Negotiating Salary with a Low Current CTC? 5 Effective Tactics for Women to Boost Their Pay
Negotiating a higher salary can be particularly challenging when you come from a background with a low CTC (Cost to Company). Women often face additional hurdles in salary negotiations due to gender pay gaps and societal expectations. In India, the gender pay gap and systemic biases exacerbate this issue, with women earning on average 19% less than menโ (Source: India Employer Forum)โ.
Many Iron Ladies have overcome these barriers and secured their desired roles and salary packages by implementing the following strategies:
1. Address Salary Early: Bring up your current low CTC early in the conversation to set the context. Acknowledge the disparity and emphasize your worth beyond the current package.
Example: “I want to address the elephant in the room early on. My current CTC is 25 LPA, which is quite low, especially considering my extensive experience and the value I bring. I understand that public sector salaries are often not competitive with the private sector, but my skills and performance have consistently exceeded expectations.”
2. Express Public Sector Challenges: Clearly articulate the challenges and limitations of your current background, highlighting your achievements despite these constraints.
Example: “Working in the public sector has its challenges, including limited salary growth. Despite these constraints, I have managed to deliver outstanding results, such as [mention specific achievements], which demonstrates my capability to excel even in resource-constrained environments.”
3. Leverage Industry Standards: Research and present industry standards for your role and experience level to justify your desired salary.
Example: “Based on my research and industry benchmarks, the average salary for a position like mine with my experience is around [mention industry average]. Given my skills and proven track record, I believe a compensation package in this range would be more appropriate.”
4. Highlight Your Value Proposition: Focus on the unique value you bring to the company, emphasizing your skills, experience, and potential contributions.
Example: “I bring a unique combination of technical expertise and managerial skills, which positions me well to contribute significantly to your team. My experience in managing complex projects and leading diverse teams will be instrumental in driving your strategic initiatives.”
5. Prepare for Counteroffers: Be prepared for counteroffers and know your minimum acceptable salary. Be ready to discuss other forms of compensation if necessary.
Example: “I am looking for a compensation package that reflects my skills and contributions. If we can’t align on the salary right now, I’d be open to discussing other benefits like performance bonuses, stock options, or additional leave.”
Negotiating a higher salary with a low current CTC requires transparency, confidence, and a strong value proposition. By addressing your salary early, expressing the challenges of your current role, leveraging industry standards, and highlighting your unique value, you can effectively negotiate a compensation package that reflects your true worth.
At Iron Lady, we empower women with the strategies and confidence needed to excel in salary negotiations and beyond. Ready to master the art of negotiation and secure the salary you deserve? Start your journey now by registering for the Leadership Masterclass!
