By Erin Daniels, The KNOW Women
Known as the gender wage gap, the difference in earnings between women and men has always existed, and still does today. This difference is usually calculated and compared between white men, the highest earners, and women of all races, as we see even more discrepancies in pay as we add more descriptors.
In 2022, women as a whole still earn only 82 cents for every dollar that a man earns. According to CAP, in 2018 Black women were making 62 cents to every dollar that White men earned, Hispanic or Latino women were making 54 cents, Asian women were making 90 cents, and American Indian and Alaskan Native women were making 56 cents.
Some of the causes of the gender wage gap are discrimination, years of experience, and the effects of occupational segregation, “the funneling of women and men into different types of industries and jobs based on gender norms and expectations.”
As a society, we must each actively work to eliminate the wage gap in our workspaces. Some ways we can work toward this are by unionizing workplaces, increasing pay transparency, increasing access to affordable child care, and disregarding salary history as a reference during new salary negotiations. Money Under 30 believes that while there is still much work to be done to close the gap, implementing these strategies will push us toward that goal, as well as create more favorable working environments all around.
We asked our dynamic KNOW women across North America about how they are negotiating pay and ensuring equality throughout their workplaces. Follow along on our four-part mini-series to see how these driven women are speaking up in male-dominated industries, approaching the wage gap, and continuing to progress in co-ed offices.
How do you, or have you, approached the conversation with your boss to ensure you are getting paid equally?
1) Do your research. What does your role pay in the market? 2) Pull together your pay and your performance data. What were your: salary increase %’s, bonuses, and performance ratings over the last 3-5 years? 3) Create your BUSINESS CASE. Use the two above items to create a compelling case. 4) Ask your boss for a conversation specific to you and be sure to schedule it outside of your usual connects about tactical work/ projects, etc.
Having open communication is essential when it comes to discussing compensation. You need to come to the table with a detailed ask and evidence to support that ask. Sharing your expectations in a concise and data-driven way minimizes the risk of being dismissed and allows your manager to advocate for you by arming them with insight and reason.
I am in an industry where pay is not published and pay structure can be negotiated. Given that, I approach my work on a day-to-day basis to ensure I am adding to the company’s objectives beyond what my job requires. When meeting with my team leaders, I am prepared to share the added value I have brought to the team, my future goals and commitments, and specifically and directly ask for additional compensation consideration.
– Ginger Lazovik, Falk Ruvin Gallagher Team, Keller Williams