In honor of Labor Day, I thought I’d discuss the value of our labor and why it is important to negotiate. This discussion holds true for both men and women, but it has unfortunately been widely documented how many women resist negotiating for their worth in the job market.
According to Babcock & Laschever‘s, Women Don’t Ask, doing so costs women dearly. This obviously impacts family income greatly, so pay attention too guys.
- Even with only a high school diploma, without negotiation a woman will earn $700k less if she fails to negotiate her salary.
- A college grad will $1.2 Million; a graduate degree earner will loose $2 Million.
- Women are also 4 to 1 less likely to negotiate their first salary than men.
- Women who fail to negotiate their first salary stand to lose more than $500k for not speaking up.
- You aren’t alone, a full 20% of women (or a whopping 22 million people) say they never negotiate at all.
But ladies, there is hope. Women who do consistently negotiate their salary, increase their earnings at least $1 million more during their careers than women who don’t.
I’m glad to be one of those women who believes in negotiating for salary increases and has seen how well it works, but it is also an ongoing process.
So dig down deep and make sure you are negotiating for your value. Your future earnings and wealth depend on it!
Remember, Make ‘Em Pay.
Miel
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