|
Women = power, but you wouldn’t know it by looking at the bleak gender pay gap statistics. Male graduates earn 20% more than their female counterparts, and women earn £361,000 less than men over their working life. If that doesn’t convince you that something needs to change, get this: a recent study found that unleashing women’s full work potential could be worth up to £23 billion a year to the Exchequer. It’s safe to say that if women get paid more, everybody benefits.
Now that we’ve identified that the gender pay gap is very real and very uncool, the question is what can you do to reduce it? One way to do this is to evaluate where you at in your career and ask for a raise. Yep, we know, easier said than done. However, at Vestpod we follow the mantra that “if you don’t ask, you don’t get”, so stop being so humble and go out there and convince your employer that you deserve this raise.
How to ask for a raise - and get it:
- Do your research: find out what your colleagues in similar positions are earning and look at jobs advertised online. What is the highest salary offered? This should help you determine how much to ask for.
- Demonstrate your accomplishments. Make sure the senior management is aware of how valuable you are to the company.
- Focus on why you deserve it, not why you need it. Stick to discussing your performance and try to avoid talking about your financial struggles.
- Talk about your future, and make it clear to your employer that you are invested in the company. Managers value loyalty, and it gives the impression that you are serious about your career.
- Ask for a meeting with your boss and request a pay review. Remember to have everything in writing.
We recommend you check out this podcast by Maggie Neale (Stanford Business School), aptly titled ‘The art of getting what you want at work’. Maggie is an expert in the art and science of negotiation, and her advice will boost your chances of successfully asking for a raise (and more!).
|
