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Asking for a raise: Are you getting paid what you are worth?



Okay, hold up.


I am not trying to reduce any woman to a dollar figure or encourage us to care more about money than the value we add.


Instead, it is about ensuring that women's work is valued appropriately and fairly, especially in a world where women are consistently paid less than men in the same roles, doing the same work.


In prior years I was surprised to hear that the male actors of Big Bang Theory took pay decreases so that their female colleagues would be given a raise, in other words, a fair wage.


Is that what it comes down to? Others must make less for us to make more? Surely the television network makes enough money to be able to pay everyone on their show a fair wage?


Even so, most of us do not have a male team willing to make less money so that we can make more!


Which means we must take care of ourselves. And how do we do that?



Valuation simplified


What do you currently make?


Now multiply it by 1.2


In Europe and Australia, professional women are still consistently paid 16% less than professional men, in the US, it reaches up to 22% and globally it remains a solid 17%.

  • Do you know what your role is worth in the job market?

  • What is the value of the work you do every day?

  • What is your work experience worth?

  • Do you achieve results?

  • Do you meet your targets?

  • How can you calculate an accurate figure for a fair wage?

This is not the time to pull a figure out of the air or to ask for ridiculous increases – it is the time to do the research.


Unless we’ve done the research, made comparisons or even spoken to a recruiting expert, we cannot accurately estimate a fair wage for our roles.


Until then, we will continue to accept the raises we are handed, undermine our own successes, and expect less than a man in the same position.


How do I know?


Because my hand was forced when I was expected to accept a raise at 32 years old, which was less than I got at Mcdonald's when I was 17 years old! I was working for the capital markets arm of a big bank, so I knew they could afford to pay me a fair wage.


So after this offer was presented to me, I went home and did the research. I calculated the numbers.


The next day I walked into the office armed to the teeth with knowledge. I then demanded that they reconsider and pay me what I was worth.


It worked.


At that time, I was reactive, but now I strive to be proactive and arm myself with the research and knowledge before those difficult pay discussions arise.



Three steps to determine what you are worth


By following the three steps below, you walk into your manager’s office and discuss my pay increase in a logical and straightforward manner with proof points for every argument against a potential raise.


1.

Find out what your role is worth on the open market, what are jobs like yours being advertised for?


You can do this by scouring the job ads or contacting a headhunter in your field to determine what the role is worth.


Remember to consider years of experience, role hierarchy, size of the company, and geographical location (city vs small town can impact market rates.)


2.

Find out what colleagues in the same role are making at your company, male and female, and why?


The spread and caps for roles are often common knowledge, as are the pay raise rules.


You can also check online sources such as Glass Door and Pay Scale for a comparable wage rate.


3.

Review up to three years of past performance appraisals, were you successful according to your measurable?


You can sometimes get into the trap of wanting raises every year without actually meeting deliverables; of course, this will never work.


So review your comments, your deliverables, your success factors or KPIs and ensure there is proof of your accomplishments and the work you have done to deserve the raise.



Counterarguments for the usual excuses


The excuses for not giving a raise can vary. I’ve had managers say:

  • “This is not how the company determines pay raises”

  • “This is not fair to other workers”

  • “This is not appropriate for your level of experience”

  • …and so on.

However, having done my homework, I can look them in the eye and counter every one of those arguments”

  • “I know the company determines wage increases on appraisals, mine have exceeded expectations for three years straight.”

  • “Not paying me a fair wage by industry standards is not acceptable.”

  • “I know that my experience level is worth [enter figure here] on the open job market, I am only asking for a competitive salary.”

Do the homework and you will be able to do the same.

 

Does this work every time?


No, of course not.


You cannot account for conscious and unconscious bias in leadership teams, and you cannot always know all the economic factors the firm is facing.


Best-case scenario — you get the raise.

Worst-case scenario — you don’t.


The important thing is — you asked.


You knew what you were worth. By confronting this discussion with facts, you made it a fair wage discussion, not a woman vs man discussion.


You didn’t accept the status quo. You had the confidence to take deliberate action.


And the best thing about this? Now they know that you know.


They know that if they do not step up and pay you what you are worth in the future, they may risk losing you to a competitor.


Quantitative impact


It can cost companies upwards of 1.5x – 3x your professional salary to replace you


Qualitative impact


There is a risk to engagement, productivity, inclusivity, ideation, innovation, and employee morale issues.


It is cost prohibitive for them to pay you what you are worth!


 

Do the homework


It is in your and your company’s best interests for you to feel valued at your workplace. So get up tomorrow morning, and do the groundwork to determine your worth.


Then when the next opportunity to receive a pay raise comes up, you know exactly how to tackle the situation.


And it definitely beats just standing around the water cooler complaining about how unfair it is!



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