How to get the pay you deserve
Our friends at Your Juno have some great advice for negotiating the salary that you’re *actually* worth.
Talking about what we earn can be tricky. For a long time, many companies have encouraged a culture of secrecy around pay. We barely even talk about what we earn with our friends. And if we do, it’s often in hushed tones. The thing is, financial secrecy doesn’t benefit us, especially as women. Unsurprisingly, the impact of financial secrecy disproportionately affects marginalised groups, widening the gender, ethnicity, and socioeconomic pay gaps.
It’s time we take charge and ask for the pay we deserve. But where do you begin when it comes to asking for more money?
Getting a salary bump is easiest when you’re hunting for a new job. You might be able to get incremental pay raises as you grow in your role, but starting strong is important. With that said, getting comfortable asking for a pay raise can be incredibly affirming. It’s a great step toward breaking free of financial secrecy, and it will help you identify when your employer is devaluing your professional worth, too.
Here are three steps you can take to boost that salary:
Do your research and compare your salary
Researching other comparable jobs to your role is essential. Have a look on Glassdoor to see salary ranges, ask your friends what they earn and find out what colleagues in similar roles are getting paid. Even if you’re happy in your role but you’re looking for a salary increase, don’t be afraid to apply for other positions and speak to recruiters. This will help you get a feel for the spectrum of salaries on the market, and how much other employers may be willing to compensate you.
Expect to negotiate
Whether you find it cringe or not, employers are often expecting a negotiation. So how should you prepare? Have a minimum salary in mind that you’d be happy to accept when negotiating. If you’re interviewing for a new role, be ready to walk away if a prospective employer won’t meet your expectations. You can’t expect to negotiate and get what you’re asking for without reason, though. That’s why it’s important to be ready to talk about targets you’ve hit in your current role, and what you’ve added to the team. Make a note of things that can help to differentiate you from other team members or candidates; these can end up being the deciding factor in landing the salary you want.
Think about other forms of compensation
Increasingly - especially if you work in tech - employers offer equity as a form of compensation. Shares and options can be incredibly valuable, particularly if you believe the business you’re working for will continue to grow. Private healthcare is another important benefit to consider, along with subsidised travel, gym memberships, and company cars. These things all add up! Can you work from home? Are the hours flexible? Is the job remote, if that’s something you want? Make sure you do some research on what’s available, and include these things in your negotiation.