Last night I interviewed Mikelann Valterra, Founder of the Women's Earning Institute and author of Why Women Earn Less: How to Make What You're Really Worth. I learn so much from Mikelann every time I hear her speak and last night's interview was no exception. One of the most profound examples Mikelann shares is the story of a 25 year old woman and man who start their first job right out of college. The employer offers them both $25,000/year salary. The woman accepts, but the man negotiates for $30,000 and gets it. Neither of them get anything but cost of living adjustments (3% annually) until they both retire in their early 60's. The woman's retirement is $72,000/year while the man's retirement is $88,000/year -- $16,000 more. And during their working years the man earned $362,000 than the woman. All because he negotiated for $5,000 more in the beginning of his career. Realistically, the woman was probably out of the workforce for several years having children and the man probably negotiated his salary numerous times over the course of his career.
I am STUNNED every time I hear Mikelann share this story. I know negotiating does not come naturally for most of us and it's not easy. But, if you want to earn at your potential and be paid what you deserve you MUST learn how to negotiate. I worked for the federal government for 26 years and never negotiated my salary because it didn't work that way. When I started my own business seven years ago I learned how to negotiate by reading books -- Mikelann's book and Barbara Stanny's book Secrets of Six-Figure Women. I also helped Barbara Stanny teach Overcoming Underearning workshops. It was a slow process and I'm still learning, but I've become much better at negotiating.
Two things I've learned from Mikelann are Practice the Pause and the Resentment Factor. I put these into practice all the time. Thank you Mikelann for being such a great teacher. Learn more from Mikelann's blog at www.savvywomenearning.com and www.womenearning.com .
Warmly,
Marcia Brixey
Comments