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HOW DO WE CLOSE THE GENDER WAGE GAP WITHOUT BREAKING YOUR COMPANY BUDGET?

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Has your company tried everything to close the gap, but you are not really sure if any of it is working? Maybe you want to close the gap in your business, but you don’t have the budgetary bandwidth? In this webinar, I will walk you through exactly what actionable steps you can take to set your company on the path to closing the gap without breaking the bank. You’ll learn why increasing salaries and pay transparency doesn’t actually solve the gender wage gap and how you can have a pivotal role in changing the future of the gap in your organization.

Three Takeaways:

Why the gap will never close if we continue doing what we are doing.
What needs to change.
What you can do today to close the gap without breaking the budget.

Published in: Recruiting & HR
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HOW DO WE CLOSE THE GENDER WAGE GAP WITHOUT BREAKING YOUR COMPANY BUDGET?

  1. 1. #WFwebinar The presentation will begin at the top of the hour. A dial in number will not be provided. Listen to today’s webinar using your computer’s speakers or headphones. Welcome to the webinar!
  2. 2. #WFwebinar         Tools You Can Use Audio Control –  A dial in number will not be provided. –  Adjust the volume on your computer or headphones
  3. 3. #WFwebinar Questions and Handouts You can submit questions by clicking on this icon here. You can download a PDF of the slide deck by clicking here.
  4. 4. #WFwebinar         1. May I receive a copy of the slides? YES! Click on the handouts list located on the right portion of your screen. 2. May I review the webinar recording at a later date? YES! You may log in again using today’s link to review the presentation on-demand. 3. Is this webinar HRCI or SHRM certified? YES! The HRCI and SHRM certification codes will be sent in the same follow up email as the recording Frequently  Asked  Ques0ons  
  5. 5. CLOSING YOUR GAP WITHOUT BREAKING YOUR BUDGET BY OLIVIA JARAS W W W . S A L A R Y C O A C H I N G . C O M
  6. 6. AGENDA Background & Intro The Truth About Women & The Gap The Truth About Work & The Workforce How YOU Can Close The Gap
  7. 7. BACKGROUND AND INTRO
  8. 8. Helping Women 1-1 Know Your Worth, Get Your Worth. INDIVIDUALS PROVING that money alone won‘t close The Gap. COMPANIES IINTERNATIONAL DEVELOPMENT AGENCIES THIS IS How We Close The Gender Wage Gap FROM HELPING INDIVIDUALS TO IMPACTING REGIONS Strategic advising on how to close the gender wage gap around the world.
  9. 9. TODAY WE’LL FOCUS SOLELY ON CLOSING THE GAP IN YOUR ORGANIZATION
  10. 10. THE TRUTH ABOUT WOMEN & THE GENDER WAGE GAP Why is it that we still have such a vast gap?
  11. 11. There is no negotiation. Here’s a Clue- Have you ever noticed organizations like the military don't have a gender wage gap?
  12. 12. …If you take away the need to negotiate our worth, and the need to advocate for ourselves, there can be no gap! BUT THAT'S NOT THE REAL WORLD! And certainly not feasible for market driven roles... IN OUR ENVIRONMENT OUR GENDER PLAYS A BIG ROLE IN THE OUTCOME OF NEGOTIAITONS.
  13. 13. Here's the thing about our Society, Women and Salary Negotiations…
  14. 14. THE COMMON FOUR SETBACKS 1) Fear of Rejection 3) Not Knowing What You Are Worth (or How to Ask For It) 2) The Impostor's Dilemma 4) Negotiating From Emotions
  15. 15. THE TRUTH ABOUT TODAY’S WORKPLACE & WORKFORCE
  16. 16. IT’S NO LONGER ABOUT OUTPUT. IT’S ABOUT VALUE. THE NEW MODEL FOR EMPLOYERS -  It’s harder to generate profit margins - Most “process” employees are highly replaceable… by technology. -  Pay is only increasing for those who bring relevant human, technical & digital skills. -  It’s becoming harder to retain highly valued employees (and it’s not all about money!!). -  Management can only succeed by Influencing, engaging & collaborating.
  17. 17. “ B U T T H E T I M E S T H E Y A R E C H A N G I N G ” - Bob Dylan THE NEW MODEL FOR TODAY’S WORKFORCE -  There’s a large Contingent Workforce. -  People want MEANINGFUL work, they want to ADD value. -  They care about flexibility & quality of life. -  They crave TRANSPARENCY. -  They value authenticity & communication. -  There’s a NEW American dream (and it’s not about money).
  18. 18. TIME FOR A RECAP.
  19. 19. CLOSING THE GAP How YOU can close it without breaking your budget.
  20. 20. THE 4 STEPS TO CLOSING YOUR GAP 1.  Identify & Measure the Gap 2.  Set a Timeline 3.  Compensation Philosophy ‘Transparency’ 4.  Teaching Women Their Value
  21. 21. STEP #1 IDENTIFY & MEASURE THE GAP
  22. 22. HOW DO YOU IDENTIFY AND MEASURE YOUR GAP? More tools @ salarycoaching.com/workforce/ 1 2 -  Look at YOUR Data: Compa-Ratio, Market Index &/or Range Penetration. -  Create a range spread with the data & identify: High Gap, Low & No Gap. - COVERT OPERATION: Don’t set expectations!! - Break the data down into relevant subsets so your trends are meaningful.
  23. 23. - Range Penetration = (Salary – Min of Range)/ (Max – Min) - Compa Ratio = Salary/ Range Mid Point - Market Index = Salary/ Market Average No-Gap High-Gap Low-Gap No-Gap $$$$$ My Preferred Tools to Measure Internal Gaps:
  24. 24. STEP#2 SET A TIMELINE
  25. 25. 1279037K BE REASONABLE ($$) You can decide on feasible deliverables throughout the timeline so you can budget accordingly. Once all “gaps” are identified, work with your budget office to set an adjustment timeline.
  26. 26. … MOST COMPANIES STOP HERE.
  27. 27. STEP #3 BEING TRANSPARENT ABOUT YOUR PAY PHILOSOPHY
  28. 28. B e T r a n s p a r e n t Initiate a move towards Pay Philosophy "transparency" (This DOES NOT mean sharing salary data). B e F o r t h c o m i n g About your compensation philosophy. (No comp philosophy? Develop one quick… NCP is a surefire way to guarantee a gap and breed a toxic work environment). YOUR INITIATIVE IS KEY E n s u r e U n d e r s t a n d i n g Make sure ALL your employees understand how you set pay and how their value is measured… repeat it to them OFTEN.
  29. 29. H O L D T O T A L C O M P / R E W A R D S H O U R S : - Some companies send individualized letters - Quarterly open sessions R U N A “ U N D E R S T A N D I N G Y O U R P A Y ” C A M P A I G N - Hold large group sessions - One on one follow-ups IDEAS That Work
  30. 30. STEP #4 EMPOWER WOMEN AT WORK
  31. 31. G E T V I S I B L E Make it known that you are Empowering women. EMPOWERED BY MENTORS Your female leadership can mentor other women to understand their value in your workforce. G R O U P S E S S I O N S Hold small group sessions, perhaps include female leaders. C A N D I D C O N V E R S A T I O N S Open a space for candid conversations where women can understand how to bring value to their role. 1 3 2 4 “ Depending on your company culture, you might consider including men. IDEAS That Work
  32. 32. SIT BACK AND WATCH YOUR GAP CLOSE
  33. 33. Reach Me: Olivia@salarycoaching.com Join the movement + exclusive resources available @ www.salarycoaching.com/workforce/ QUESTIONS? THANKYOU
  34. 34. #WFwebinar         Register  for  the  next  webinar!   The Business Case for Well-Being: Elevate Employee Engagement Thursday, August 31, 2017 Webinars start at 2 p.m. Eastern / 11 a.m. Pacific Register for all upcoming Workforce Webinars at workforce.com/webinars

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