Ladies, Do You Know What You're Worth?

According to Linda Babcock, Carnegie Mellon University economics professor, many women sacrific more than $500,000 over their professional lives by not negotiating their salaries. She surveyed 2002 and 2003 MBA graduates and found that 52% of the men had negotiated their salaries, while only 12% of the women had done the same.

Babcock, author of Women Don't Ask, found those who negotiated received 7% to 8% more than they were initially offered. So, what holds us back?

We've discussed this topic previously in this community. In fact, Nina pointed us to another Babcock 2003 Harvard Business School study that described three key factors:

1. Socialization: being taught that it's not appropriate to ask for what we want
2. Penalization: being reprimanded or denied opportunities because we are seen as being "pushy" when negotiating
3. Frustration: leaving the situation instead of using our skills as leverage points for growth

In the spirit of career portabilityTM, I'd suggest that we must resist the socialization trends and make the ask. Try to minimize penalization by being conscious of your communication style and attempting to adapt your communication techniques based on your target audience.

And, most of all, don't let frustration cause you to leave something on the table! Be prepared -- know what you have accomplished in your current (and previous) roles. Know the average salary ranges for your industry and position.

Ladies (and gents), I'd love to hear from you. Do you have success stories to share? Lessons that you've learned? Advice that you'd like to pass along?