A woman's worth: How to get what you deserve

Eve Tahmincioglu • Profile • E-mail

Early in Jocelyn’s career she expected her managers at the major brokerage firm where she worked to just pay her what she was worth. “I came in early every day, did a good job and figured someone’s going to realize this,” she recalls.

But Jocelyn, who asked that her real name not be used, was wrong. After four years of waiting for recognition — nothing.

Her frustration forced her to take matters into her own hands. “I realized I had to market myself, and also market what my team accomplished under my direction,” she explains. So she put together a presentation of 18 different projects she worked on and showed them to the higher-ups.

“You have to keep track of your own accomplishments. No one is out there tallying them. If you think everyone is saying, “How can I pay Jocelyn more?’ you’re crazy.”

Her efforts ultimately paid off with a promotion and pay hike at the brokerage house. And today she is a vice president at a major financial services firm in the Northeast.

Jocelyn did exactly what you’re supposed to do, says Monica McGrath, adjunct professor of management for the Wharton School of the University of Pennsylvania. She figured out a way to show her bosses how she was contributing to the bottom line.

Unfortunately, McGrath explains, many women are unable to take the bull by the horns during the negotiation process. Either they shy away from asking for more money altogether, or they get emotional.

“I see this same thing happen a lot with high-potential women in organizations. They get angry because they have to fight so hard and end up being overly aggressive, and then they get apologetic because they got aggressive,” she adds.

Women, she says, are in a Catch-22. Women have to strike a balance. Don’t get railroaded because you’re too nice, but don’t go for the jugular either. Just state the facts and make a case for yourself.

McGrath suggests coming to the negotiating table with concrete examples of what you’ve done for the company. Be prepared if your manager says "no way" to your demands. Come up with alternatives such as offering a timetable for more money by saying something like: “I am willing to give you 30 days.” Also, consider getting things out of your company other than cash, such as stock options or a more flexible work schedule. Everything is negotiable.

And even though it may sound counterintuitive, business success coach John McKee suggests once you make an appointment with your boss to talk about compensation you give your manager a list before you sit down to talk about money. The list should contain your accomplishments including everything you’ve done since your last raise, and also details on what you want as far as compensation. Put in real numbers or percentages, he suggests.

But before you do any of that, do your homework and find out what a position like yours can demand in your industry. You want to come armed with as much information as you can so you can make realistic demands. There are tons of sites online today such as www.vault.com and www.salary.com that offer wage comparisons.

Also, make sure to network within your industry by attending conferences or going to online blogs and chatrooms. If your nervous about asking people straight out what they make, you can tell people who are doing similar jobs or are a step above you what you think is a fair salary and get their opinion on that.

One of the biggest battles for women might be getting over their own fears.

Money guru Suze Orman puts it bluntly: “It’s time, ladies, that we stop being victims.”

Her take is that women have to stop blaming others for their financial lot in the work life and fight for what they’re worth.

“You are now in the business world. You have got to take your power and rewrite the story history has handed us,” she stresses. “Women have got to understand, legislation is not going to save us, others can’t save us — you have to save yourself.”

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