4 Practical Ways to Align Your Salary with Your Skills & Contributions  

We have all heard that women are paid less than men for doing the same job. In fact, the Institute for Women’s Policy Research sites that “women earn only 79 cents for every dollar earned by men.” While there are political arguments on both sides of the aisle on how to close the gap, the fact is the gap needs to be closed. But until there is a broader conversation by our nation’s leaders on doing that, there are things that you can do to ensure you’re paid what you’re worth.

Here are four ways you can make sure you don’t end up being part of the statistic:

Be Your Own Agent
The best chance to make a big leap in salary is when you are interviewing for a new role. (Typically, once you have a job and you get promoted internally, you will see on average an 8% increase.)  You know what you bring to the table, now you have to do a good job articulating your experience. So be prepared when you go in to negotiations. Review your past successes with your potential employer and remind them just how valuable you are.   Also, one of the biggest opportunities for employees to capitalize on is networking, and they forget it all the time!  Your internal network of co-workers is critical to your personal worth.  You need advocates who can speak to your skills and character. Ideally, even, your name should come up in casual conversations or brainstorming sessions when talented resources are being discussed. One of the easiest ways to network is to be involved in an Employee Resource Group.  They frequently have executive sponsors and access to people across the enterprise who can be of value when it comes to looking for your next position.

Deliver on Your Commitments
Don’t oversell your experience. Be honest about your skills, and work hard for your success.  Take advantage of educational opportunities, plus internal and external networking. My recommendation is don’t ask for an increase after your first big win. Consistent delivery is what gets you more money.  You should be strategic about what goals you want to hit, and they should – and this is important — be in line with the objectives of your manager and company. Don’t forget to document your wins either. Find fifteen minutes during the month to track your successes so that when it comes time for your annual performance review, you won’t be left scratching your head and saying, “What did I do this year?”

Know What the Market is Driving
Nothing says value like offers from competitors or other companies.  There is nothing wrong with knowing what your industry is paying for talent. I would recommend connecting with recruiters and headhunters and asking about the average compensation ranges for someone with your skill set. You should be able to have an open dialog with your manager or your human resources representative about the compensation range for your position, or the position for which you are interviewing. And don’t forget the total package. The base salary that you are offered is not your total compensation; you should consider things like bonuses, work-life balance, other company benefits, discount programs, and the overall passion you have for the work you would be doing on a daily basis.

Ask for More Money
How can you get what you want, if you don’t ask for it?  NPR aired a broadcast that talked about an experiment at the University of Texas where each employee had to advocate for their salary. The experiment showed that the women asked for on average $7,000 less than the men, but had no issues when it came to advocating for their colleagues. So, ladies, advocate for yourself!  If you are lucky to have a manager who will advocate for you, that’s great.  But ultimately you are responsible for yourself and therefore, you determine your worth.  So, do your research and find out what your position pays in your industry, then aim for the top of the range. Remember, someone is always watching you.  We set an example not only for our kids, but for our teams and coworkers. What example do you set? There is nothing wrong with being compassionate and advocating for others, but remember to advocate for yourself as well.

Four out of ten women are the breadwinners in their families, and that number will continue to grow as the population changes and what society knows as a “traditional” household is no longer the norm.  We all have an opportunity to earn more money.  When your opportunity comes your way, you should go for it!