women's pay

Women’s pay, tips on getting more

Tips on how to ask for that pay rise like an actual boss.

1806 0

Women’s pay – it’s often a prickly subject. Some women are of the view that if you want to be paid more from your boss, then ask for it, whereas others know that it’s really not that easy.

While many women could do a lot better at asking for what they want, myself included, it takes a certain headspace, possibly a wine and a bit of angst to find up the courage to ask for it.

But not all women have this issue, indeed many just say it like it is, or like a boss!

A recent news article published in smh.com.au pointed to global law firm partner Anna Sutherland who upon realising that her male counterparts were earning more than her, decided to ask why.

It was then, lo and behold she discovered that her male peers were asking for, allow me to rephrase that – demanding more money when they felt that they’d earned it.

So as the article goes on Anna’s lightbulb moment seems to be that all she needed to do was ask and so she received.

Unfortunately this is not the reality for many women, particularly after having children when workplace flexibility is offered in replacement for awarding pay increases. And this may or may not be what you actually need.

Studies have shown that the younger a woman is the more likely it is that she will be awarded a pay rise, but once a woman reaches 40, her chances start to decline.

We’ve found some top tips to helping you feel more confident about asking for that pay rise and hopefully getting it!

Do your research and be prepared
So you want an extra $10k, or $15k, that’s nice but could you be setting yourself up for a fall, or are you seriously underpaid? KNow the difference!

“The worst mistake you can make is not knowing the industry standard wage for someone doing a similar role to yours and, instead, just selecting a number at random,” SEEK spokesperson Kendra Banks.

“Review similar roles and try to find out what people doing the same role at other companies are paid. And when it comes to negotiating, always start by asking for above that rate so that you have some room to move.”

Be confident
When you organise and then actually have that meeting with your boss about a pay rise, be confident when the discussion takes place.

Put your case forward with pride. If you’ve worked hard, are over worked, are doing more, are bringing in wins – say it and claim how its benefited the company!

Know your limits
It’s often the case today that smaller pay rises are awarded that what you may have been hoping for or workplace flexibility is offered as an option to a pay rise.

In any case, decide before having the meeting what pay rise or flexible options you would like as this will give you some buffer to negotiate and ultimately help you to know whether your basic needs have truly been met.

Work on a win-win
“It’s business, not personal Instead of approaching the negotiations as a struggle between you and your manager, identify their underlying interests and work towards finding an outcome that satisfies both parties,” says Banks.

“You might be surprised just how much your interests overlap. It’s in your employer’s best interests to ensure that you’re happy and satisfied at work; time and again it’s been shown that those who are happy perform much better than those who aren’t. And feeling adequately remunerated goes a long way to making sure you feel like a valued employee. “

Subscribe to Financy®

Get your Financy fortnightly fix with Financy Rewards, content and more. Plus each quarter you'll receive the latest Financy Women's Index, helping you keep pace with women's financial progress.

In this article