Pay Gap? Still? December 4, 2012My MoneyOff

The gender gap is closing. More women are graduating from college than men. And more women are performing habitually ‘male’ jobs.

Yet such progress isn’t reflected in the numbers.

Female grads still only earn 82 percent of pay earned by their male counterparts.

Is this a battle of equal rights? Will women forever be enslaved to earning the bottom dollar?

What can we do about it?

Ann Carlsen, founder and CEO of Carlsen Resources, advises women to master the art of negotiation.

“If you just accept what’s offered rather than negotiating for more, you may sacrifice more than half a million dollars over the course of your career,” says Carlsen.

If your paystub is subpar based on your skills, Carlsen offers the following three tips:

  • Know your value, and prepare yourself mentally. Be fully informed before you negotiate by finding out what your role pays in the open market. Talk to mentors and executive recruiters and review annual industry salary surveys. That way, you won’t be caught off-guard and accept lower terms.
  • Sleep on it. Don’t say ‘yes’ to a salary offer until you’ve had 24 hours to think about it. “A desperate attitude will debase your worth,” she adds.
  • Always exude confidence, and continue to sell your value even after a job offer is extended. If you’re reluctant to promote yourself, pretend you’re representing a client.

If you get involved in a back-and-forth, Carlsen reminds women, “remember it’s not personal. Salary negotiations are all about budget, not your self-worth.”

Make sure you understand the financial situation at your company and demonstrate how you can help the organization to justify your higher pay.

Minute Mentor: New to investing? Here are top tips from SunTrust’s Debbie Riney-Smith.

Bonus PINK Link: Read how you can leave a lasting legacy in our online exclusive.

What was your best salary negotiation tactic?

By Amanda McCoy

“A dame that knows the ropes isn’t likely to get tied up.” Mae West

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