Research Into How to Best Ask for a Pay Raise

This is relevant research in some respects, although it’s unclear how true all of it actually is. Timing is pretty important — employers probably have to be given an incentive, and subtle hints that a valuable employee may look for a job elsewhere with higher pay may make the difference.

To avoid the common fear of sounding greedy or obnoxious, don’t simply ask for more money. Instead say, “I would like to make $X. What would it take for me to get there?”

You might then elaborate with follow-up questions: Would it mean adding extra duties? Changing roles? Improving some aspect of the way I work now?

What’s brilliant about this approach is that it basically says, this isn’t about me and what I feel entitled to. It makes the conversation about the bargaining. And because you’re not asking a yes/no question, it immediately sets up the expectation that some deal will be struck, and we just need to find out what it is. (Sales people use this tactic when they ask, “What would it take for you to accept?”)

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Economists and psychologists have conducted multiple studies on pay negotiation tactics and human behavior. In 2014, psychologists at Columbia University found that naming a salary range with a high “floor” (i.e. the lowest amount you’ll accept) led to higher offers. In 2016, a Columbia Business School study said that cracking a joke about a ridiculous amount of money you’d like to make can “anchor” a conversation, and subtly influence the employer’s thought process so that they’re more likely to go high, too. If you know the job pays in the $60,000 range, ask for half a million. Ha, ha!

These ideas sound promising in theory, but they don’t address that initial obstacle— the fear that asking for what you want, however you go about it, will be off-putting. In this sense, Coffey’s non-scientific method feels more doable. It’s not manipulative, either. You’re asking how your employer values particular contributions for a given role, but you’re flagging your own agenda, too. Your ambition exists and you’ve declared it.

It applies equally well to men as to women, though its basic premise is in keeping with advice Sheryl Sandberg, COO of Facebook, shared at a forum last year about improving policies specifically to advance women’s economic opportunities. Sandberg said that although it shouldn’t be so, women generally are not treated the same way as men when they ask for money.

“If you are negotiating for a raise and you are a man, you can walk in and say ‘I deserve this.’ That will not backfire on you,” Sandberg said. “We know the data says it will backfire on a woman. So I think along with saying ‘I deserve this,’ [women should explain] that, you know, ‘This is important for [my] performance,’ and ‘This will make [me] more effective as a team member.’”

Sandberg said at the time that she hates to share this advice. Women shouldn’t have to adjust their behavior to accommodate a sexist structure. Men who happen to have less confidence than the average dude shouldn’t have to, either, of course, but they might feel more comfortable if they did. This compromise will get you further than not asking at all.

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Anyone considering a job offer should probably attempt to secure a higher starting salary, experts say, because it could work, and it likely will not tarnish your reputation or jeopardize your opportunity. Andréa Mallard, chief marketing officer of athleisure wear company Athleta, who also spoke at the Well + Good panel, told the young women in the crowd that they should never hesitate, because it’s an impressive move.

Whenever she has hired someone who asked for more money, she said, the pushback made her respect that person more, not less. And, if it’s possible, most employers want to hit that number that will make someone feel excited about the job.

Ridiculously High CEO Pay

CEO compensation has become absurdly high over the last few decades, and part of the reason why is a broken corporate governance structure where (interestingly enough) shareholders lack enough legal authority to rein in CEO pay. The ridiculous CEO pay also puts upward pressure on the wages of other executives worldwide, meaning they also are paid too much more, thus typically leading to less money for most other workers.

crazy-world -

 

Icelandic Law Now Punishes Companies for Paying Women Less Than Men

Punishing gender discrimination is good news out of Iceland, and it serves as a model for other countries.

Iceland began the new year by becoming the first country in the world to mandate that all its companies must pay men and women equally. Following years of passing legislation promoting equal pay, employers that fail to ensure pay parity will now be subject to fines, thanks to a law passed last spring that went into effect Monday.

“We have had legislation saying that pay should be equal for men and women for decades now but we still have a pay gap,” Dagny Osk Aradottir Pind of the Icelandic Women’s Rights Association told Al Jazeera. “We have managed to raise awareness, and we have managed to get to the point that people realize that the legislation we have had in place is not working, and we need to do something more.”

Under the new law, companies that employ more than 25 people will have to prove to the government that they’re paying men and women equally. Officials hope the move will help Iceland to completely close its gender wage gap by 2020.

Iceland has long been admired by progressives as a model of gender equality, filling nearly 50 percent of its parliament seats with women. Supporters of the new law say it couldn’t have been put into action without the strong presence of female lawmakers.

For the past nine years, the small island country has been the world’s highest-ranking nation in terms of gender equality according to the World Economic Forum’s (WEF) Global Gender Gap Report. Iceland has managed to close its gender gap by about 10 percent since the report was first compiled in 2006, according to the WEF’s markers which include political empowerment, economic opportunity, and education access as well as compensation.

As Iceland makes strides in its gender equality goals, the United States’ gender wage gap has been narrowing slowly, with women earning 83 percent of men’s salaries. The U.S. ranks at number 49 on the WEF’s list; less than 20 percent of members of Congress are women.

According to the American Association of University Women, at the wage gap’s current rate of narrowing, American women would have to wait until 2119 to be paid equally to their male counterparts. The Trump administration has shown little interest in improving the gap, with the president suspending an Obama-era rule which required employers to provide the government with pay equity data.

Supporters congratulated Iceland on its new system while lamenting the United States’ failure to take similar steps.