How Women Can Secure the Bag!

At 50.5% of the US population, it's critical that women secure the bag, reach pay parity and blow up the gender wage gap. And not simply because it's the right thing to do, but also because the racial and gender wage gap has real economic implications. Researchers at the Federal Reserve Board of San Francisco concluded that closing the racial and gender economic gap could have increased US GDP by $2.6 Trillion in 2019.  That’s trillion with a T. And that's a loss for women, families, communities and our broader society.

The stakes are high for all women, but they are especially high for women of color because changing demographics will reconstitute our populace and put women of color in the majority by 2060, according to global think tank Catalyst. They reported that in 2019, women of color comprised 20.3% of the US population but by 2060, women of color will be the majority of all women with:

• Hispanic women projected to be 27% of all US women in 2060
• Black women projected to be 15.2% of all US women in 2060
• Asian women projected to be 9.5% of all US women in 2060 and 
• American Native, Native Hawaiian and Pacific Islander women projected to be 1.7% of all US women in 2060

With this insight, how can we ensure that all women get paid? First, there are tactic and structural things that organizations must do to eliminate the gender and racial wage and we covered that in my previous article, Give Me the Coins I've Earned, Please. So, let's talk about the flip side of that coin (no pun intended) and discuss how women can advocate for more pay.

Five Steps to Asking for More Compensation 💰: 

1. DO YOUR RESEARCH - Utilize platforms like Glassdoor or Payscale to understand what the market supports for your specific role and niche down to get as close to your role/qualifications if you can. This will arm you with insight on the salary range that your role supports and it will help you formulate a well-positioned ask. You can also use LinkedIn (duh?💁🏾) to compare salary ranges, roles and comparable data and use that information to formulate an ask.
2. MASTER YOUR CRAFT - As you prepare to ask for more money, be a master of your own domain. Be undisputedly good at what you do. Dot all of the i’s and cross all of the t’s to minimize a “quick no” based on your performance. Keep a record of your successes with specific examples that are quantified where possible.
3. ASK FOR WHAT YOU WANT - I've heard people say, "Come up with your number and then add tax." That’s controlling for the fact that your number may not be as high as you can actually command. Women typically see asking for more money as a burden so they shy away from being direct about their needs. Don’t be afraid to ask for that big, hairy, audacious number. Need some inspiration? Check out Lola Bakare's Harvard Business Review article, How Black Women Can Navigate Pay Gap Gaslighting, for practical tips for preparing for the conversation.
4. BOSS UP AND KNOW YOUR WORTH - A piece of preparing to ask for more is mental. Some women may be under-employed or due for a raise because you haven’t owned the value that you’re bringing to the table. This is not victim blaming, because studies show that women are proportionately less likely to ask for more and negotiate. In Women Don’t Ask we learned that by not negotiating a first salary, women stand to lose more than $500,000 by age 60—and when coupled with the ways that women are socialized to be nice, this creates a lose, lose for women. It's important to acknowledge that a portion of asking for more rests on the inner work that includes understanding the 'X factor' that your leadership brings and how your work products make you deserving of more.
5. THINK ABOUT TOTAL COMPENSATION - Yes, the goal is to increase your take home pay, but that can happen in a number of ways. Here are questions to ask your manager/ human resources/ recruiters: Are there performance incentives or bonuses available? Restricted stock units or deferred compensation? Signing bonuses? Retention bonuses? Additional vacation days? Parking or commuter benefits? Educational or training subsidies? Student Loan Repayment Assistance? The key is to think about all the ways to can add to your bottom line.

Armed with this information, I'm hopeful that you are better positioned to make an ask. I want to see all women winning! Ladies, let's Secure the Bag!

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I'd love your questions or thoughts. Please share below. Also, is there anything else you will add to this list?

Desiree S. Coleman advances equity and empower women through speaking, writing and curating conversations. Find her on all social media platforms: @desireescoleman

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