The most crucial step to boost your career earnings as a CEO managing $2 billion in assets.

I served as CEO of Sanford Bernstein and CFO of Citigroup before launching Ellevest to help women build wealth. During my time at Merrill Lynch, I learned that not asking for more could mean leaving a lot of money on the table.

The optimal time to negotiate your salary is either yesterday or today.

Negotiating salary can be challenging and uncomfortable for many women, but it is crucial in increasing their earning power over time.

Here's my best advice on how to approach these conversations with confidence.

Negotiate like you would for someone you care about

Have you ever witnessed a mother fearlessly negotiate for her child at school, dispelling the myth that women are not as skilled at negotiating as men?

Studies reveal that when a woman negotiates on behalf of others, such as her children, siblings, or colleagues, she does so more assertively.

When feeling anxious about advocating for yourself, consider the potential benefits for others involved.

DON'T MISS: The ultimate guide to negotiating a higher salary

If you want a raise, consider how it can help you contribute to your children's college education or your favorite non-profit. If you're looking for a more flexible schedule, think about how it can allow you to spend more time with your loved ones.

Negotiating more effectively requires us to consider the other person's perspective rather than solely focusing on our own interests.

Give yourself multiple ways to win

It is crucial to emphasize that the raise is significant, but the negotiation is not solely about obtaining a raise.

If you only ask for one thing, you may not get it, but if you have other valuable requests, you can still succeed. Additionally, your boss will become more likely to say yes to you, which is beneficial.

The traditional view of negotiation as a win-lose proposition can limit possible outcomes.

As you progress in your career, there are numerous things to negotiate for that can benefit both you and your employer, such as a more flexible schedule, exposure to different areas of the company, working on a project with a top manager, or even taking a sabbatical.

In the long run, things that increase your earning power may be more valuable to you than a salary increase today.

Discovering what you want to modify in your current circumstances through negotiating can help you find "win-win" opportunities that strengthen your relationships.

Negotiating isn't a one-time thing

You should have a yearly conversation with your boss about your role's success metrics and the criteria for career advancement and raises.

It's not necessary to have a formal discussion with your manager every month. However, I suggest discussing compensation and bonuses more frequently in a relaxed setting.

To prove your worth to the company and secure a fair salary, it's important to set specific goals and expectations. Instead of assuming that your hard work will be recognized, take the initiative to find relevant metrics that will help the company succeed. By doing so, you'll be able to showcase your value and demonstrate your commitment to the company's success.

This experience will equip you with the necessary vocabulary and data to effectively negotiate a package with a new employer if you choose to work elsewhere.

The most successful negotiators have a financial plan

Integrating financial planning into your negotiation strategy can enhance your bargaining power by aligning your goals with your overall life plan.

Determining your financial goals can aid you in deciding the minimum salary you're willing to accept during job negotiations. Additionally, it can help you in negotiating other aspects of the offer, such as benefits, bonuses, and flexible work arrangements, that align with your long-term financial plan.

Incorporating financial planning into your negotiation approach and emphasizing the importance of preparation, open communication, and relationship-building can lead to better outcomes in life.

By knowing what you require and desire, you can negotiate with greater power.

Sallie Krawcheck, a female CEO with over 25 years of experience in the financial services industry, founded Ellevest, an investing and wealth management company aimed at women. Krawcheck was one of the first women to lead a major Wall Street firm and has been recognized as a trailblazer and an influential woman in finance. She has held leadership positions at Merrill Lynch, Smith Barney, Citi Wealth Management, and Citi, and was named "The Last Honest Analyst" by Fortune and one of the "Most Influential Women in Finance" by Barron's.

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