Women can close the gender pay gap!
Esther Stanhope is an international speaker, impact guru and former live BBC producer dedicated to helping women become more confident and charismatic in business.
”With new legislation in place requiring businesses to publish their gender pay gap data, there's never been a better time for women to push for a promotion or pay rise,” comments Stanhope.
By April this year, UK companies with 250+ employees will be legally required to publish their gender pay gap data. And some already have. Goldman Sachs, for example, pay bonuses to female staff that are, on average, three-fifths of what their male counterparts earn.
The hope is that, by being forced to reveal their figures, companies will be more likely to introduce greater equality for women in business.
Stanhope encourages women to utilise this opportunity to address the gender pay gap and ask for that promotion or pay rise.
She says” The important thing is to approach the conversation with confidence. Research what similar roles pay at other employers, and even internally, if you can.
Decide on what you really want - whether it's a more senior role, a higher salary or better benefits - and draw up a case: explain to your manager why these requests are justified. Ensure that your timing is right too. Many firms process pay rises at specific points during the year, and you don't want to miss the boat.”
It is understood that if you are a valued employee who brings a lot to the company, the last thing your boss will want is to lose you to a competitor.
Stanhope advises “Stand strong, demonstrate your worth, and be confident.”
The pay gap data that firms have published to date shows that the majority of top-paid positions are filled by men and with businesses looking to improve their pay gap figures, there's never been a better time to ask for that promotion.