Is the answer to getting better pay just a matter of speaking up? One woman who thinks it might be is Lyndal York.
As the chief money manager at care and hygiene company Asaleo Care, Lyndal says she’s never encountered a gender pay gap “personally”.
She also believes that failing to negotiate on better pay is one of the most common things holding women back when it comes to money.
“The fact that women are less likely to ask for more money or negotiate when given an offer is the biggest issue.
“Men generally are much more willing to ask for more and ask more regularly for more money.
“Employers are usually commercially minded and want to pay fairly but not overpay if someone is happy with their remuneration.
“In the absence of women asking for more, employers assume they are happy and will be unlikely to proactively offer more.”
According to the Financy Women’s Index, the national gender pay gap sits at about 15 per cent. Data also suggests that women in senior management positions can earn up to $100,000 less than their male peers in the same role.
What’s perhaps surprising about women not negoiating on pay as well as men, is that we tend to do all the leg work but what often lets us down is the follow through and pressure on employers.
“Women are usually well prepared when asking for more money and have researched and bench-marked thoroughly. This then makes it more compelling and would often have a successful outcome.”
“My biggest advice is to speak up and go for what you want.
“Don’t sit back and wait to be noticed – your male counterpart isn’t doing that.
“Also jump at all opportunities that come your way even if you don’t feel fully qualified yet for the role.
“You will help your progression if you can demonstrate leadership skills even before being in a formal leader role.
“Everyone can exhibit leadership regardless of what their role is or if they have a team, every interaction at the workplace allows you to show your leadership ability.
“Given that she is the chief financial officer of Asaleo we can’t help but ask her for her five best money tips and the ones she’d also avoid like the plague.
Lyndal’s top money tips:
– Only take on debt to the level you can comfortably afford the repayments on, allowing for increases in interest rates
– Use credit cards as much as you can but make sure you can afford to pay it off in full on the due date. This allows you to stretch your money out and get free credit.
– Arrange ownership of your assets and liabilities between yourself and your spouse the most tax effective way (highest earner taking more deductions and lowest earner taking more income).
– repay your mortgage as quickly as you can.
– periodically review if you are getting the best interest rates and challenge your current bank to match the best rate you can get elsewhere
Lyndal’s mistakes to avoid:
– incurring interest on the use of credit or debt for everyday items such as restaurants, gifts, clothing
– having no buffer level of cash or debt facility in case you have a drop in income for a period
– accepting offers of credit without thoroughly considering if you need or can afford it
– starting to plan for your retirement too late to do it properly
– losing track of your superannuation especially if you move employers quite a lot.