3 Financial Takeaways from the Equal Pay #L2LMixer
Imagine overhearing your colleague who has the same role as you complain about her salary and you discover that she is making significantly more than you. “A sense of worthiness runs deep, and when you put a dollar sign on that and tell me that someone is worth more, it hits your ego,” shared Money Mitra. You question every reason possible for why there’s a pay discrepancy. You even try to avoid making it about race; however, you can’t avoid it because the data doesn’t lie.
“Women lie. Men lie. Numbers don’t.”
Black women have to work almost 20 months to earn the amount a white man would in just 12 months. We also get paid 61 cents to every dollar a white man makes.
As we push for policy changes within the workforce for pay equality, we also have to recognize that often we leave money on the table. If Black women are the least supported group in Corporate America, without mentorship, who is helping Black women negotiate and ask for more? Who are the allies in senior-level positions who are advocating for Black women to get what they deserve?
August’s #L2LMixer discussed the pay gap and how it impacts the racial wealth gap for Black women. We also explained how the pay gap impacts ALL women and offered ways to make sure we have done all we can to get the pay we deserve.
Ladies Get Paid Nashville partnered with us to host a fantastic conversation that gave every guest in the room with great tools to use in their pursuit of pay equality. Our panelists, Manessa Lazare, Miranda Smith, Mitra Sharifi, Dr. Ashley Williams, and Cassandra Holdsclaw shared their expertise and experience in human resources and finance to help us advocate for ourselves and for others. Here are some key takeaways:
Prepare for your raise
83% of black women want a promotion. Be sure you know what’s required and what milestones to hit to get a promotion. Come to the table with a list of reasons as to WHY you should get a promotion. Write down all your successes and how you’ve brought in revenue for the company.
Always negotiate, companies expect it
Sometimes we’re so desperate for a job that we’re terrified to negotiate your salary. We feel like the offer is going to be rescinded. Never take a job without negotiating your salary. HR expects candidates to negotiate. There are a budget and a salary range. They’re not going to spend MONTHS hiring the right person to tell them that they can’t get more money. You can even negotiate your benefits like PTO. You’re 7x more likely to get promoted if you go to the table expecting to negotiate.
Be open to talking money with friends
Talk about your salary with your friends. Knowing what people on your level are making will help you with negotiations. Go even further by helping each other prepare for their reviews. If someone on your squad recently got everything she wanted in her review swap tips so you can bring your A-game to the table.
It’s also essential to have allies to help you set your rates and stick to those rates. Share with your colleagues what you are charging for your services. Be open to what the experience you are having with those rates and how clients respond to them.