In addition to renegotiating my salary and benefits package, what other advice do you have on how can I ensure that I am being fairly compensated.
A: Renegotiation is one of the most impactful steps you can take. If all women were to follow your lead—there would be less of a gender pay gap! The authors of Women Don't Ask state that women who negotiate their salary at every opportunity earn at least $1 mill more over their careers.
Beyond salary negotiation, the rest of my advise falls into the category of good career-management. To maximize your compensation, try to maneuver into a job that…
- Is in a division of the business that is growing, not shrinking or stagnant.
- Is in a division that is a revenue center, not a cost center (Example: work in areas like Product Management or Sales rather than in Finance, Operations or HR).
- Allows you to demonstrate the link between your work effort and business results, and make those results visible to senior level leaders. (Example: If you are in Marketing, measure ROI of your marketing programs, and present results/metrics to senior leaders)
- Reports to a manager who you get along well with, who mentors you, and opens doors for you, who a manager that does the same for them. That way, everyone’s careers advance faster.
- Affords you opportunities to work on high-profile projects that demonstrate your leadership capabilities and challenge you to grow.