Women do not just suffer from gender wage gaps—they are also more likely to get rejected when asking for a salary raise.
Researchers from Dartmouth and Harvard universities discovered that women are three times more likely to fail to reach an agreement for more generous compensation than men asking for the same offers. Despite the high chances of getting a negative outcome, the researchers still recommend that women continue to lean in and negotiate for salaries that align with their credentials.
Organizations are highly responsible for providing equal pay across genders. However, women gain an advantage when asking for salary raises through the following strategies.
Increase Your Knowledge About Financial Literacy
It may seem unrelated, but your financial literacy can significantly impact your likelihood of getting a raise. So before you ask for a raise, assess your financial habits first.
By increasing your financial knowledge, you can eliminate factors that can negatively affect your request and better understand the worth of your skills in the job market. Our article on ‘Financial Literacy for Generation Z’ emphasizes that people who understand personal finance are more likely to be able to negotiate their salary and benefits package effectively. Some organizations even evaluate your job applications using information from credit reports, thus making it essential for women to be good at money management.
Research The Market Value of Your Job
Your financial knowledge is essential, especially if you want to know the salary you deserve as a professional. Through proper research, you can find reasons that justify the compensation that you should be getting each month.
Payscale highlights that the industries with the most significant gender pay gaps are finance, consultancy, healthcare, transportation, and non-profits. Women earn about 77-88 cents for every dollar a man makes in these industries, so you should look into the median salary of men in your current role and assess if there’s a chance for you to get paid more. You may also try to match the wages of your male counterparts at work, especially if you have similar credentials.
Ask For A Salary Raise Through A Well-Written Letter
If you think you’ll be perceived as aggressive when asking for a salary raise, consider writing a letter to your boss instead. This method allows you to organize your thoughts and make a compelling case for your raise without coming off negatively to authorities.
Instead of getting straight to the point, advice by LHH on writing a raise letter outlines how you should start by discussing your achievements and contributions to the organization. After listing down your credentials, you can specify your role’s market value and cite the amount you’re aiming to get from the negotiation. Then, you finish the letter on a positive note by expressing your appreciation for your employer.
Send Your Raise Letter at an Appropriate Time
Before sending your raise letter, try to read the room first. You’re more likely to get a favorable response if you send your raise letter at the right time.
The Balance Money recommends asking for raises a few months before company raises are typically awarded. Sending your raise letter about two months before the usual schedule allows your boss to consider your request and discuss the matter with other leaders in the company. However, you should hold off from sending your raise letter if your boss is having a bad day or the company isn’t doing well.
You’ll never know if you can get a salary raise unless you try negotiating with your boss. With the help of these tips, you can reduce the gender pay gap and get the compensation you deserve.