Equal Pay Day
Equal Pay Day
Equal Pay Day is coming up. The date is April 2nd. This is the day in 2019 where females catch up to their male counterparts earnings in 2018. It took us 15 months and two days to make what men made in a single year.
It’s 2019. There are more women in the workforce now than ever before, so why are we still making less?
As women, we often think that if we work harder, then they'll pay us more. That we can earn a higher raise just by working harder and doing a better job. We feel like we have to prove ourselves before we can ask for what we think we deserve. We want to be liked.
One of the biggest reasons women are earning less than men is simple. Women don’t ask for it.
There is a stark difference between men and women in salary negotiation.
Men are 4 times more likely to negotiate their first salary out of college.
Over a lifetime (the math used for “a lifetime” is based on working 25-65 years old), simply not negotiating that first salary out of college means, women are missing out on $500,000. Half of a million dollars just because we don’t have the guts to negotiate our first salary!?
We can turn it around. Women that consistently negotiate their salary for their entire career make on average $1 million more over their working lifetime than women who don't.
In one salary negotiation study, 85% of men had an internal locus of control (psychology term meaning that YOU have control over the outcome of a situation) to ensure they were paid what they felt they were worth, compared to ONLY 17% of women that felt that way. Meaning, over 80% of women felt their worth was based on what the companies decided to pay them, not on what they felt their true value was.
Now that we know one of the factors at play, the next big step is to support each other in standing in our own power, knowing our worth and negotiating our way to equality. Through sharing knowledge, empowerment and practice, one day we can celebrate Equal Pay day on Dec 31st.
This Equal Pay Day I am hosting an event, along with aSweatLife ambassadors in 7 cities around the country to bring awareness to the issue of equal pay, learn from other women, participate in a salary negotiation workshop and, of course, do what we do best - workout and make new friends.
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**Facts for this blog are shared from a lecture by Manisha Thakor, MBA, CFA, CFP. Her website has a ton of great content, resources and services.
Alexandra Dickinson, Founder and CEO of Ask For it also has free worksheets on her website so you can practice skills that can help you with salary negotiation.