Interviewing & Negotiating Compensation

Transcription

1 Interviewing & Negotiating Compensation Becca Lingley Fuse SPC November 30, 2016

2 Goals for Today Overview interview format, questions, and preparation Practice behavioral-based interview questions Understand the scope of the gender income disparity Realize why women do not negotiate Know the economic necessity of compensation negotiation Understand how to prepare for your next compensation negotiation opportunity Attain resources to help you understand and communicate your value and to support further learning beyond today

3 You have an Interview: now what? How to prepare The day of the interview Questions you may be asked How to frame answers Questions to ask Follow-up & thank-you

4 Interview Preparation Research the company Talk to people familiar with the company and culture Research the industry Research the job

5 The Interview! Do your clothes matter? Arrival Non-Verbal Communication Is silence okay? Questions that are illegal

6 Behavioral-Based Interviewing The premise behind behavioral interviewing is that the most accurate predictor of future performance is past performance in similar situations. Behavioral interviewing, in fact, is said to be 55 percent predictive of future on-the-job behavior, while traditional interviewing is only 10 percent predictive. Livecareer.com

7 Behavioral Based Questions Questioning evaluates core competencies of the candidate. Each question is structured to support an answer in story format (30-90 seconds in length, generally). Behavioral based interviewing allows you to tell your story in a way that highlights your abilities, character, and cultural fit.

8 Behavioral Based Questions Give me an example of a time you faced a conflict while working on a team. How did you handle that? Describe a time when you saw a problem and took the initiative to fix it. Describe a time when you had to interact with a difficult client. What was the situation, and how did you handle it? themuse.com

9 Critical thinking Being a self-starter Willingness to learn Self-confidence Teamwork Grit Integrity Competencies

10 Frame Your Responses STAR Situation Task Action Result More information about the STAR method:

11 How to Prepare for Questions Tell me about a time when A crisis in your life or job and how you responded or recovered from it. A time where you functioned as part of a team and what your contribution was. A time in your career or job where you had to overcome stress. A time in your job where you provided successful leadership or a sense of direction. A failure that occurred in your job and how did you overcome it. -livecareer.com

12 Questions to Ask What should you ask? Company culture Why he/she/they like working at the company The most challenging part of working at the company Most critical skillset the new hire needs to have Other ideas?

13 Now What? Send a thank-you letter within 24 hours Handwritten can be nice and set you apart because no one does them anymore. Minimally, send an . Restate your enthusiasm and something personal that you connected with the interviewers with. Follow up. Check in after 5-7 days, reiterating your interest and checking on next steps.

14 Questions?

15 Compensation Negotiation

16 Factors that may impact Compensation that We Won t Discuss Gender discrimination in general or harassment Reduced hours/flexible hours Leaving the paid workforce for periods of time to raise children Bad managers & other things outside our control

17 Today s Current Climate Equal Pay Day: April 4, 2017: Equates to an extra 95 days April 12, 2016 April 8, 2014 American women on average make 79 cents for every dollar a man earns. Latina women get 54 percent of what every white man makes; that figure is 63 percent for black women. recode.net, 2016 On average, full-time working women earn just 77 cents for every dollar a man earns White House, 2014

18 Today s Current Climate The Pay Gap Has BARELY Budged in a DECADE Pay Gap is present in EVERY occupation and EVERY location The Pay Gap is actually WORSE in Tech than most other occupations The Pay Gap gets WORSE with age Education doesn t improve the Pay Gap

19 Today s Current Climate The Pay Gap may negatively impact recruiting women into STEM occupations At the current rate, it will take another SEVENTY FIVE YEARS for pay equality between men and women

20 Today s Current Climate While gender constraints are real, they are not inescapable. We expect men to be in charge because they are, and we expect men to earn more because typically they do every woman who reduces the gender gap in pay and authority reforms the social structures that keep women in their place." -Bowels & Babcock

21 It s getting WORSE not better in Silicon Valley The Joint Venture Silicon Valley found men with bachelor s degrees bring in almost $35,000 more than women with the same education In Silicon Valley, this wage gap persists. According to data provided by Hired, a job recruiting startup, women are paid less than men for the same job at the same company 69 percent of the time. recode.net, 2016

22 Why Don t Women Negotiate Their Compensation During the Offer Process?

23 Why Women Don t Negotiate Perspective that it s out of our control: Women are more likely to believe that their circumstances are controlled by others while men are more likely to believe that they can influence their circumstances through their own actions. Babcock & Laschever We ve been taught it s unfeminine, unattractive, unwelcome, & ineffective from early ages through play & chores: Good girls are to be seen and not heard

24 Why Women Don t Negotiate Possess a low sense of entitlement, are fearful, or practice extreme caution to attain and retain our position Accept what we are given and are generally happy with it Work for love of what we do

25 Why Women Don t Negotiate Negotiation doesn t feel comfortable Grateful for the opportunity, and that keeps us from gathering information about what is fair and available Assume we must wait to be given things that we want or need, and don t realize that opportunities must be asked for

26 Why Women Don t Negotiate We re satisfied with the offer we have received we are satisfied with less than men are. We also expect less then men do Fearful we ll be too assertive "The anticipation of social backlash or pay discrimination is taxing for women and undermining of their human potential -Bowles & Babcock

27 Why Women Don t Negotiate Women just don t even try to negotiate at all.

28 Why Women Don t Negotiate Studies show that we women are just as good at negotiating as men except when it comes to negotiating for ourselves. We re outspoken when it comes to haggling for a great deal at a flea market or speaking up to raise money for our kids schools. Yet, when the focus is on us, we become shy, intimidated, and uncomfortable. Among the most common negative scenarios: downplaying our worth, failing to research comparable compensation, aiming to please others at our own expense, and settling for what others think we deserve instead of for what we want. womenforhire.com

29 Why Does Negotiation Matter? The Gender Pay Gap is a both a social and economic problem The MOST critical time to negotiate is at the beginning of your career Only 7% of women negotiate when they receive a job offer, compared to 57% of men Results in wage gap between men and women of some $431,000 lost income for women compared to men over their career.

30 Why Does Negotiation Matter? Just because a women may lack awareness about her market value does not meet that she should be under-valued Society pays an economic price for leaving women unaware of how much they might be missing Why should we tolerate a society in which half our citizens [women] are arbitrarily undervalued and underpaid? Fairness as a principle doesn t work if applied only in response to demand; it must be safeguarded and promoted even when its beneficiaries don t realize what they are missing. -Babcock & Laschever

31 Why Does Negotiation Matter? Undervaluation by society and oneself is bad for women s health: Negative (howbeit inaccurate) self-evaluation & stress = depression Later Life benefits are tied to career wages: Impacts social security, disability insurance, unemployment insurance, and pensions Paying women less means apportioning inadequate amounts of these rainy day guarantees to huge numbers of the populace. As a result, American women over 65 are more than TWICE as likely to be poor as men of the same age -Babcock & Laschever

32 How to Negotiate

33 How to Negotiate Heighten your expectations Know what you are worth Be positive in the process Take a collaborative approach Role play and practice before the real ask Set higher goals Remember that almost everything is negotiable Negotiate as confidently for yourself as you would for someone else It s okay to say no

34 Action Plan Research job ranges Research what women and men are paid to work in the job in Tri-Cities Practice: Do not divulge your current salary Prepare a counter offer Provide valid, confident, and well-researched explanation of why you are asking for more Move toward a win for you and for the company: negotiate from a place of collaboration

35 Action Plan: Research Entry Level (less than 1 year experience), BS Degree w/ Some relevance to job Entered location & my school info

36 After Offer Acceptance Keep measurable results at your job to prove your value and support your increase requests Revise your resume & keep it up to date (review every 6 months: it s easy to forget major accomplishments) Record your contributions for annual performance/merit reviews; or schedule annual meetings if your company does not have them Become invaluable to your company Toot your own horn

37 Where Do We Go From Here? Do your research: cost of labor, cost of living, and comparison to male & female salaries in your job field Negotiate! Continue to educate yourself on negotiation strategies, and practice beyond today. Encourage and empower other women of all ages to negotiate for themselves, now that you know the economic and cultural implications of not negotiating ID a mentor

38 Where do we go from here? First of all, do your homework... know what the appropriate salary is. Then role play, sit down with someone you really trust, and practice asking them for a raise. -Dr. Maria Klawe Until society accepts that it is a good thing for women to promote their own interests and negotiate on their own behalf, women will continue to find it difficult to pursue their dreams and ambitions in straightforward and effective ways, resulting in substantial social and economic costs for us all. Babcock & Laschever

39 Resources Online Compensation Resources: Job Seekers Salary Calculator: Salary.com: GlassDoor: Gender Gap App: AAUW Advocacy Resources: AAU Gender Pay Gap Reports: Keating Advisors (Personalized Reports for $65): Negotiation Suggested Further Reading: Women Don t Ask by Linda Babcock & Sara Laschever Ask For It: How women can use the power of negotiation to get what they really want by Linda Babcock & Sara Laschever Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg Pitch Anything; Linchpin To Watch: Margaret Neale: Negotiation: Getting What You Want: High Performance Negotiation Skills for Women: Power Pose Ted Talk

40 Questions? linkedin.com/in/beccalingley