Gender pay gap? Try negotiating your salary

Did you know the gender pay gap is widening rather than shrinking despite growing awareness, government interventions and corporate actions such as forcing salary disclosure?

According to the World Economic Forum: Gender Gap Index 2017 average salary of a woman is $12,000 vs. a man $21,000.
However, we need to dig deeper to understand this number it is based on an average salary. More men tend to work in higher paying sectors such as tech and finance. Also, women tend to earn less as more are employed in part-time vs. full time employment. Also, many women take an indefinite career break after birth of their children based on conversations with my friends the 2nd child seems to be game changer. Not o mention being a stay at home mum is not considered a job and I could argue that woman should be paid especially in OECD countries with falling birth rates (but that’s another topic for another blog).
Ofcourse, there is also the fact that woman tend to get paid less than their male counterparts in many fields be it the Competition Prize money for Sportsmen vs. Sportswomen or actresses vs. actors. This is probably the most easily identifiable and can be fixed with growing pressure from sponsors and public. I am proud that my University Boat Race sponsor turned an 88-year tradition and offered the woman’s race team equality in racecourse, sponsorship and television coverage (University rowers make a splash for women in sport)

So what can woman do? Women need to aim high and be proactive in their career progression.

In this blog we outline one method to address this gender pay gap.
It is up to you to make your career-defining move of negotiating your salary. You should be aware that it could backfire and must weigh the pros and cons as a bad negotiation could make it difficult to stay in the same organization. On the upside if you don’t ask then you will never know.

Steps to negotiate your pay rise:

1. Do your homework. Find out what your company’s’ practices are. There may be a certain time in the year such as, after your annual performance review or the beginning of your company’s budget year that may be a prime time for this important negotiation. Or is your industry extremely competitive and you are easily replaceable – in such an instance it would be difficult to realistically expect a significant pay rise.

2. Know your worth. This is not as easy as its sounds you cannot go to your colleague and ask what their salary. However, you can help yourself by doing a little research. You can look at website that compare salaries based on the following criteria: similar companies/job description/location. Please note comparison websites should be used as a guide only as they underlying data is not always reliable. Your can also Additional you can search similar job postings and associated salaries either online or talk to a headhunter. Who knows? It could be that you are being paid more than the industry standard in which case, you should reconsider asking for a pay rise.

3. Prepare your case. Put your self in you managers’ shoes – why do you need a pay raise? Are you an outperformer in your team? How have you created value? What differentiates you from your colleagues? How are you unique? What are you positive qualities?

4. Negotiate. Be flexible but have an idea of what range you are willing to accept. Remember its not just about a pay increase you can include other benefits as part of your renegotiated package.

5. The wait. Take time to consider your offer and remember the power of silence when negotiating. It is acceptable to say something along the lines “Thank you for your time and hearing me out. Please allow me a day to consider your offer”.

6. Worse case scenario. What if you fail to convince your boss? There are 2 possible outcomes you should be prepared for.
a.  All goes to plan and you receive you much deserved pay rise- give yourself a pat on the back. Well done!
Or
b. You make your case but you are not able to get what you asked for. In this instance you need to evaluate why you haven’t been given a pay rise. It may be in indicator that its time for you to look elsewhere where you are getting paid based on your market value and what your deserve.

These 6 steps are meant to guide you only after you have decided to ask for a pay rise. Tailor and personalize these ideas to you and your organization. Remember if you cannot afford to or have too much to lose then think carefully as to whether you are in position to negotiate a pay increase.

All the best!

Remember to add thoughts & suggestions in the comments section of this blog.

Leave a Reply