Written by: Karen Darby, WMCP®
Why is money so taboo? We all need it and are working to get it yet no one wants to talk about it. One money topic that isn’t talked about enough is your salary. We’re told to keep it private and not discuss how much you make with others. What if you are making less than your colleague just because you didn’t ask for more? This happens more often than we think.
Karol, a consulting psychologist, ran into this in the early stages of her business. She started her own company and hadn’t explored what other professionals in her field were charging for their services. She had met with the CEO of a company and left the meeting feeling confident that she would get the business. The next day she was told there was a problem—a “credibility” problem because her fee was so much lower than those of her peers. While her reputation still helped her get the business, this experience set Karol on a path of investigating the fees of her competitors.
That was the last time Karol had a fee credibility issue. The combination of her (1) understanding of marketplace fees at her level of experience, (2) confidence about her value proposition, and (3) differentiating skillsets accelerated the growth of her business. In short, she had both the clarity and courage to ask for what her consulting services were worth.
So, speaking of money, how clear are you about what you’re worth? When was the last time you asked for a raise? The fact is most women don’t negotiate their salary ever. However, studies show that 70% of employers expect the salary to be negotiated—this means that many women are leaving money on the table just by not asking. Working women need to understand their value and ask for what they’re worth. If you increased your earning by asking for what you’re worth just think about the impact this could have on your current lifestyle and future wealth.