How to get the Salary you

Deserve

Alex Bond, Director, FinPro Analytics Ltd. (alex@finproanalytics.com)

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

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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

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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

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How to get the Salary you Deserve

ASK!

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Before You Ask

7 Steps

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1) Be Good at Your Job

Its not just about the work – be a positive influence, be on time, be a team player, volunteer for projects

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2) Be Honest with Yourself

Where are you in your career? How do you compare to your peers?

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3) Gather Evidence

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Evidence: The Why

Salary Data

Recruiters

Salary Surveys

Glassdoor*Word of Mouth

Job Sites

Performance

Reviews

Exam Passes

KPI’s

Projects

Recommendations

Referrals

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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.

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5) Understand the Process: The How

Is your boss the decision maker? Is there a review schedule? What is company policy?

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6) Respect Emotions

Is your boss underpaid? Is the business doing badly? Leave your emotion at the door

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7) Be Prepared to LeaveThreats 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.

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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

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How to Ask?

7 Points to Remember

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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

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To get the Salary you Deserve be a M.A.N!

3 simple things to remember

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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

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Any Questions?

Alex Bond

alex@finproanalytics.com

www.finproanalytics.com

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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_oswald.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

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