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#CareerAdvice : #SalaryGap -What to Do About a #PayGap at Your #Workplace …Share Your STory??

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It happens all the time. Someone who has just been hired, or hasn’t worked for a company for very long, makes more money than someone who has been there for many years and proven themselves to be a valuable employee.

For instance, there are many instances where a male is going to earn more than a woman who has more training and experience. Have you found out that you are earning a lower salary than someone who is a more recent hire, or has less experience than you? Or does your company not pay fairly? If so, it may be time for you to look for ways to be able to do something about it.

Don’t Blame Co-Workers

First of all, you need to remember that it is not your co-worker’s fault that they are being paid more than you are. Yes, you can be angry, but it is never a good idea to confront a co-worker about their salary. All it does is cause both of you to feel uncomfortable, and it causes a lot of anger in the workplace. Instead of being angry at them, use the fact that they are earning more as a reason to ask for a raise.

One thing that you should never do is ask your co-workers what they earn. Unless you are making comparable salaries, someone is going to end up angry because they are being paid less than others. This can lead to conflict within the team, and a lack of productivity that is not going to help you get the raise you deserve.

All About the Gender Pay Gap

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Learn About the Equal Pay Act

If you are a woman, it is important that you know about the Equal Pay Act. This act prohibits employers from paying women less than their male counterparts when they have the same amount of experience. If you are not a woman but are a minority, you may be eligible for some form of protection. If you think that you are being discriminated based on age, gender, or disability, the best thing to do is to contact the US Equal Employment Opportunity Commission (EOCC).

Unfortunately, most other employees have no legislative coverage. If you are not in one of the above-mentioned groups, you will need to consider your situation and decide whether you should address the issue with your employer.

Do Your Research

Before you walk into your boss’ office and ask for a raise, do some research as to what you should be earning, based on your training, experience, years with the company, geographic location, etc. If you do know for a fact that some of your co-workers are earning more than you, this is good information to be able to arm yourself with. Of course, as mentioned, it is not a good idea to ask co-workers about their salaries.

Just because you shouldn’t ask co-workers about their salaries, it doesn’t mean that there aren’t other ways to find out. For instance, if you work for a university or a public company, some of the salaries are going to be public information. Or, there may be an association for your particular industry that offers surveys about salaries. It is a good idea to research salaries at least once annually.

How to Negotiate Your Salary

Consider Your Approach

One of the most difficult things about asking for a raise is how to approach the situation in the first place. It is never a good idea to ask if the company is going through a transition period, as the money just isn’t going to be there. You also need to be able to gauge your employer’s mood. If you get them on a bad day, you aren’t likely to get what you ask for.

When you do decide to approach your employer, don’t go in making demands. That isn’t going to get you anywhere. It is better to negotiate. Tell them why you feel that you deserve a raise, and have confidence in your own value. This is going to get you a lot further than just going in and saying you want a raise, or else.

Negotiate for More Responsibility

It may be that you are being overlooked for a lot of big projects at work. If this is the case, instead of asking for a raise right away, try asking for more responsibility. “Ask to be put on the teams that are doing the big projects, or to do an extra project on your own. Ask if there are training opportunities, and if not, take outside courses and workshops to gain more skills and knowledge,” suggests training manager at IGotOffer.

If you are given the opportunities you seek, don’t waste them. If you are getting training, take in every ounce of information possible. If you are given bigger projects to work on, show them what you are really made of. These are the things that are going to put you in the running for a raise, or even a promotion.

The Dos and Don’ts of Asking for a Promotion

Set a Deadline

What will you do if your employer says that they will give you a raise, but they never follow through on their promise? Or, what if the company just can’t afford to give you a raise at this time? You can only wait for so long before you are going to become even more disenchanted, and your work is going to suffer because you will stop caring.

It is important to set a deadline for what you want. For instance, if you have been working at your company for more than a year without a raise, you may need to decide that if you do not receive a raise within the next six months, this may not be the company for you.

Switching Jobs Internally — How to Apply & How to Manage the Transition

Consider Your Options

If you are not getting the raise that you deserve, or other forms of compensationsuch as extra vacation time, a paid bonus, etc., it may be time to start considering other options. There are other companies out there that will value your experience and skills, and be willing to pay you the salary you truly deserve. Basically, if your current employer doesn’t see your value, find one who does.

 

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#CareerAdvice : #WomenPayGap -The Best Advice for Women Seeking a Better #Salary …Great Two(2) Min REad!

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Are you receiving compensation that fully reflects your skills, education, experience and ability? If your earnings and your worth aren’t matching up, there are avenues for addressing the situation without damaging your career.

Here’s how to ensure you get the raise you deserve.

Crunching the Numbers

Although the Equal Pay Act was passed more than a half-century ago, women are still struggling to earn as much as men in the workplace. According to Glassdoor research, a U.S. woman is paid an average of 75.9 cents for every dollar a man receives. On top of potentially starting at a lower pay rate, taking time off to start a family, for a career sabbatical, to tend to an aging loved one or for other concerns is a more substantial setback to women than men, with the hiccup resulting in reduced wages for women and a lengthier career gap.

Awesome Companies With No Gender Pay Gap Hiring Now

Moving Up or Moving On?

Sometimes, improving your situation hinges on changing employers. Whether you maxed out your growth in the current company, stumble onto a better opportunity or are simply ready for a change of scenery, moving on is sometimes the best course of action. In that case, you should review your career-oriented paperwork, especially your cover letter. Give it a refresher, bearing in mind it’s the ideal avenue for drawing attention to your accomplishments and abilities. You can use a cover letter template to create a stellar document. Think of it as a chance to tell potential employers all the things you wish they knew so you can land your dream job.

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Positive Image, Positive Impact

If your intention is to remain with your current employer, seek opportunities to impress people of influence. For instance, you can go out of your way to master more bells and whistles of the software your company uses. Another idea is to learn to use a free, online logo-making tool and use it to design a top-notch logo. As Entrepreneur explains, oftentimes companies spend big bucks on a well-designed logo, but by designing it yourself, you can help your company be a standout and boost your career at the same time. Along those same lines, look for ways to up the company’s social media engagement. Raising company image is key to staying strong, and your superiors are sure to be impressed. It’s a great way to put yourself and your employer in the limelight.

Enhance Your Education

When it comes to catching the eye of the powers that be, going above and beyond your employer’s expectations can make a big impact. With that in mind, adding to your education is sometimes just the shot in the arm your career needs. You might elect to take distance learning classes if you never completed your degree, or are ready to add a new level to your education. Another idea is to add a fresh certification to show you’re serious about climbing the ladder, or learn a more advanced skill that benefits your company directly.

Top Skills to Include on Your Resume

Power of Persuasion

Perhaps you reached the conclusion that you’re underpaid in your work and are considering discussing the situation with the appropriate party. Whether you’re in the interview process or revisiting terms with your current employer, Forbespoints out that negotiating can be a challenge for women. Preparing can bolster your confidence as well as provide you with more bargaining power. Review your skillset, education and abilities, and be ready to talk not only about what you’re doing and your current pay rate, but also other responsibilities you are ready to embrace. Maybe there are duties someone less qualified could take over so you can reach your full potential to do more advanced work. Think outside the box, and be ready to point out where you are underutilized as well as underpaid or underrated.

Knowing your income doesn’t reflect your value is a tough challenge, but with a handful of smart strategies, you can get the raise you deserve. Evaluate whether it’s time for a change, and if so, make it happen. Draw attention to your assets in a sharp manner and the right doors will open.

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#CareerAdvice : #SalaryGap – 5 Ways to Know If You’re Making Less Than Your #Coworkers …It can be Quite Tricky to Figure Out How your #Salary Stacks Up, But Lucky for You, there are Many Options these Days for Gathering Financial Intel.

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Knowing where you stand in terms of compensation compared to your coworkers can help you understand your value to the company, whether or not it’s time to ask for a raise, and if you should potentially be looking for a new gig.

It can be quite tricky to figure out how your salary stacks up, but lucky for you, there are many options these days for gathering financial intel. Below, find for our top five methods for making sure you’re in the know about where you fall on the pay scale.

1. Know Your Worth™
Get your free, personalized salary estimate with Glassdoor’s latest tool. When you enter in your current job title, employer, current salary, location and years of relevant work experience, you will see the median estimated market value, or the base pay you could command in today’s job market.

That’s right. It’s a real-time tool to see what colleagues with your same qualifications can earn, and the number changes as the job market fluctuates. This allows you to see if you’re underpaid or overpaid, and allows you to determine if you want to ask for a raise. It also allows you to think through the other portions of your compensation package, like how much you value benefits, equity or stock options and the perks of the job.

How to Negotiate Your Salary

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2. Job Listings
Many job listings, including ones on Glassdoor, list the salary or salary range for the position they’re advertising. This practice is most common with government jobs, but is also seen in other industries frequently — especially if you’re accessing job postings through a recruiting service.

If you’re able to find a few listings for positions that are similar to yours, take the average and see where your compensation falls. You can also use job listings as a tool to evaluate if people with similar titles have the same duties that you do. If you’ve got way more on your plate than what job descriptions for positions like yours indicate, you’re probably being under compensated.

3. Your Coworkers
While many experts caution against getting too specific with your coworkers about your salaries, speaking in generalities can help you figure out a broader idea of where you stand. Barry Maher, career consultant, speaker and author, notes, “both within the industry and with fellow workers, you have to show them yours before you ask to see theirs. I always advise using the idea of a pay range rather than specific numbers.”

He suggests that a way to broach the subject could be to say something like “I’ll be talking with my boss about compensation at some point soon, and I’m just trying to get a rough idea of what I should be looking for. I know the company doesn’t want us to compare salaries and I can see how that benefits them, but I can’t see how it benefits us. To give you an idea of I’m getting right now, it’s roughly (whatever you feel like sharing). Is that the kind of range you’re in as well?” It’s important to note that you may or may not get an answer, and if you do, it might not be 100% true.

“But if you’re at all perceptive,” says Maher. “And you carefully watch their reaction, you can often tell from that reaction if they think your number is low or if they’re a bit jealous because it seems high or if it’s just about what they’d expect because they’re in the same range.”

The Secret to Negotiating $5,000 – $15,000 More in Pay

4. Glassdoor Salary Reports/Reviews
Glassdoor has a vast database of self-reported salaries available for browsing—for free! If you aren’t into the idea of asking your coworkers about their compensation in a general way, give our crowdsourced intel a try. Not only can you research pay rates at your current company, but you can also check out your competitors’ stats.

Who knows, maybe your company’s rival is more generous with compensation, making a jump over there a no-brainer. Another handy tool Glassdoor offers is a salary estimator. All you have to do to access this is go to Glassdoor.com and click on salaries. Then in the open field for job, just type in your occupation (i.e. nurse or software engineer), and make sure that the city/location field is blank. Once you hit “submit,” you’ll get to see the national average for the job you entered, plus what Glassdoor users say they make. Pretty nifty, huh?

5. Your Network
Personal and professional coach Rachel B. Garrett emphasizes the importance of using your professional contacts to get the full picture on your industry. “Mine your professional network for former colleagues and others who may be hiring managers for positions like yours.” she suggests.

“Try to set up informational interviews with these folks and ask about salary range as part of your conversation. I would aim to set up these conversations with a wider context in mind, beyond the topic salary. You never know — you could get a new job out of one of these conversations so you may not need to revisit your less than exciting salary du jour! “

 

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#Leadership : #WomenOlderWorkers – Let’s Stop Letting #Women Age Out of the #Workforce Worse Off than Men…We try to prepare girls to be successful women by plotting their career paths early. But women heading toward retirement get little support and often pay the price.

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When your father or grandfather retired, his company might’ve thrown a little get-together, complete with toasts by backslapping colleagues, a cake, and an engraved watch. If he was lucky, he walked into retirement knowing he had a company pension or ample retirement savings to see him through the rest of his life.

Today? Not so much. Especially not for women.

Women who are approaching retirement in the U.S. today face a trifecta of challenges: They’re living longer (an average of 20 years past age 65), have significantly less money saved (an average of just $34,000), and face ever-increasing costs, especially for health care (an average of $5,503 a year out-of-pocket). This adds up to far greater economic insecurity among women as they age. In fact, according to the National Institute on Retirement Security, women aged 65 and older have incomes that are 25% lower than men’s, and they are 80% more likely than men to be impoverished past age 65.

Women of color face even deeper disparities as they age. African American and Latina women earn less from Social Security, assets, and pensions than do white women, and they rely on Social Security for a larger portion of their income, according to the U.S. Department of Labor.

The good news is that employers have a unique opportunity to turn these numbers around, by thinking proactively about supporting working women today so they can age well later. Here are three ideas.

CLOSE THE PAY GAP AND EXPAND MENTORING

Women begin retirement with a hurdle that’s followed them their entire careers: the gender pay gap. Labor Department statistics show the gap is as stubborn as ever, with women earning 21% less than men, a disparity that worsens among women of color and in certain industries more than others. Lower pay means less money saved, both in personal retirement accounts and Social Security benefits. Overall, women receive nearly $4,000 a year less in Social Security than men.

Employers can level the playing field by eliminating the gender wage gap among their employees now, so their women employees don’t leave the workforce already disadvantaged once they retire. This is not an impossible goal. Starbucks, for example, has reached100% pay equity among its employees. One part of the solution is to widen women’s participation in STEM fields; another is for employers to offer more flexible schedules and remote-work opportunities.

Companies also need to do a better job of nurturing and mentoring women to move up into leadership positions that offer greater opportunities and more pay. Staff development and performance management are critical to ensuring that women keep learning and developing over the entire course of their careers–this way they can retire from them on a more secure financial footing.

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LET WOMEN PHASE INTO LIFE AFTER WORK

Few women today want to work one day and stop the next. They want and need to continue working, but other responsibilities may be tugging at them. By one recent estimate, for example, up to 20% of working women are also caring for an elderly loved one.

Employers need to create organizational climates where women approaching retirement don’t feel it’s risky to have conversations about phased retirement options. Working part-time or moving to a position that requires less responsibility can be a solution–and employers should be game to offer that. In the latest Transamerica Retirement Survey, only 23% of workers said they plan to immediately stop working at a specific point in time. However, 25% also said that their employers do nothing to help employees enter retirement. Organizations need to step up and change that.

ARM WOMEN WITH KNOWLEDGE OF WHAT’S AHEAD

As a society, we try to prepare girls to grow into successful women; think Girl Scouts, STEM initiatives, and Girls on the Run. But how do we help women prepare to age well? We don’t teach them how their bodies are going to change as they age, or how to manage their savings so it will last an extra 20 years.

Just as we counsel younger women to make informed decisions about their education and careers, we need to support older women in planning for a successful third phase of life. My organization, the National Council on Aging, created an “Aging Mastery Program”to provide this kind of unbiased guidance, complete with small steps people can take to chart their own paths toward aging well.

While the days of engraved watches and pension plans may be over for most (and were never equitably available to all to begin with), a secure retirement should be a right for every person who has put in a lifetime of work–especially women. Forward-thinking employers need to help women plan not just for successful careers but for successful lives after work. And they need to start right now.

Anna Maria Chávez is Executive Vice President and Chief Growth Officer at the National Council on Aging.

Rich Bellis is Associate Editor of Fast Company’s Leadership section.

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FastCompany.com | July 27, 2018

#CareerAdvice : #JobSalary – 4 Times It Pays to Accept a Lower #Salary …Before you jump at that Higher Salary, there are Certain Circumstances where Accepting a Sower Salary actually Makes more Sense. Here are a Few you Might Encounter.

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In the course of your career, you’re apt to land in situations where you’re choosing between two jobs, and two distinct salaries. Most people will naturally gravitate toward the higher income, because, well, money is important, and there’s no such thing as having too much of it. But before you jump at that higher number, there are certain circumstances where accepting a lower salary actually makes more sense.

Here are a few you might encounter.

1. When you’ll get better benefits

Workplace benefits are an important part of your overall compensation package, so if you’re looking at a lower salary from a company whose perks are outstanding, that’s reason enough to consider that offer. Furthermore, a superior benefits package can actually save you money, even when you end up taking a hit on salary in the process.

Imagine you’re choosing between two companies. The first is offering you a $65,000 salary and health insurance that’ll cost you $300 a month. The second is offering you $62,000, but health insurance that’s completely subsidized and free to you. Suddenly, you’re actually $600 ahead by taking the second offer. Therefore, before you accept an offer on the basis of it coming with a higher salary alone, take a look at the whole picture and recognize the financial value your employee benefits might offer.

4 Benefits You Can Negotiate (and How to Do It!)

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2. When you’ll enjoy a more favorable company culture

Company culture can play a huge role in your day-to-day satisfaction on the job, so if taking a hit on salary means being happier at the office, it’s probably a hit worth taking. Not being content with their company culture is actually the No. 1 reason younger workers quit their jobs today, so if you’re offered the chance to work in an environment where employees are valued and respected, it pays to go for it.

11 Words and Phrases to Use in Salary Negotiations if You Want to Succeed

3. When there’s ample room for growth

Career growth should be a major factor in any job-related decision you make. Therefore, if you’re offered a slightly lower salary by a company that’s expanding rapidly and tends to promote workers internally, accepting that deal might pay off in the long run.

How do you know what growth potential your company has? It’s simple: Ask. Find out how many jobs the business has added over the past year, and how many it plans to add in upcoming years. These are questions you’re allowed to ask during a job interview, and if you have reason to believe you have more long-term potential at a company that’s paying less at present, don’t hesitate to join it.

4. When there’s a better work-life balance

Only 30% of employees today are satisfied with their work-life balance, so if you’re offered a role whose demands seem reasonable, it pays to consider it. Though a growing number of companies today are becoming open to flexible work arrangements, such as telecommuting, there’s a large chunk of businesses out there that are sticking to a more rigid model. And finding a position where you’ll get the former over the latter is reason enough to accept a little less money.

Though money does, and should, play a substantial role in our lives, it certainly isn’t everything. Before you rush to take that job with the highest salary, think about the perks that might come along with making a bit less money. You may come to find that taking a lower salary makes you happier with your work situation on the whole.

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Your #Career : #SalaryNegotiation -This is What No One Tells you About Conducting #SalaryResearch …Figuring out How Much you Should Ask for When Starting a Job or Getting a Raise Takes a Little Bit of Savvy Work.

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Every article on salary negotiations has the same piece of advice: Do your research before naming any figures.

But what exactly does this entail beyond going on websites like Glassdoor and Payscale? How do you find out whether a salary is “fair” when your coworkers won’t talk about how much they make, or you’re a new grad with no connections to people in the industry? Fast Company spoke to two salary negotiation experts to find out just what salary research involves.

1. START AS EARLY AS POSSIBLE

Ideally, you should start your salary research before applying for a job. For example, “if you’re an IP lawyer, you need to know what you’re making five years out of law school,” business adviser and leadership consultant Carol Sankar tells Fast Company. Cynthia Pong, former public defender turned career coach, agreed. “A lot of it [fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][comes down] to the planning. Ideally, it’s good to start this conversation before you put the application out.”

Related: Exactly what to say in these four common salary conversations

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2. USE LINKEDIN TO YOUR ADVANTAGE

While looking up figures on Glassdoor and Payscale can be a good start, you can’t just stop there. Pong recommends starting with family members and friends who might know someone in your industry, “however you can get your way in,” she said. “I think it’s great to use search tools like LinkedIn, you know you can message people on LinkedIn pretty easily and it’s not terribly intrusive.” A lot of people won’t reply, but if you send enough messages, some inevitably will, Pong said.

Sankar agreed, saying that it’s a “beautiful resource” to have organic conversations with someone who sits “at the table you want to sit at.” When you approach them, make sure to frame it as a conversation and a strong interest in learning about a particular field. “It’s okay to ask, I’m planning to look for a job in this area. I don’t know what the landscape is like . . . do you know what the general landscape is like for someone with similar experience to mine?” Pong said.

Sankar said that once you do have a ballpark figure, you can go into the negotiation armed with facts and figures rather than assumptions. Say you learned that the standard salary in your industry, at your level, is $80,000, and the company offers you $60,000. When you go negotiate for a higher offer you can say something along the lines of, “According to my recent research and the conversations I’ve had with others in similar roles in this city, this is the market salary.”

Related: How to negotiate your salary when you have no obvious leverage

3. FIND OUT IF THERE IS AN EMPLOYEE RESOURCE GROUP IN YOUR OFFICE, AND IF THERE ISN’T, THINK ABOUT STARTING ONE

Perhaps you took a job without negotiating your salary, and after you’ve been in your job for a year, you have a suspicion that you might be underpaid, at least in your company. You’re thinking about speaking to your coworkers about it. In this situation, “It’s best not do it during your lunch hour,” Sankar emphasized. She recommends going to HR and seeing if your company has an employee resource group that provides tools that helps workers negotiate their salaries, and if the answer is a no, think about starting one yourself. Chances are, there are many others in the company who would benefit from having access to the information you’re seeking.

4. FIGURE OUT WHO YOUR ALLIES ARE IN THE OFFICE

If, for whatever reason, starting an employee resource group is not an option, take the time to figure out who your allies are in the office. “This is where somebody who has built relationships in the organization [will] do better,” Pong said. If you are going to take this approach, Sankar also suggested approaching more than just one coworker. Not only will you get more data and information, but talking to just one coworker might raise suspicion, Sankar said.

5. ONCE YOU HAVE ALL THE INFORMATION, IDENTIFY YOUR UNIQUE VALUE PROPOSITION AND SELL THAT TO YOUR BOSS OR THE HIRING MANAGER

Sometimes, discussing market value isn’t enough. Employers want to see a reason to justify the increase in salary. This is where your unique value proposition comes in, Sankar said. Everyone has it, “but at the negotiation table, very few people bring up what’s unique about them.” As a result, they’re missing out on the “differentiating factor” that can bump their salary. Using herself as an example, Sankar said that when she pitches herself as a speaker, she highlights the fact that she is a writer as well as an orator. “I have to be able to create value around what I’m doing that no one else in my industry [has].”

Pong also recommends using examples outside of work if you’re early in your career, whether it be internships, volunteer work, or even similar responsibilities in your personal life. You need to always tie it back to “the benefit of the organization hiring you, and what you will be able to do for them,” she says.

If you’re seeking a raise, make sure you have a running list of accomplishments before initiating a conversation. Ideally, Pong said, you should have planted that seed during the interview process by making sure you know what success is required in that role, and what metrics you need to meet. That way, when you approach your boss for a raise or a promotion, you can quantify your achievements, and show that an increase in salary will not benefit only you, but the company.

 

 

 

FastCompany.com | June 18, 2018 | BY ANISA PURBASARI HORTON 4 MINUTE READ

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Your #Career : #SalaryNegotiations – 5 Ways to Ask for a Raise When Your #CoWorker Makes More Than You…Talking about Money is Hard Enough, but What If your Co-Worker Makes More than You?

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Talking about money is hard enough. But what if you find out you make more than your co-worker? Or, worse, what if your co-worker makes more than you?

Even if it’s frowned upon, talking about salary is legal and allowed. Sharing your salary information can ensure you and your peers are being compensated fairly.

The younger you are, the more likely you’re to share earnings details. According to a Cashlorette survey, 30 percent of millennials have spoken to co-workers about how much money they make.

Regardless of age, asking for money can be uncomfortable if you don’t know how to go about it the right way. Here’s how to ask for a raise in five steps.

1. Compare Apples to Apples

It’s one thing to find out a manager makes more money than you, but it’s a different situation when it’s a peer with the same title and experience. It’s time you build your case on why you should make more money.

“Do you have similar responsibilities and workloads?” asked Jessica Dalka, creator of Chicago Planner Magazine. “For example, if you’re both account managers, do you have similarly sized clients? If you both have midsized clients and your co-worker has eight but you only have four, perhaps that might be why they make more.”

If your co-worker handles more work, has been there longer or has more years’ experience, you’ll have to build your case with other information.

6 Questions to Ask Yourself Before Negotiating a Raise

2. Stay Calm and Collect Data

Don’t barge into your supervisor’s office and demand a raise simply because someone you know earns more than you. Find out if you deserve it by gathering data.

“You should come prepared with salary data by checking Salary.com or Glassdoor,” said Marielle Smith, a vice president at GoodHire, an employment screening company. “You shouldn’t use your co-worker’s bigger salary as a reason why you deserve a raise. This tactic will do little to convince a manager that you offer the same or more value to the company.”

Talk to other people in your industry that aren’t at your company. If you find that you’ve been lowballed compared to your networking peers, don’t fret. It’ll give you a ballpark estimate on how much to ask for when discussing your raise.

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3. Wait for the Right Moment

It’s important to know what your company’s track record is when it comes to raises.

If you’re due for an annual review, you might have a raise coming your way. You’re already going over your performance and job expectations, so if your supervisor believes you’re a valuable asset to the company, a raise could be coming without you asking for it.

For some jobs, though, you do need to ask for a raise. If you aren’t set for an annual review anytime soon, a stand-alone meeting might be necessary. But you should still consider planning to have the salary talk at the right time.

Jesse Harrison, founder and CEO of Employee Justice Legal Team, has experience asking for a raise, even as a lawyer. And the timing was everything.

“I waited until after I had made a big break and won a case and the environment was at low stress levels — I even waited for a sunny day,” Harrison said. “It can be helpful to let the initial anger of earning less than a colleague fade away so you can recognize when the timing is right. A clear head will do wonders for your request.”

4. Prepare Your Case

Before your meeting, use your accomplishments to illustrate your point. Showcase the work you’ve done, the extra responsibilities you’ve taken on, and how the company has benefited from your employment.

If you’re having trouble coming up with valid points, you might need to wait a bit to ask for a raise. This way you can start to document a stellar track record.

5. Be Ready to Negotiate

It’s good to keep in mind a number. This could be a percentage increase, a dollar figure you’d like to hit or a mix of a pay bump and more perks, such as extra vacation days.

You might need to negotiate your salary with your supervisor. If that’s the case, start with a higher number than you initially wanted. Your boss will either approve, and you’ll get more money than you expected, or you’ll haggle until you’re both happy.

Salary Negotiation Scripts For Any Job

What to Do if You Don’t Get a Raise

Even if you’ve prepared for your meeting like it’s the SATs, you’re not guaranteed a raise. This could be for many reasons that you might not have a say over. So it’s important to stay focused on the goal, even if you didn’t meet it this time.

If your supervisor tells you that a raise isn’t in the cards, find out why.

If it’s your performance and workload, you can assure your manager you’re ready for the challenge of meeting new goals. This will give you the opportunity to have something to work toward and help set you up for a raise at another time.

If your boss says you can’t get a raise right now because it’s not in the budget or your position compensation is maxed out, you’re in a different kind of pickle.

At this point, if you’re doing your best work and still unable to get more money for it, you might want to consider looking for a job where you can earn more money.

If you’ve networked with industry peers and checked out salaries for your position, you’ve got a lot more negotiating power when you head into new job interviews. Use your research to your advantage, even if the job you’re in right now isn’t working out.

But don’t give up on your current job just yet. If you like your company and your co-workers, keep trying to get the pay you deserve. Chances are they can eventually find a way to compensate you fairly and still fit it in the budget.

 

GlassDoor.com |   | Posted by 

Your #Career : What to Do About a #PayGap at Your #Workplace ….It Happens All the Time. Someone Who Has Just Been #Hired, or Hasn’t Worked for a Company for Very Long, Makes More Money than Someone Who has Been There for Many Years & Proven Themselves to Be a Valuable Employee.

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It happens all the time. Someone who has just been hired, or hasn’t worked for a company for very long, makes more money than someone who has been there for many years and proven themselves to be a valuable employee.

For instance, there are many instances where a male is going to earn more than a woman who has more training and experience. Have you found out that you are earning a lower salary than someone who is a more recent hire, or has less experience than you? If so, it may be time for you to look for ways to be able to do something about it.

Don’t Blame Co-Workers

First of all, you need to remember that it is not your co-worker’s fault that they are being paid more than you are. Yes, you can be angry, but it is never a good idea to confront a co-worker about their salary. All it does is cause both of you to feel uncomfortable, and it causes a lot of anger in the workplace. Instead of being angry at them, use the fact that they are earning more as a reason to ask for a raise.

One thing that you should never do is ask your co-workers what they earn. Unless you are making comparable salaries, someone is going to end up angry because they are being paid less than others. This can lead to conflict within the team, and a lack of productivity that is not going to help you get the raise you deserve.

Get a free, personalized salary estimate based on today’s job market: Know Your Worth

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Learn About the Equal Pay Act

If you are a woman, it is important that you know about the Equal Pay Act. This act prohibits employers from paying women less than their male counterparts when they have the same amount of experience. If you are not a woman but are a minority, you may be eligible for some form of protection. If you think that you are being discriminated based on age, gender, or disability, the best thing to do is to contact the US Equal Employment Opportunity Commission (EOCC).

Unfortunately, most other employees have no legislative coverage. If you are not in one of the above-mentioned groups, you will need to consider your situation and decide whether you should address the issue with your employer.

Do Your Research

Before you walk into your boss’ office and ask for a raise, do some research as to what you should be earning, based on your training, experience, years with the company, geographic location, etc. If you do know for a fact that some of your co-workers are earning more than you, this is good information to be able to arm yourself with. Of course, as mentioned, it is not a good idea to ask co-workers about their salaries.

Just because you shouldn’t ask co-workers about their salaries, it doesn’t mean that there aren’t other ways to find out. For instance, if you work for a university or a public company, some of the salaries are going to be public information. Or, there may be an association for your particular industry that offers surveys about salaries. It is a good idea to research salaries at least once annually.

How to Negotiate Your Salary

Consider Your Approach

One of the most difficult things about asking for a raise is how to approach the situation in the first place. It is never a good idea to ask if the company is going through a transition period, as the money just isn’t going to be there. You also need to be able to gauge your employer’s mood. If you get them on a bad day, you aren’t likely to get what you ask for.

When you do decide to approach your employer, don’t go in making demands. That isn’t going to get you anywhere. It is better to negotiate. Tell them why you feel that you deserve a raise, and have confidence in your own value. This is going to get you a lot further than just going in and saying you want a raise, or else.

Negotiate for More Responsibility

It may be that you are being overlooked for a lot of big projects at work. If this is the case, instead of asking for a raise right away, try asking for more responsibility. “Ask to be put on the teams that are doing the big projects, or to do an extra project on your own. Ask if there are training opportunities, and if not, take outside courses and workshops to gain more skills and knowledge,” suggests training manager at IGotOffer.

If you are given the opportunities you seek, don’t waste them. If you are getting training, take in every ounce of information possible. If you are given bigger projects to work on, show them what you are really made of. These are the things that are going to put you in the running for a raise, or even a promotion.

The Do’s and Dont’s of Asking for a Promotion

Set a Deadline

What will you do if your employer says that they will give you a raise, but they never follow through on their promise? Or, what if the company just can’t afford to give you a raise at this time? You can only wait for so long before you are going to become even more disenchanted, and your work is going to suffer because you will stop caring.

It is important to set a deadline for what you want. For instance, if you have been working at your company for more than a year without a raise, you may need to decide that if you do not receive a raise within the next six months, this may not be the company for you.

How to Ask for a Raise

Consider Your Options

If you are not getting the raise that you deserve, or other forms of compensation such as extra vacation time, a paid bonus, etc., it may be time to start considering other options. There are other companies out there that will value your experience and skills, and be willing to pay you the salary you truly deserve. Basically, if your current employer doesn’t see your value, find one who does.

Glassdoor.com | April 13, 2018 | Posted by 

Your #Career : Bigger Companies Once Meant Much Bigger #Pay , No More…For Decades, even Lower-Paid Workers could Boost their #Pay by Moving to a Bigger Employer. No Longer.

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The significant pay premium that Americans used to receive for working at large companies has shrunk rapidly in recent decades, especially for lower-wage workers, a new study finds.

For the last century, economists have noted that similar workers tend to earn significantly more at large firms than at small ones—a premium that worked out to nearly 50% higher pay in the early 1980s for an employee who went from a company employing fewer than 100 people to one employing 10,000 or more.

But more recently, that premium has shrunk to just 20%, Stanford University economist Nicholas Bloom and his co-authors found in an analysis of federal income data from the late 1970s through 2013. The study was presented Saturday at the annual meeting of the American Economic Association in Philadelphia.

“This large-firm pay premium that’s been around for over 100 years, in the last 30 or 40 years, it seems to have collapsed in the U.S.,” Prof. Bloom said.

It has essentially disappeared for lower-paid workers and those without college degrees, he said. The bottom 50% of workers by pay received almost no premium for working at large companies in 2013, while the premium remained steady for college graduates.

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Prof. Bloom has specialized in analyzing income data for individuals, anonymously, across time and as they change jobs, using a variety of federal population and employment data.

“Almost all of the drop is that large firms are paying the same types of people less,” Prof. Bloom said. “It’s not that they’re hiring worse employees, they just seem to be paying less of a bonus.” 

The trend meshes with others, including the rising dominance of large firms and a rapid increase in pay among the top earners at large companies. At smaller firms, by contrast, pay for employees has tended to rise and fall together, Prof. Bloom’s research has found.

The premium is likely declining for a combination of reasons, Prof. Bloom said. Lower-paid jobs are increasingly outsourced at large companies, which makes it easier to push wages down for those still directly employed. In addition, low union membership—already pronounced in the private sector in the 1980s—likely has contributed modestly, he said.

Finally, activist shareholders and other factors have put pressure on managers to reduce operational costs, Prof. Bloom noted. “You could almost see it as an unpleasant side effect of capitalism, that it’s led to a shift of compensation from low-paid to high-paid,” Prof. Bloom said. “It’s what tends to maximize stock prices.”

Other research has chronicled how large companies in a variety of industries have shifted whole functions through outsourcing, contracting, franchising and other means, said David Weil, dean of the Heller School for Social Policy and Management at Brandeis University and a former Obama administration labor official.

“What Nick’s paper does is ramp that up into more economywide effects,” Prof. Weil said. “It’s been underrecognized.”

Write to Theo Francis at theo.francis@wsj.com

 

WSJ.com | January 10, 2018

Your #Career : Former Wall Street executive Sallie Krawcheck Explains the Best Way to Ask for a Raise — and Get One…Just Because you Deserve a Raise Doesn’t Mean you’re About to Get One. More Often than Not, you Have to Ask — and Then Back up your Request.

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At the S.H.E. Summit in New York City in October, Sallie Krawcheck — the former Wall Street executive and founder of Ellevest, an online investing adviser for women — spoke about ways women can proactively bridge the gender pay gap. But her advice can be applied universally: Don’t just ask for a raise, she said — provide definitive proof that you deserve it.

Interviewer3

“Be as quantitative as you can be,” she said. “Put numbers on paper.”

Vague requests can easily be denied, but hard facts are far more difficult to argue with.

Krawcheck suggests keeping a running list quantifying everything you do, from the number of clients you bring in to the size of the budget you manage to the work you do on each project. When you go in for a performance review or salary negotiation, you’ll be prepared with indisputable evidence of exactly what you contribute to the company.

 

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Krawcheck also advises looking up your position on sites like Glassdoor and Fairy God Boss to know how your current salary compares to the marketplace and gain an idea of how much you should be making.

“We have more resources now than ever before,” Krawcheck noted. “We should be excited about technology.”

As Krawcheck suggests, it’s smart to make the salary negotiation about the facts and leave personal emotions out of it. Demonstrate why you deserve a raise and how you’re contributing to the company, don’t whine about wanting more money.

“You should always link individual performance to departmental goals, and then to overall company goals and how what you’ve done directly impacted each,” Adam Ochstein, founder and CEO of StratEx Partners, previously told Business Insider.

And if you get denied, don’t take it personally — find out why it isn’t possible right now and what you can do differently. Don’t be afraid to be direct: “Ask, ‘What can I do to make this amount?'” Krawcheck said.

And then do it.

 

Businessinsider.com | November 1, 2016 | Emmie Martin