ANZ bank recently released yet another report about the persistent wage gap between women and men in Australia. It found women are being paid almost 19% less than men – or $295 per week – in equivalent roles. This equates to $15,000 a year and a staggering $700,000 over the life of a career. The bank also released a powerful video directed by Jane Campion highlighting the opportunity gaps for girls and women who start off ahead in so many ways but often end up behind.
As a professional woman and a mother of two young girls all this drives me crazy. But what can be done? There’s no magic formula, but each of us can give voice to inequity and do whatever we can to create positive outcomes for the women and girls in our families, communities and workplaces. As a recruitment professional, I can pass on my tips to help women get a better outcome from salary negotiations.
Having recruited in the corporate management, finance and accounting space, I’ve had literally hundreds of discussions with professional women about their salary expectations. While each conversation is different, women commonly undervalue themselves and don’t always know their market worth or the level of demand for their skills. In addition, there’s often a sense they have to ‘pay’ for time out of the workforce and ‘take what they can get’ when returning to the job market.
Typically, women are also more likely to express their salary demands in terms of wanting X% more than they are earning now or earned most recently. While men are more likely to say ‘I want this much because I think I’m worth it’ and this approach is always going to result in a bigger number ending up on the final contract. So, whether you’re looking for a new role or seeking to be promoted in a current role, here are my tips to help women get paid what they are worth in their next salary negotiation:
1. DON’T add a random dollar or percentage onto your current salary and think this is what you’re worth.
2. DO your research. Talk to colleagues and expert recruiters in your field, and look at salary surveys and job boards.
3. DO know that your current salary is not necessarily a reflection of your actual worth. If you started too low years ago it can be hard to make up the gap with your current employer and you may need to move to improve your fortunes.
4. DON’T trade off salary for flexibility (this is so1990s!) Everyone should have access to flexible work arrangements in 2015. Expect – and demand – both a competitive salary package and job flexibility.
5. You DON’T have to pay for having a year off caring for children or elderly parents. Assess your skills and experience and match them to the market value. There may be higher demand for your skills now than there was when you took leave.
6. DO get comfortable with this statement, “I expect to earn [insert the figure you want] because [and explain why your worth it!].”
Got a salary negotiation question? Ask below, and I’ll do my best to help.