say about why)
- With this knowledge in mind, the earlier you start negotiating, the higher your base salary is for the rest of your career. That’s why even small increases early on count for so much.
- Unfortunately, negotiating can be extra challenging for women. Even women with highly sought-after skills, like everybody in this room. Men are more likely to ask for raises overall. There have been a ton of studies around this topic – regardless of actual job performance, men are more likely to say that they deserve salary increases than women, who tend to feel like they have to meet 110% of goals in order to deserve comp increases. Men are also more likely to apply for jobs, even if they don’t meet all the qualifications in a job posting. In a recent poll, we asked people taking the PayScale Salary Survey if they had ever negotiated salary. In our results, men were only slightly more likely than women to say that they had negotiated, but do keep in mind that that is asking a group of people who are already thinking of salary and comp increases (why else would they visit PayScale.com?). However, when we asked the people who had not negotiated why they hadn’t, women were far more likely to say it was because they were uncomfortable talking about salary, while men were more likely to say that it was because they had always been happy with the salary they received.
- CHANGE TO FOCUS ON LOGIC/DATA
- Here at PayScale, we talk about the Gender Wage Gap. A lot. The figure you hear a lot is that women are paid 77 cents for every dollar that a man makes. That (and similar) numbers are derived by BLS figures – they take all of the money earned by men in the United States and compare it to all of the money earned by women in the United States. Unfortunately, that doesn’t account for life choices or even job types – it’s lumping in everybody, from teachers to surgeons, altogether. At PayScale we wanted to get beyond that, since we are sitting on the world’s largest compensation database. So we calculate it by comparing men and women with the same job titles, years experience, education, etc. When corrected, we find that for most people working in the same job, the gender wage gap is between 3 and 7 percent. The main issue is that more men go into high-paying fields, like engineering, and more women go into low-paying fields, like teaching or social work. Also, men hold higher level positions, and dominate the Director and Executive job levels, so their incomes overall are much higher.
- So if we want to even the playing fields, we need to facilitate women going into high-paying job types, like engineering, and making it possible to go after senior and leadership roles as easily as men. First, that means that everybody in this room is a rockstar and is helping to close that gap by working in tech and engineering. Nice job ladies. The good news is that last year, we had more female Fortune 500 CEOs than ever before. The bad news is that that record-breaking number was only 24.
- Engineering was the top college major amongst those 24 female CEOs. So if you need another piece of evidence to convince young girls to study STEM, throw that out there.
- The tech industry poses a host of special challenges for women, as I’m sure you all know. There are so few women in tech that it can be hard to find role models, or feel included in corporate culture. We used to associate the technology industry with socially awkward, pocket-protector wearing nerds working in cubicles. Now the stereotype is rapidly becoming the outright offensive “brogrammer”, or my personal favorite, “nouche.” A recent study from Catalyst.org also cited that women in tech were more likely to say that they faced unclear evaluation criteria than women in other industries. As a result, after all the work it takes to get into the tech field (an engineering degree isn’t exactly easy to earn, says the Comparative Literature major), there is a huge problem with women leaving the tech industry once they are in it. So if you want to minimize your frustration and remain viable in a high-earning industry that you love, be really selective about the companies you work for. Consider YOUR priorities when choosing an employer. There are some corporate cultures that are a better fit for you, and that should definitely be part of the total compensation package when you review offers. Research how people rate the company’s pay, professional opportunities, work/life balance, benefits, etc.
- Ok, so now on to negotiation. A wise woman – Liz Morgan, who couldn’t be here tonight, but is the founder of Seattle Girl Geek Dinners and is a really amazing person to talk to about recruiting and negotiation – once told me that negotiation is based on two simple factors.
- PayScale can help you figure out what you are really worth.
- Our core offering for consumers is the PayScale Salary Survey. Take our survey to find out how your pay compares to people just like you, with the same Job title Experience level Education Skills Etc. With your salary report in hand, you know how you rank and how much you should be making.
- Whether you want to expand your job search to higher-paying positions or earn more money in a role, you can use PayScale’s Research Center to find out which skills increase your worth the most. Don't just negotiate salary. Negotiate your total compensation, including: Salary Bonuses Perks/Benefits Equity Life/work balance Opportunity for skill and career growth
- With data in hand, there is nothing to be afraid of. That’s kind of the mission of PayScale – we want to make it easier for you and your employer to have an open, frank conversation about compensation, and arrive at an answer that makes sense to both of you. And here’s the thing – employers, recruiters, managers, etc. EXPECT you to negotiate. So do that.
- When you have a specific number in mind, and the data you need to back it up, negotiation transforms from a scary, emotionally risky thing into a simple, logical conversation.
- Before you give your manager or recruiter the number you have in mind, make sure you are thinking about total compensation and not just your paycheck. This is even more important in the tech industry. Some of you work for employers with almost 100,000 employees, and some of you might be joining tiny start-ups with just 2 or 3 founders. And then there is everything in between. At it’s nature, the tech industry is highly competitive, high-performing, and has a lot of opportunity. So your specific number should include all the things on this list.
- This is especially important when you are talking about a new job. Never take the first offer. Just don’t. Recruiters absolutely expect you to negotiate, and almost always have some wiggle room in the first offer they give you. Come back with a specific counter offer, and tell them that your research shows that somebody in that position, with your skillset and experience, should be making this specific amount of money. This is a great time to name specific bonuses, equity asks, benefits, and other compensation factors as well. You might have slightly less wiggle room in a salary negotiation with your current employer, but again, it doesn’t hurt to ask. And if they can’t do better than their initial number in terms of salary, bring up things like performance bonuses, educational and growth opportunities, additional PTO, etc.
- The truth is, you’ll still probably get nervous talking about salary. That’s normal. That’s also why having a script is so important. This example comes from our Salary Negotiation Guide, and is written by Jim Hopkinson, author of The Salary Tutor. Writing down your script, and even glancing at it if you have to during a negotiation, will keep you from rambling on or freezing in a key moment.
- Finally, practice. A lot. In front of the mirror. With friends. While you walk from the bus to work. The more you practice, the easier the conversation will go. (Also, Go Hawks!)
- Finally, and this is another gem from Liz, if you find yourself in the middle of a back and forth that is just going on too long, especially in a new job offer situation, time is your ultimate trump card. Simply, graciously, tell a recruiter that if they can meet your offer by a certain time and day (usually within 48 hours), you will be very excited to join the team. With one easy breezy statement, the ball is in their court and expectations are set.
- Salary plateaus after age 40, often earlier for women. Negotiating your salary early in your career makes a huge impact on future earnings.