Salary and Career Advancement

Women at Work, Equal Pay
 

 

Salary and Career Advancement

Having a well-paying job is a major concern for most people, but it's no secret that there's often a gender gap when it comes to pay. According to a report from the Bureau of Labor Statistics, within most occupational categories, women who work full-time, year-round earn only 82% (on average) of what men who work the same schedule earn.2
 
Getting paid less affects not only your current paycheck, but also your long-term asset accumulation. For example, the less you earn, the less money you have to contribute to your retirement plan, and potentially the lower the amount of matching employer contributions you'll receive if your employer offers them. In addition, because current salary is the benchmark for future pay increases and bonuses (which are often expressed as a percentage of your salary), the effect of a pay gap is cumulative. Unless corrected, pay disparities may widen over the course of your career.
 
Unfortunately, making sure that your pay is in line with industry or company standards isn't always easy, but you can start by checking with your employer. Many employers have transparent compensation practices and are happy to share salary ranges or pay scales, the criteria for pay adjustments, and the timetable for compensation review. You may also want to check out Internet salary websites to get an idea of a typical salary range for someone in your occupation and geographical location.
 
You may also benefit from honing your negotiation skills. It's possible that you might be missing out on pay raises, not because they're unavailable, but because you haven't effectively communicated what you want or need.
 
Here are a few tips:
· When meeting with your employer (or a potential employer), be prepared to articulate your strengths and specific achievements. What unique skills and qualities do you bring to the table?
· Recognize that negotiation is a two-way street. Clearly communicate not only your salary requirements, but also what you offer the company in return. Be prepared to address any concerns your employer has.
· Don't assume that the first salary or pay increase you're offered is the last. Be prepared to counteroffer.
 
In addition to pay, bonuses, and other tangible rewards, nontangible rewards such as career opportunities and a supportive culture are important predictors of job satisfaction and success.
 
Here are a few questions you may want to consider when deciding if a job or company is a good fit:
·  What advancement opportunities exist?
·  How many women in the company hold leadership positions? If the number is low, does the company have any initiatives in place to change that?
·  Are career development opportunities available, such as management training, mentorship programs, or networking opportunities?
·  Does the company have family-friendly policies and benefits? Are employees encouraged to make use of them?
 
 
2,3 U.S. Department of Labor, Bureau of Labor Statistics, Women's Bureau, 2016 data, accessed January 2019 
Information presented here has been developed by an independent third party, Broadridge Investor Communication Solutions, Inc., Copyright 2018. Commonwealth Financial Network is not responsible for their content and does not guarantee their accuracy or completeness, and they should not be relied upon as such.