In this episode of Money Rehab with Nicole Lapin, Claire Wasserman, co-founder of Ladies Get Paid, offers strategies for women to negotiate fair pay. She emphasizes using data-driven research on market rates and quantifying your impact to support pay raise requests. Wasserman also advises adopting an entrepreneurial mindset, positioning yourself as a business partner who generates value for the organization.
The discussion explores overcoming psychological barriers to salary negotiations. Wasserman encourages cultivating confidence by challenging negative self-talk and reframing negotiations as growth opportunities. She also recommends examining financial avoidance patterns rooted in family history and embracing an abundance mindset.
Sign up for Shortform to access the whole episode summary along with additional materials like counterarguments and context.
Claire Wasserman, co-founder of Ladies Get Paid, provides strategies for women to negotiate fair pay. Key approaches include:
1-Page Summary
Claire Wasserman, co-founder of Ladies Get Paid, has provided a host of strategies for women to negotiate for fair pay in their careers, emphasizing the importance of data, an entrepreneurial mindset, and leveraging relationships.
Wasserman recommends doing market research to understand salary ranges and what similar roles pay at competitor companies. She suggests reaching out to white men at comparable companies via LinkedIn for salary information and questioning an employer's method for determining offered salary ranges. To negotiate effectively, women should always cite the highest number in their market research and back it up with solid evidence. It's all about framing the salary request as an investment in the company’s success rather than as a personal reward.
To understand what the market pays, Wasserman advises looking at companies of similar size, location, and revenue, and talking to about six people to get a sense of commensurate compensation. It’s also crucial to track any changes in job responsibilities and assess whether your skills have become more desirable or if market rates for those skills have changed.
When making salary demands, it's effective to provide quantified evidence of the impact you've had on the company's bottom line and highlight your progress. Discussing how investing in you results in a return on investment for the company can be a persuasive strategy.
Wasserman encourages women to see themselves as a business that the employer is investing in. By showing how your growth aligns with the company's success, you're making the case that investing in you benefits the organization.
Consider yourself a business asking for investment. When negotiating, it’s not just about doing a job; it's about how you can bring extra to the role, like good client relationships or access to vendors.
Explain how your role and performance directly benefit the company's bottom line, aligning your personal growth with the organization's success. Propose performance-based compensation goals, suggesting that if compensation needs aren’t met, you may need to consider leaving.
Building relationships with people inside the company, like HR ...
Women's Strategies For Negotiating Fair Pay
Claire Wasserman focuses on helping women confront their inner critic that undermines their self-worth. Through her structured coaching program, she emphasizes the importance of accountability in silencing this critic in order to build self-confidence, which is essential when requesting higher compensation.
Wasserman asserts that having a personal practice to reflect on self-worth is key to unlocking one's desires in life, including fair compensation. She advocates for being transparent about personal challenges, as doing so is a step towards overcoming the shame associated with these struggles.
Her podcast, "Ladies Get Paid," aims to coach women on self-worth and salary negotiation, encouraging them to view these negotiations as opportunities for growth rather than confrontational situations.
Wasserman had a memory of being paid $20 as a child and immediately wanting to give it away, which signifies a deeper financial psychology issue connected to her past. She suggests reflecting on one's family history with money to uncover inherited beliefs and attitudes.
Overcoming Emotional and Psychological Barriers To Requesting Higher Compensation
In an episode, Claire Wasserman shares practical advice for effectively negotiating higher pay using a combination of research, data, and an entrepreneurial outlook on salary discussions.
Wasserman emphasizes that negotiations should be based on solid market research. This entails talking to peers at competitor companies and researching industry pay ranges to ensure an offer is fair. She suggests verifying one's offer against others and explaining the proposed salary's basis on market research. Nicole Lapin also underlines the importance of sticking to data when negotiating for better pay.
Justifying the request for a raise is crucial, and Wasserman suggests leveraging a recent success that positively impacted the company's bottom line. By providing quantified examples of contributions to the business's financial ecosystem, one demonstrates the direct linkage between work performed and the organization's profitability.
Though no specific details are provided, Wasserman indicates the importance of discussing salary growth, how market conditions around one's skillset have evolved, and showing how one plans to contribute to the business's success.
Wasserman advises taking the stance of a business partner in negotiations. This includes tackling broader compensation discussions, focusing on how a proposed salary impacts the organization, showing alignment with the company's success, and addressing upfront any concerns an employer might have — for example, how one's contributions will continue despite significant personal life changes.
Highlighting one's unique benefits and proposing performance-based incremental raises can position oneself as a business entity whose growth alig ...
Making a Case for Higher Pay Using Research, Data, and an Entrepreneurial Mindset
Download the Shortform Chrome extension for your browser