Monday, March 26, 2007

Q&A: How can I ensure I am fairly compensated?

Q: I have accepted a job offer from a large technology corporation (Fortune 1,000). I am concerned that pay discrepancies between men and women are still prevalent.

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…

  1. Is in a division of the business that is growing, not shrinking or stagnant.

  2. 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).

  3. 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)

  4. 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.

  5. Affords you opportunities to work on high-profile projects that demonstrate your leadership capabilities and challenge you to grow.

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