Podcast Summary
Negotiation skills: Only 30% of workers negotiate during hiring, but 66% of them received a raise. Negotiations are just conversations, be confident and assertive.
Negotiation is a crucial skill for getting paid what you're worth in the job market. According to a survey from Pew Research Center, only 30% of workers asked for higher pay during their last hiring process, but 66% of them received a raise when they did. This means that many people are leaving potential income on the table by not negotiating. Mandy Woodruff Santos, a finance writer, career coach, and podcast host, joined the show to teach us how to sharpen our negotiation skills. She emphasized that negotiations are just conversations and encouraged listeners to be confident and assertive when asking for more money. Additionally, Discover credit card offers 24/7 live customer service for any financial inquiries or concerns, ensuring that customers always have someone to turn to.
Negotiation, Career Growth: Negotiation is crucial for increasing income and net worth, but can cause emotional stress. Mandy's podcast, Brown Ambition, teaches women, especially women of color, how to ask for raises and negotiate for better opportunities, emphasizing the importance of increasing value and worth in the workplace.
Mandy from Brown Ambition Podcast shares her experience of spending a significant portion of her hard-earned money on daycare while also discussing her journey from making $35,000 to over $300,000 in 10 years. She emphasizes the importance of negotiation in increasing income and net worth, but also acknowledges the emotional stress that comes with it. Mandy's podcast, which started as a side project, grew from Yahoo's rejection into a successful show that teaches women, especially women of color, how to ask for what they want and negotiate to get to a place where their worth is apparent. Her advice is not just about asking, but also about taking specific steps to increase one's value and worth in the workplace.
Negotiating salary for women of color: Women of color should research market value and negotiate their salary despite fears or low expectations, for fair compensation and financial stability.
Women of color, especially those new to the job market, should not let low expectations or fear hold them back from negotiating their salary. It's important to research market value and know what the going rate is for your skills, even if it's your first job. Don't let the belief that you can't ask for more or that you're powerless prevent you from negotiating. Negotiation is possible and even expected, and it's crucial for securing fair compensation. Remember, your worth and financial stability are important, and you deserve to have your questions answered and concerns addressed by employers, even outside of normal business hours, with the help of reliable customer service like Discover provides.
Compensation cupcake analogy: When negotiating job offers, consider the entire compensation package beyond just the base salary, including benefits like healthcare, equity, and other perks.
When it comes to negotiating job offers, it's important to look beyond just the salary. Mandy, a negotiation expert, uses the analogy of a compensation cupcake to illustrate this concept. The base of the cupcake is your market rate salary, but the icing and sprinkles on top include benefits like healthcare and equity. Equity, in particular, can be a valuable negotiation point, especially for employees of smaller companies. It means owning a piece of the company, and many companies offer this perk, even if they're not publicly traded. By focusing on the entire compensation package, not just the base salary, job seekers can secure better deals and more comprehensive benefits.
Job negotiation benefits: Consider all potential benefits beyond salary during job negotiation, such as equity, signing bonuses, and relocation benefits. Negotiate your worth based on industry standards and skills' value for significant salary increases.
During the job negotiation process, it's essential to consider all the potential benefits beyond just salary, such as equity, one-time payment incentives like signing bonuses and relocation benefits. For instance, instead of accepting a $5,000 reimbursement for tuition that comes with a payback clause, you could ask for equity worth the same amount. Additionally, negotiating your worth based on industry standards and your skills' value can lead to significant salary increases. A client of mine, Jasmine, who initially thought she should only expect a salary of $55,000 based on her previous earnings, ended up negotiating for a base salary of $80-$90,000 after updating her understanding of her value. Remember, the negotiation process is about securing the best possible deal for yourself, and it's crucial to explore all available options.
Job Market Value: Understanding your worth in a high-demand job market can lead to better compensation and opportunities. However, it's crucial to consider the implications of bringing a competing offer to your current employer.
When you're in a job market where your skills are in high demand, having a clear understanding of your value and market worth can significantly impact your negotiation power. In the story shared, a woman was able to double her salary in a matter of days by using a competing job offer as leverage. However, it's crucial to consider whether you're willing to leave your current job before bringing the new offer to the table. If you're not, it may come across as petty, and the current employer may not take it seriously. Ultimately, being prepared and confident in your worth can lead to better compensation and opportunities. Additionally, from the podcast episode, it was clear that Ariana Grande's experiences during her teen and tween years, including her relationship with Cynthia and her astrology, provided valuable insights and comic relief. The upcoming episodes of Wiser Than Me featuring Ariana Grande are a must-listen for fans of the podcast and Ariana's music.
Professional challenges for black women: Be aware of potential biases, prepare for negotiations, consider consequences of counter offers, build a professional brand, and embrace confidence, assertiveness, and authenticity.
As women, and particularly as black women, navigating the professional world can come with unique challenges. When considering a job offer or negotiating a salary, it's important to be aware of potential biases and the importance of being prepared to leave if necessary. Counter offers can be a double-edged sword, and it's crucial to weigh the potential consequences before engaging. Building a strong professional brand and putting oneself out there can lead to opportunities that may not come through traditional channels like resumes or LinkedIn. Ultimately, confidence, assertiveness, and authenticity are key to navigating the professional landscape as a woman of color.
Human connections: Engaging with your network on LinkedIn and attending events can lead to valuable job opportunities, even for introverts. Building relationships is key to unlocking opportunities.
Actively putting yourself out there and building human connections can lead to valuable job opportunities. Mandy, a financial expert and influencer, emphasized the importance of engaging with your network on LinkedIn and attending events, even as an introvert. She shared how her own experiences of making specific connections led to various job opportunities, and how being at a current job where you're happy and valued can be the best leverage for negotiation. Mandy encouraged listeners to put themselves out there, have in-depth conversations, and focus on building relationships rather than just tweaking resumes. Ultimately, human connection is key to unlocking opportunities and moving forward in your career.
Podcast components: Podcasts have various components including unique perspectives, stories, and exploration of themes like failure and sharing, contributing to personal growth and understanding complex issues.
Just like a cupcake has its base (salary), benefits (frosting), and one-time bonuses or extras (sprinkles), our lives and careers have various components that contribute to our overall well-being and growth. In the podcast world, there are shows like "Fail Better" by David DeCovny, which explores the importance of embracing failure as a catalyst for growth, and "Longer Tables" by Chef Jose Andres, which highlights the power of sharing stories to understand complex issues. These podcasts, along with the hosts' unique perspectives, remind us that every aspect of our lives, whether it's our successes, challenges, or experiences, shapes who we are and how we navigate the world.