With everything going on in the world right now, it's important to keep some focus on the things that matter day-in-day-out and the issues that we face as a society beyond the current crisis. One of those massive issues is equal pay for men and women, so I asked one of the best in the business to give me her top 5 tips.
Meggie Palmer, Founder of peptalkher.com is a friend of mine and all about closing the gender pay gap. She knows all the top negotiating tips for negotiating equal pay, and with Equal Pay Day on March 31, 2020, I thought it best to hand it over to her from here!
So – what is this Equal Pay Day thing even about? Let me break it down for you – on average – white men worked all of 2019 to earn the average salary. For white women, we have to work an EXTRA 3 MONTHS (yes THREE!) to earn the same amount of cash. How messed up is that?!
Our women of color and Latina sisters have to work even LONGER for their earnings to hit the same level. The fact Equal Pay Day even exists, proves that something is REALLY not right in the world. BUT – rather than complain about it – we’re here to help you DO something about it!
Here are our top 5 negotiating tips you need to know this Equal Pay Day:
1. Know Your Value
So the concept of “know your value” gets thrown around a lot – but like, what does it even mean? How do you actually quantify that in dollar terms? GREAT QUESTION – so glad you asked!
So, first things first:
- PAY WEBSITES – Pay websites like Glassdoor, Syndio, and Payscale can point you in the right direction. But – be warned, they give a wide range and, depending on your level of seniority, have varying degrees of accuracy. Having said that, they're a good place to start your research.
- RECRUITERS – For a more in-depth and accurate reflection of the market value today – talk to a recruiter who lives and breathes salaries, job descriptions, and compensation packages all day! The best practice is to speak to a recruiter (at least) once a year. This will ensure you know your place in the market.
- DR. GOOGLE – The old “Google it” comes in handy when it comes to salaries too (who knew?!) Let’s say you’re offered a Marketing Director role at a tech company. Google “Marketing Direct “INSERT COMPETITIVE TECH COMPANY NAME HERE” so you can get a sense of what similar companies are paying for the role.
- ASK AROUND – Speak to friends and colleagues – This step is CRUCIAL (and there's more about your Crew, below). Get comfortable talking about money. Money makes the world go around – and if you’re going to be one of the ones making it spin, you gotta make these type of chats your friend.
Talk to your friends, superiors, people you admire and ESPECIALLY – talk to men. White men. Because – they make the most. So hit them up.
2. Track Your Success
Record everything. Bosses are busy. They’re not going to remember all your wins – but make sure you do. Any negotiation you walk into, you should bring three clear achievements.
Once you have these achievements, you should know them and their supporting data like the back of your hand.
Most bosses and businesses are results-oriented. Your ability to make an argument for more pay begins with your ability to document and quantify your success. In other words, write it down and add it up! Show you’re thinking about the company’s bottom line and not just your own job description.
There are a few ways you can do this, you can keep a diary, use a google sheet or even better – use the PepTalkHer App. It’s free, simple & collates all your wins in one spot.
The App actually sends you prompts to remind you to reflect on your successes. It helps you track your projects & importantly it includes the impact on the company. You can press one button and print off your dossier of achievements to take into your next negotiation or meeting.
Some examples to think about:
- Did your big presentation lead to $5,000 in additional revenue?
- Maybe you took on additional responsibilities when a co-worker left? Or
- Did you save the company money when organizing an event?
Write it all down! Come pay raise time, you then have the data to hand! The most compelling argument for a pay increase is proven success. The more numbers you can bring into your success the better – your boss can’t argue with facts.
3. Wish, Want, Walk
So every time you walk into a negotiation, you need to know these 3 numbers: WISH, WANT WALK.
Here’s what I mean:
- WISH – The crazy WISH figure, that is scary to say out loud. (Also known as your “F*%K off number!”)
- WANT – The number you WANT to be paid. This figure will make you happy to get out of bed & work hard!
- WALK – The figure where you WALK out – “you know what – not worth it – I’m outta here.”
Having these numbers on hand will make you feel confident and be clear on your parameters when the salary question comes up.
4. Practice
An oldy but a goody – practice really does make perfect.
Before you have one of these conversations in real life – make sure you do a practice run. Call a mate, your sister, Dad, mentor, anyone! Ask them to go hard on you and push back in the conversation, that way you'll be ready no matter what happens during the real deal chat!
5. Crew
Having these conversations and reframing your mindset towards money & negation is HARD WORK.
Just like going to the gym with a buddy is more fun, doing this journey with your mates makes it more fun and frankly makes you more successful!
The practice conversations and accountability are super useful.
Who’s got your back? Tag us with your crew on Instagram @PeptalkHer
