Careers Post-Pandemic and Your Negotiating Power

By Angela Grannan on November 29, 2022

As a wealth advisor, my goal is to help clients by providing tools and guiding them through different stages of their financial lives. Perhaps the biggest component of our financial life is our career, as it contributes to our ability to provide for ourselves and our families and to save and invest for retirement.

I know we’re tired of talking about it, but the pandemic really affected women and their careers. During the early months of the pandemic, women lost 1.7 million more jobs than men.[1] In addition, many women opted to stay home to care for young children as schools and daycares closed.

Hopefully, the dark days of the pandemic are behind us. Women are returning to the workplace and new flexibility, such as remote and hybrid work, and the loosening of 9 to 5 constraints are helping. In fact, remote and hybrid work has the potential to open more career opportunities for women, and social media has brought more awareness of what employers are willing to offer to attract talent.[2]

Women are still eager to advance in their careers, but they want flexibility along with opportunity. Because of important demographic shifts and the Great Resignation, employers may be more willing to negotiate valuable benefits other than salary as the balance of power has shifted to employees.[3] Let’s consider the demographics: Every day in the US, 10,000 Baby Boomers reach retirement age! [4]

Although demographics and the Great Resignation are working in favor of employees, that doesn’t mean you don’t have to put your best foot forward to get what you want.  A successful negotiation will take some effort and thought but will be worth it in the end. Here are some ideas to help you get what you want and need out of your negotiation:

1)Identify your needs

Know what you want when it comes to salary and benefits expectations. Remember that pay isn’t the only thing you are negotiating—perhaps you would like a hybrid work schedule or flexible work time. Take your potential (or current) employer’s needs into consideration as well. Be sure to explain how a break from your commute or start time flexibility will increase your productivity or improve your work.[5]

2)Do your research and know your market

Know what people at your level are earning and use that data to negotiate. Unfortunately, the gender pay gap has remained steady over the last 15 years; women with full-time jobs still earn 84% of their male counterparts. Have you heard of the “ask gap”? Women expect and ask for lower compensation than men do, which further perpetuates that gap. Therefore, it is very important to understand the importance of your offer, as it sets the base for future increases. And, of course, be sure to understand the firm’s bonus and equity incentive programs. Remember that negotiation is a two-way conversation. Be able to explain why your requests are justified and benefit both parties. Think about what would make your job and life better. But be sure to think of your potential employer too—is it prudent to say yes to your requests and maintain a solid workforce?[6]

3)Acknowledge your worth

Understand your strengths and be able to articulate them confidently. Be sure to make a list of your accomplishments and highlight the value that you bring. Explain how your past accomplishments were able to move the needle and created a positive impact for your company.[7] If you have trouble articulating this, it may be time to meet with a career counselor. I definitely struggled with this last point. I worked in the same industry for over 15 years and really had a hard time articulating my skill set. (I just did what I did and did it well!) My career counselor helped me break down the various components of my job (ie. risk management, research, relationship management, marketing, etc) and how those skills benefitted my employer and were transferrable to other careers.

4)Don’t be scared to decline an offer

Remember that you and your potential employer have the same goal—matching up your goals with theirs. Making a decision as important as your next job should not be made impulsively or out of desperation. It’s OK to walk away from an offer. Just be sure to ask the right questions of your potential employer—you are evaluating each other, so be direct and upfront.[8] Be well prepared, know what you are worth and achieve the result you want!

[1] https://pew.org/3kwzH47

[2] https://www.forbes.com/sites/carolinamilanesi/2022/03/11/hp-study-reveals-womens-post- pandemic-desire-for-career-progression-remains-high/?sh=492fbb001d71

[3]  https://www.thethoughtfulco.net/post/the-time-for-women-to-negotiate-is-now

[4] https://www.j2t-recruiting.com/post/the-impact-of-baby-boomers- retiring#:~:text=Baby%20Boomers%2C%20born%20between%201946,job%20market%20have%20alrea dy%20begun.

[5] https://www.jobsbl.com/negotiating-with-your-employer-post-pandemic/

[6] https://www.thethoughtfulco.net/post/the-time-for-women-to-negotiate-is-now

[7] https://www.thethoughtfulco.net/post/the-time-for-women-to-negotiate-is-now

[8] https://www.polarislawgroup.com/blog/2022/september/how-to-negotiate-a-salary-post-pandemic/