{"id":1552,"date":"2012-06-03T10:38:25","date_gmt":"2012-06-03T10:38:25","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=1552"},"modified":"2012-06-07T11:56:54","modified_gmt":"2012-06-07T11:56:54","slug":"5-ways-women-can-increase-their-pay","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=1552","title":{"rendered":"NextAvenue.Org: 5 Ways Women Can Increase Their Pay"},"content":{"rendered":"
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Ron Chapple Studios | Thinkstock<\/figcaption><\/figure>\n

A few surveys focusing on how much women earn came out last week, timed to Equal Pay Day, and the news wasn\u2019t great. My takeaway: Women need to be aggressive to get paid what they deserve.<\/p>\n

A study f<\/a>rom The Center for American Progress, a progressive think tank, reported that the typical woman working full-time makes an average of only 77 cents to the dollar earned by men. (The gap has narrowed, however \u2014 the ratio was about 59 cents to the dollar in 1975.) According to the American Association of University Women,<\/a> the wage gap is largest for Hispanic and Latina women, who earn, on average, only 61 percent of what white men do. These studies don’t pertain to execution of identical jobs, but are based on pay overall.<\/p>\n

Pay for Women in Their 50s and 60s<\/strong><\/p>\n

For women in their 50s and 60s, the contrast is especially stark. The Center for American Progress study found that in the last five years before retirement, the annual wage gap between women and men jumps to $14,352. That’s compared with just $1,702 between ages 25 and 29.<\/p>\n

Over a 40-year career, the average woman loses $431,000 as the result of the wage gap, and the number rises to $723,000 for women with at least a bachelor\u2019s degree.<\/p>\n

Fascinating Finding About the Wage Gap<\/strong><\/p>\n

Are these figures due mostly to women working in fields that tend to pay less, such as retail sales, social work and teaching? Nope.<\/p>\n

A new analysis by The Institute for Women\u2019s Policy Research <\/a>found that the wage gap is common in occupations virtually across the board. The group\u2019s research <\/a>shows that women have lower median earnings than men in all but one of the 20 most common occupations. The exception: bookkeeping, accounting and auditing clerks. In this sector, women and men have the same median earnings \u2014 about $656 a week.<\/p>\n

Here\u2019s a stunner: Women CEOs earn only 69 percent of what their male counterparts make. As I blogged in an earlier Next Avenue post,<\/a> when it comes to money, the deck is stacked against women.<\/p>\n

How to Boost Your Pay<\/strong><\/p>\n

But you do have the power to do something about being paid what you deserve: Negotiate fiercely.<\/p>\n

Many women I know don\u2019t go to bat for themselves when applying for jobs or after they\u2019re hired. They\u2019ve accepted low-ball offers as far back as their first job, and that has hurt them for decades, since raises are usually based on a percentage of pay. Some women in their 50s or 60s settle for pay offers just because they’re happy to get hired at their age. And men are four times more likely than women to ask for a salary bump, according to economist Linda Babcock of Carnegie Mellon University.<\/p>\n

I\u2019m not surprised that a LinkedIn survey <\/a>of more than 2,000 professionals found men more likely to say they feel confident in career negotiations (from asking for a raise to closing a business deal) than women \u2014 37 percent versus 26 percent.<\/p>\n

Pay raises will average 2.9 percent this year, according to human resources consultant Aon Hewitt, in an Investor\u2019s Business Daily <\/a>article. To increase your chances of getting at least that much, or an appropriate starting salary for a new job, follow my five tips:<\/p>\n

1. Do your homework about salaries<\/strong>. Web sites like Payscale.com<\/a>, Salary.com<\/a> and the one from the Economic Research Institute <\/a>can show you what a position pays where you live.<\/p>\n

2. Ask your peers.<\/strong> If possible, when you\u2019re applying for a job, ask for salary information from a male friend in a similar position at that company or in the same field. (I have used this technique every time I switched jobs or taken a new assignment.) You can also tap into your professional network, such as LinkedIn connections, for advice.<\/p>\n

3. Practice your negotiating skills.<\/strong> Knowing how to negotiate well is vital in the interviewing stage and during performance review sessions. And, of course, there\u2019s an app for that. Last week, the White House announced the winners of a project called theEqual Pay Phone App Challenge, where entrants created apps to raise awareness about the wage gap and help women in pay negotiations. One worth checking out: Close the Wage Gap,<\/a> from a Carnegie Mellon team. It includes a practice interview video and negotiating tips.<\/p>\n

4. Don\u2019t take no for an answer.<\/strong> When you\u2019re in a pay negotiation, \u201cget comfortable drawing out the conversation \u2014 or even postponing it \u2014 rather than nodding your head in agreement or surrendering with \u2018Okay,\u2019\u201d says Selena Rezvani, author of the new book, Pushback: How Smart Women Ask \u2014 And Stand Up \u2014 for What They Want.<\/a> \u201cYou can experiment with being silent for a few seconds to level the power and ask questions that open up dialogue,\u201d she adds.<\/p>\n

5. Prove your worth.<\/strong> If you think you deserve a raise, make some noise. Don\u2019t expect that your boss will necessarily notice all your hard work and reward you these days, when budgets are cut to the bone. Show why you\u2019re due a decent raise. It helps if you\u2019ve just won some sort of recognition, or taken on extra duties successfully. Providing evidence of your value to your employer just might pay off in your future paychecks.<\/p>\n

by Kerry Hannon<\/p>\n

More by this\u00a0author\u00a0<\/a>on\u00a0NextAvenue.org<\/a><\/p>\n

Kerry Hannon has spent more than 25 years covering personal finance for Forbes, Money, U.S. News & World Report, and USA Today. Her website is\u00a0kerryhannon.com<\/a>. Follow her on Twitter\u00a0@kerryhannon.<\/a><\/p>\n

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