In the US, women are paid 81% of what a man makes for the same position. In the UK, the gender pay gap for managers, directors and senior officials is at 15.9%. The gender pay gap is a pervasive problem in the workforce and there are many systemic reasons for this, which I will not be going into for now. I want to focus on what we can do as individuals, specifically as women, to ensure we are in a position to ask for and receive the salary we are worth. It is only one way in which we can address the gender pay gap and I realize it is not always an easy thing to do. Imagine being in front of a senior HR executive at the final stage of an interview process for your dream job, it is easy to capitulate at the first push back on your salary expectation for fear of losing the opportunity. For some reason, many women myself included are quite reticent when it comes to claiming and owning our successes. Until we learn to be comfortable with this, we will never have the confidence to ask for what we deserve. So if you are going into a salary negotiation soon, here are a few things you can do
Understand the value that you personally bring to the table, including leadership, soft and functional skills. I recommend creating a folder with regular update on projects that you have worked on, as well as any testimonials, articles and positive feedback etc It is always a good idea to be reminded of your brilliance and to enter into any negotiation discussion with acknowledgement of the value you bring to work and your worth
Take the time to network in your industry, so that you are making informed decisions about your career and salary. Many people get so caught up in establishing themselves in their current company that they lose sight of the rest of the industry and who they are outside of the company where they work. Your employer could be offering lower salaries than the rest of the market, and if that is the case, your current salary should definitely not be a benchmark for any future offers. If you are not aware of this, you might settle for less than you are worth
Invest in your own personal development. I made the mistake of relying on my previous employers to notice my brilliance and to invest in me. The moment I took ownership and control of my learning and development, I realized that in order for me to create the type of career I truly treasured, I needed to move in a different direction. If there are new advancements in your industry, meetup groups, conferences, courses or even degree programs, strategically investing in your self helps to set you apart from your peers in your industry and puts you in a great position to negotiate a higher salary
Do your research. I think it is healthy to speak about pay within a trusted circle but I know that this is somewhat of a touchy subject for most people. There are many industry wide organisations or women based organisations that share relevant market information including salary surveys. Sites like Glassdoor give some insight into what companies pay their staff. Job adverts are another good way to find out more about salaries although these can sometimes be inflated.
Practice asking for what you want and be prepared to justify it. Start with something that is low stake and build that negotiating muscle. When it comes to salary negotiations, a good strategy is to have a 3 tier range in mind – a low, middle and high point. The lowest point is the salary level beyond which you would be prepared to walk away from the job. This is a key negotiation strategy, being able to have a walk away point. If you are walking into negotiations desperately, your counter party will be able to sniff out your desperation immediately
Do not take the first offer. I never like to say never, but as a rule of thumb, I would encourage you not to take the first amount offered, particularly if it is below your expectation. I teach how to do this in a nice way in my salary negotiation program. Many people work for less for this one reason, they simply did not ask, and in their excitement, they took the first offer they received.
Why is this important? Aside from the fact that two people doing the same job should be paid the same, the compound effect throughout your career of accepting less than you are worth is significant.
What are some other tips you have for negotiating the salary that you are worth? For more tips on how to advance your current career or transition into the career or business that you love, sign up for my newsletter here and join my facebook group, “The Career Lounge” here.
Brilliant post! For employees anyway lol!