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How to Get the Salary You Deserve
- 1. How to get the Salary you Deserve Alex Bond, Director, FinPro Analytics Ltd. (alex@finproanalytics.com)
- 2. The Scale of the Problem Current gender pay gap for full time employees as high as 57% Just 5 of 100 FTSE CEO are Female UK Tech industry as high as 32% UK wide accepted to be closer to 13.9% Last Friday Google was said by the US Department of Labour to have “discriminated against it female employees” Silicon valley female employees can expect to earn as much as 61% less than their male counter parts www.finproanalytics.com
- 3. An Experiment Participants asked to play boggle for money and told they will be paid between $3 and $10 After few games they are given $3 If they asked directly for more they received $10 If just complained, they didn’t receive any more money Men and Women were equally likely to complain Men were 9 TIMES more Likely to ask for more money www.finproanalytics.com
- 4. Women Don’t Ask Men 1 in 4 men have asked for a pay rise in the last year 54% of men have never asked for a pay rise Men surveyed felt they were underpaid by on average £11,963.5 per anum. Upon entering their first job male masters students were 8 times more likely to ask for an increase on their first offer 47% of men have received a pay rise in the last year Women 1 in 5 women asked for a pay rise in the last year 61% of women have never asked for a pay rise Women felt they were underpaid by on average of £6, 854.43 per anum. Upon entering their first job female masters students were most likely to accept the first salary offer made to them 40% of women received a pay rise in the last year www.finproanalytics.com
- 5. How to get the Salary you Deserve ASK! www.finproanalytics.com
- 6. Before You Ask 7 Steps www.finproanalytics.com
- 7. 1) Be Good at Your Job Its not just about the work – be a positiveinfluence,be on time, be a team player, volunteer for projects www.finproanalytics.com
- 8. 2) Be Honest with Yourself Where are you in your career? How do you compare to your peers? www.finproanalytics.com
- 10. Evidence: The Why Salary Data Recruiters Salary Surveys Glassdoor* Word of Mouth Job Sites Performance Reviews Exam Passes KPI’s Projects Recommendations Referrals www.finproanalytics.com
- 11. 4) Make Your Case • What is your business case for a better salary? • Don’t rely on your boss to do the work for you, package you argument with quantitative statements. www.finproanalytics.com
- 12. 5) Understand the Process: The How Is your boss the decision maker? Is there a review schedule? What is company policy? www.finproanalytics.com
- 13. 6) Respect Emotions Is your boss underpaid? Is the business doing badly? Leave your emotion at the door www.finproanalytics.com
- 14. 7) Be Prepared to Leave Threats to leave, complaints don’t equal pay rise’s if you aren’t prepared to leave. Its a mindset (see boggle!). It might not be possible to give you a pay rise. www.finproanalytics.com
- 15. What to do Before you ask? 1. Be good at your job 2. Be honest with yourself 3. Collect evidence: The How 4. Make your case 5. Understand the process 6. Respect Emotions 7. Be prepared to leave www.finproanalytics.com
- 16. How to Ask? 7 Points to Remember www.finproanalytics.com
- 17. How to Ask? 1. Book a meeting: Find an appropriate venue 2. Tell your manager in advance what you wish to discuss. 3. Don’t demand – state your case with reasons 4. Set a timeline 5. Follow up 6. Be patient 7. Be prepared to look for a new role www.finproanalytics.com
- 18. To get the Salary you Deserve be a M.A.N! 3 simplethings to remember www.finproanalytics.com
- 19. M.A.N M – Make your case. Quantify and justify your request A – Ask. Your boss isn’t psychic. N - Now. The stress is in the procrastination www.finproanalytics.com
- 20. Any Questions? Alex Bond alex@finproanalytics.com www.finproanalytics.com www.finproanalytics.com
- 21. Refences http://www.payscale.com/data-packages/gender-pay-gap/women-in-tech https://www.fawcettsociety.org.uk/policy-research/the-gender-pay-gap/ https://www.theguardian.com/technology/2017/apr/07/google-pay-disparities-women-labor- department-lawsuit http://www.managers.org.uk/insights/news/2016/may/why-men-are-twice-as-likely-as-women- to-ask-for-a-pay-rise-new-research http://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/2016/twerp_1127_os wald.pdf https://www.forbes.com/sites/kimelsesser/2016/09/07/research-stating-women-ask-for-pay- raises-as-much-as-men-is-just-wrong/#713466d13983 https://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_action www.finproanalytics.com