With Valentine’s Day creeping up this week, it might be a good time to revisit how money impacts relationships. Money is one of the most taboo topics on Earth, and it can be really, really, challenging to talk about with anyone, let alone those closest to us. We discussed some of the ways to approach finances in each of the various stages of relationship here, here, here, and here.
And, also..what about being your own Valentine this year, when it comes to your earnings? Can you have your own back, and ensure that you’re being paid fairly?
Whether the rate you’re being paid is in the hands of someone else (aka, requires negotiating—see below) or you’re setting your own rates, what comes up when you ask yourself..“Am I earning my worth?”
Underearning is real. There are so many reasons we settle for pay that doesn’t accurately reflect our skills—our own Money Mindset’s plant some real limiting beliefs. Financially, the burden is often on us as the employees to ask for more compensation, or for entrepreneurs who have the task of charging the amounts they believe their services justify.
We can feel unsettled, fearful, and vulnerable when it comes to even conversing about compensation with our own friends, let-alone co-workers and colleagues. But, it doesn’t mean that we can’t use a few tactical resources at our disposal in order to check that we’re being fairly compensated.
Data shows that not negotiating for your pay can set you back. By not negotiating that very first salary it’s been calculated to have an impact by as much as $500k by age 60. Women (who statistically negotiate much less than men) who do consistently negotiate, have been shown to average $1M more over the life of their careers than those who don’t.
Read below for a few tools you can use in order to gain pay transparency, that are within your control. This is not to be confused with actual systemic barriers that, by design, keep financial disparities such as the Wealth Gap, Wage Gap, Race-Wealth Gap and Equal-Pay-Day alive and well. Part of determining our worth at work is to recognize these barriers, but not internalizing or accepting them as being the end-all. We must be able to factually determine our worthiness, in order to understand our eligibility for making more money.
Start by Knowing Your Own Rights:
Here in WA State, we have some new-ish Pay Transparency Laws. As of January, 2023, under WA State’s Equal Pay & Opportunity Act, “Employers must include in each job posting the opening wage scale or salary range of the job and a general description of all benefits and other compensation offered.” Colorado, California, New York, Nevada, Maryland, Connecticut and Rhode Island have similar laws.
In Order to Avoid Undervaluing Yourself:
Do your Market Research. Understand the role that you’re doing, and what the salary range is where you live/are working. You can find a free Market Research Guide, and all things helpful regarding Pay Transparency, on the Salary Transparent Street website.
For Employees Who Want to Increase their Pay:
Reseach shows that fairly paid employees are happier and more productive. You now know the range for your position where you work. Choose which end of the range makes sense for your experience and education, and decide on your desired number. Get comfortable saying that number out loud. Identify a support network you can share with, safely.
When brainstorming a negotiation, look for a win-win for you and the other party (your employer/boss/superior who decides your rate). Focus on what you want the other party to KNOW, FEEL, and DO. Use self-advocacy by keeping a “brag book” at work. Jot something down with the date every time you participate in a win for the company! Bring this data, as well as the Market Research, to your next negotiation.
Ask: “What’s possible?”. Find out the budget available for your role before you put your number on the table. Negotiating isn’t exclusive to pay. It can include perks, benefits, scheduling hours, etc. Remind yourself that you don’t have to accept the default; if the default is genuinely needed by you in that moment, however, that’s ok.
For Entrepreneurs Who Want to Increase their Pay:
Revisit the Market Research section above and make sure that you’re getting market value for your services, in your industry and community. If any “limiting beliefs” surface that keep you from asking for top-dollar, gently, and non-judgmentally, investigate where those might come from.
Re-evaluate your rates often, and adjust. Identify your support network including those offering similar services in your area, and make sure that you are on par.
By adopting an “I do not have to accept the default” mindset, we can move the needle on our pay.
What would it feel like to be able to answer the question of whether you receive fair compensation with an unwavering “Yes!”
Unlocking Abundance 