Despite progress in many areas relevant to women’s finances, women still lag behind men in terms of take-home pay. Women earn around 82 cents for every dollar earned by men. This gap becomes even wider for women of color and those in marginalized communities.
As a woman in the workforce, fair compensation for your work is essential. Getting a raise at work is a powerful way to improve your financial standing and promote equality among colleagues.
Research shows that many of us are overdue for a pay raise. Over half (52%) of employed Americans did not get a pay raise between August 2021 and August 2022.
We want to change that ASAP. 47% of us are planning to ask for a pay raise in 2023.
Women must know how to advocate for themselves if they hope to achieve a pay raise. We’ll guide you through the process!
Know Your Market Value
The first step in securing a pay raise is understanding the market value of your skills and contributions. Use online resources and industry reports to determine what the salary range is for your position and level of experience. When you know what you’re worth, you can confidently approach pay raise negotiations with the data you need to support your request.
Document Your Achievements
You do great things at work every day, but unless you’re keeping track of them, you may overlook them when asking for a raise. Be sure to keep an ongoing record of your achievements and the value you bring to your organization. Tangible results go a long way in strengthening your case for a raise.
Hone Your Negotiation Skills
Negotiation is key for securing pay raises. Practice assertiveness, effective communication, and active listening. Anticipate possible objections that your boss may have and prepare thoughtful responses. These skills make it easier to confidently approach the topic of a pay raise.
Seek Mentorship and Support
Creating a support network boosts confidence and increases your chance of successfully pursuing a pay raise. Seek mentors who can provide guidance on overcoming challenges and advocating for fair pay. This can help you secure a higher pay rate.
Use Performance Reviews to Your Advantage
During annual performance reviews, seize the opportunity to secure a pay raise. Highlight your accomplishments, showcase growth and development, and clearly communicate your aspirations for advancement. Then, you’ll be in a strong position to negotiate a well-deserved pay increase.
Don’t Overlook the Power of Personal Branding
Alongside strategies like these, personal branding plays a pivotal role in getting a raise. When you have a strong personal brand, you can effectively communicate your value, showcase your unique skills and contributions, and position yourself as an invaluable asset to your organization.
At TAKe Brand Consulting, we empower women in their professional journeys, giving them skills that help them advocate for fair pay. We can help you create a strong personal brand that will position you for greater recognition and compensation. Learn more about the services we offer.