Equal Pay- Facts and expert advice on negotiation - Part 1
April 10th marks Equal Pay Day, the date representing as to how far into the year must a woman work to earn the same salary as a man in the past year. It’s been across the headlines, the slow growth of women in the corporate scene, and the estimated years it’ll take to equalise the disparity in the salary differences amongst the two sexes.
While, these trends were always understood to be for the western nations, shocking reports by leading companies have shown that the same problems also exist deep in Indian corporate scene.
According to the Monster Salary Index (MSI) women earn 20% less than men for the same time and experience. MSI data from the past year showed that men earned Rs 231, while women earned only Rs 184.8 as a median gross salary per hour. The data also showed that the median pay gap increased with increasing work experience. Men with 6-10 years experience earned 15.3% more than women, while men with 11 years experience earned 25% more.
According to 5500 who took part in this survey, 69% of the respondents thought that gender parity needs to be a top priority for organisations as only 10 per cent organisations have a robust gender diversity programme.
With even poor representation of Indian women in the paid working sector being a problem, the McKinsey Global Institute Report for UN Women showed that, Women in India represent only 24% of the paid labour force in contrast to a global average of 40%.
Over the past few months, many such shocking revelations have occurred and women have stood up gracefully to the fact and are demanding their rights.
Forbes have compiled a few things that women can do to negotiate and get the salary they deserve. Check the highlights out, right here:
Speak up early and often
Don’t wait for the annual review. A good advice is to start socializing and making a strong cause early, to negotiate better.
Details are everything
Women are more self aware, which makes them stand up for themselves difficult. Asking for a pay raise could be challenging but it boils down to details of the approach- the timing of it, the reputation and relationship that you have with the people you’re speaking to, and the self-awareness.
Be specific with what you ask
“I deserve more money” is not a sufficient negotiation dialogue. You need to be more specific and get validation for your accomplishments. Everything works better with an evidence of performance backing it.
Resist an ‘all-about-me’ mindset
In situations where you’re fighting for something you desperately want, you tend to get emotional, which may dilute your stand. But if you’re stern on the fact that your desired outcome will do good for the company in the long run, it can help you change your tone and get rid of your defensive attitude.
That was just 4 of the 9 tips we have for you. Take a break, our concentration spans are shorter than we think.
Read the rest of the article here!