I’m going to be real with you, there is a pay gap, yes we all know this! As women, we earn $0.82 on the dollar. But there is also an education gap between men and women. Looking back a few generations, women were not taught about money. How to sew, check! How to cook, check! How to clean, check! And to even speak the word money was a huge faux paus! So if we weren’t educated about finances, we have an internal conflict that we aren’t worthy of the education. So if we don’t feel worthy of the education, then we definitely don’t feel worthy of the money, the raise, the promotion. This internal lack of worth is the critical first step to overcoming the pay gap and stepping into your boss’s office and confidently asking for your worth!
I recently did an Instagram LIVE with Caroline Tanis, one of our amazing female advisors at the Women’s Wealth Boutique, and we dove into the steps women need to take to ask for more money at work. As God says in the bible, Ask and you will receive. So let’s start by asking ladies, ask, ask, ask! There are not a lot of guarantees in life, but I can say this, you will not receive something until you ask for it.
Step 2 is to overcome the mindset of asking for more money is greedy, or that you won’t seem grateful for your current salary. Or maybe you suffer from imposter syndrome, who am I to ask for this amount of money? I’m here to tell you that you are worth double, triple the amount of money you are making! In the past, when I speak with clients about asking for more money on the table when they receive a job offer, I quickly get push back. I’m just happy to have the new job, and that is good enough. Well I am sorry to say but good enough is not good enough in my book anymore. Good enough means women leave about $900,000 on the table compared to men over the course of their career. You are worth that million dollars!
Step 3 is to set up the meeting, go into the appointment with a plan, a strategy, ask for what you want, and stop talking! Yes, you read that right, as Caroline explains, the first one to talk looses the power in the dynamic. Whoever speaks less in a meeting has more of the power. Let the number sink in with your boss or new boss. Don’t try to explain yourself or tell them how much harder you will work for the more money. Remember, you are asking for more money because you ALREADY deserve it, not because you will work yourself to death!
Now a big question came up during our LIVE: Do I have to play the office politics game?
We’ve learned that just showing up and working hard is not always enough. You have to ask for what you want, you need to build and nurture relationships, and you have to know when to stop talking! If playing office politics doesn’t feel right for you, here are some other ways.
You can find a mentor within your firm, someone you respect and want to emulate! They should be a few positions higher than you are or even the CEO herself/himself! But don’t box yourself in, finding a mentor or coach outside of your firm or even industry can give you a fresh perspective! No matter what, you need people who are in meetings you are not privy to yet, to be speaking and raving about you!
Another strategy is to build out a unique skillset such as training on public speaking, learn a new language, or a specialized designation. Make yourself needed for future growth, and don’t be shy to talk and even brag about it. People have to know more about you! Invest in yourself personally, mentally, physically as well as for your career. All of these factors will help you evolve and transform yourself. I just began doing ironman training as my husband finally got me to say yes to doing a half iron man with him. If you don’t know what that is, it is a long triathlon, you swim 1.25 miles, bike 56 miles, and run 13.1 miles. I was always scared of how much training would involve, and it is also a pricey sport!
A few months into the pre-training and I’ve learned so much about myself! My body is capable of so much more than I ever thought possible. I can get so much reading and work done while I am running or biking in my basement at 5 in the morning. My body feels lean and yet stronger than ever. I have learned to be more disciplined and focused than ever before, plus the added bonus of getting in more reading during my day has been huge. Even small things such as having the most efficient and aerodynamic run, swim, and bike can do wonders. It is NOT always working harder, but more strategically that will save the most time during the 6 hour plus race.
Personal and professional growth will transform the way you work.
Build out your network with people older than you, younger than you, along with your peers. Relationship building will always pay off whether you are growing within your current firm or will take a leap of faith to do something else. My favorite part of the community and network we have built with our Women’s Wealth Boutique is sending referrals and new opportunities to all the women from new clients, to speaking engagements, to large projects I never thought possible before!
Have fun with these strategies, build into your day time for your own money mindset, and get strategic in your career.
You are worthy of it all, my friend, you are worthy of millions! Billions!
Now claim it!