I invite you to learn and participate in today’s show today. The gender pay gap struggle is real and the disparity is wide-spread. This show is packed with practical and powerful advice to help women to level the salary playing field. Lydia Frank (@lydia_west)and Katie Donovan (@KDSalaryCoach,@Negoti8Pay) are experts in this field and two of the best. The data geeks at PayScale have just released their 2016 Salary Negotiation Guide. .I would love to hear what you think? Here’s how you can let me know:
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Lydia Frank was on episode 68 last year. I bought her back to discuss the latest study conducted by Payscale.com. Lydia is the Senior Director of Marketing for Payscale and salary negotiation columnist for Money.com. Her media contributions include TechCrunch, Havard Business Review, The Huffington Post, and CBS News.
here are a few highlights from our discussion:
- Payscale’s latest study shows that women are make 74 to 78 cents on the dollar compared to men. Some of the nuances overlooked are the types of positions men are able to obtain such as leadership, S&P, and Fortune 500.
- The pay level gap grows (showing the disparity between men vs. women) at each level of career advancement
- To help close the gap more women need to advance in men dominant fields such as STEM and promoted at the same rate as men
- When you drill into industry, marital status, or when women opt out of work to raise children, in comparison to men when returning to work, the pay gap is significant
- Lydia stated that we need to consider the message we send to kids with the unbalanced gender pay
- The Payscale study also considered if there were differences in men and women who are chosen for additional training (special skills or leadership). They found that men still received a more significant bump in opportunities and salary.
- More companies are examining the pay gap issue, increase training opportunities
- Despite conscience effort the disparity in the gender pay gap remains an issue
- Men ask for four times as much as women for 30% more money
- Women should not offer salary history. The past has no bearing on your present job opportunity
Katie Donovan is the founder of EqualPayNegotiations.com. She frequently consults with employers, employees, and policy makers. She has been seen in major media outlets such as CNBC, Forbes, NPR, and Mashable. Katie Donovan’s 360-degree background in employment, which includes working for a staffing firm, an applicant-tracking developer, and a trade association, brings a unique and pragmatic perspective to the work.
Here are a few highlights from our discussion:
- The notion of “work hard and keep your head down” is wrong in expecting results in the increase of pay
- Learn to be a marketer for yourself in letting people know what you’re doing. Women tend to follow rules in hopes people will see
- Understand what the “first offer” means during the hiring process
- Negotiating may mean a million dollars more in the duration of a career
- Career centers in high school and college focus more on resumes and cover letters. Students must educate herself
- In your research, find out what the men are making, not just the median between men AND women
- Katie states to always to take the time to think about the first offer. Have the HR person walk you through their compensation package
- We discuss if the negotiation strategy is any different in government jobs. Katie offers a great perspective here
- Trade organizations and associations are under-utilized while researching salary. It’s worth spending a few minutes to see what they have
- Call staffing firms and headhunters to find job openings that pay higher as an additional data point. No one source is completely accurate. Find forums and LinkedIn groups for more help
- Resist to answer salary questions on applications. Employers are looking to exclude as many as possible if your salary expectation is too high
- Don’t bring up anything until they make the first offer. Katie says it doesn’t have to be in writing if companies want to put the final offer in writing
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