Wealth Insights

Women + Wealth: Build the case and negotiate that raise

The gender pay gap has narrowed over time, but compensation disparities remain a topic of ongoing discussion.

Key takeaways

• The gap still exists. While the gender pay gap has narrowed, women still often earn less than male counterparts, making salary advocacy an important career skill.
• Open conversations. Talking with trusted colleagues may help provide perspective, build confidence, and increase awareness of market rates.
• Do your homework. Research is critical. Salary resources, public pay ranges, company compensation policies, and industry benchmarks may strengthen a raise request.
• Treat it as a campaign. Successful salary negotiations often begin long before the actual request. Regular conversations with managers may help establish goals, expectations, and a path toward increased compensation.
• Quantifiable results matter. Be prepared to highlight measurable achievements, such as revenue generated, costs saved, customers served, or processes improved.
• Confidence and preparation are key. Rehearsing key talking points can help keep the discussion focused, professional, and fact-based.
• Take the emotions out of it. Keep the conversation centered on your contributions and future value rather than personal circumstances or comparisons to coworkers.
• Ask what’s next. If a raise is not immediately available, ask about the skills, responsibilities, or performance milestones needed to qualify for higher compensation in the future.

Let’s start with the good news: Over the past several decades, women have made significant progress in terms of their compensation at work. In 1980, it was estimated that women’s median hourly wage was 65% of that for men doing the same work. By comparison, that gap has held steady at 82% for several years, according to Payscale.com.

However, even with the progress made, a woman would still have to work almost three extra months to make what her male counterpart would earn in a year, according to the U.S. Census Bureau.

While many women feel workplace culture has become more equitable, others face persistent disadvantages. An unequal divide of family responsibilities is still a prevailing factor. An aging population means there are more caregivers navigating their role as members of the sandwich generation also juggling parenthood. According to Caregiver Action Network 62% of primary caregivers are women.

“There is a delicate tug of war between career, kids and aging parents,” says Holly H. Clark, Private Wealth Advisor with Regions. “Prioritizing family and career is a real challenge. And any time women take away from work may impact promotion and salary increase opportunities.”

Fortunately, there are methods that may help women make a convincing case for a higher salary. Here is where to start.

1. Speak with trusted colleagues

While this advice may seem obvious, talking about compensation is still considered taboo and poses a challenge for many people. “There has been progress, but discussing salaries and money with colleagues and friends is still not a generally accepted practice,” says Clark. But knowledge really is power in the work environment. “Women have begun empowering other women. The more discussions they have, the more comfortable they become with money. And the more comfortable you are with money conversations, the easier it becomes to ask for what you believe your skills and contributions are worth.”

2. Do your research

Websites such as Glassdoor, ZipRecruiter, Salary.com and Indeed have salary calculators that can help you gather information about industry standards. Increasingly, employers are publishing specific salary ranges for roles on LinkedIn. This is in part due to legislation requiring pay transparency, which has been passed in many states. When you negotiate for a higher salary, you may support your claim by citing statistics on comparable positions and salaries, while also demonstrating that you’ve done your research.

Your company may also publish pay policies or pay scales for various positions. These resources may help you better understand where your compensation falls within your employer’s pay structure. You can also use business-focused social media platforms to connect with former colleagues.

“Talking with people you trust may help,” says Clark. “If you have a strong relationship with your manager, consider talking with them openly to determine what might be possible. Perhaps there are additional responsibilities you can take on to reach a higher level of compensation.”

3. Lay the foundation in regular conversations with your manager

You don’t have to wait for a stellar performance review to ask for a raise. In fact, it may be helpful to set your case as a campaign rather than a single ask. “It’s best to plant the seed of a raise early in the year or following a significant success in your role,” Clark says. “Have an open discussion with your manager about specific actions and goals that may need to be met to be considered for a reevaluation of your salary. Always request candid feedback.”

4. Highlight and quantify your accomplishments

Don’t assume that your good work is widely recognized within your company. Take time to outline recent accomplishments and use the most concrete measurements possible, such as dollars earned or saved for the company, customers you’ve helped or policies you’ve helped develop and/or institute. “You need specific examples of successes and wins,” Clark says. “You also should participate in activities that may help you stand out to managers and colleagues, and to build relationships and trust.”

Caveat: Don’t frame your points in terms of personal matters or by putting your co-workers in an unflattering light. The point is to help people recognize your value, not to try to diminish the work of others. Keep the conversation positive and remain open to constructive feedback.

5. Rehearse for a confidence boost

Confidence is a must, and so is preparation. “Rehearsing your talking points and honing your message before approaching your boss may help boost your confidence and ensure your message is direct, professional, and avoid letting emotions distract from your main points,” says Clark. “Ask a friend or family member for feedback and keep the focus only on business-related data and subjects.”

Talk with your Regions Wealth Advisor about:

1. Making the necessary adjustments to your savings and retirement plans once you have secured your raise.
2. Investment opportunities to help you work towards your short- and long-term financial goals.

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