Women’s Web is saying Goodbye! Please make sure you read this important notification.
The Compensation Pact is the single best way to make more money at work; a career strategy that every woman should know and use!
https://www.flickr.com/photos/68751915@N05/6355351769
Want to make more money at work? The Compensation Pact is an easy, straightforward strategy that all women should know and use.
Rania Anderson
A highly successful female executive shared with me a compensation strategy that she is sure has been worth at least $1 million dollars to her, over her career. The female exec first heard about this strategy early in her career in 1990 at a presentation given by Gloria Steinem. She shared with me that while the presentation wasn’t particularly memorable, at the end Gloria said to the women in the room:
“If you remember nothing else from today, I want you to do just one thing — find a peer in your industry and make a pact with her/him that you will share and disclose everything about your compensation, and everything you know about compensation being offered to others in similar positions.”
The young woman turned to her friend seated next to her, and the two made the compensation pact right then and there.
Over the next 10 years, every time one of them was offered a new job, promotion, lateral change, or assignment, they would tell the other about the offer and use their collective knowledge to negotiate the best possible compensation package. The woman I interviewed relayed that 100% of the time the first offer made to either of them was what she called a “screw you” offer.
In other, words, it was never the best or most that either woman was able to ultimately negotiate for herself with the information they had from each other. Both women have had very successful careers and were offered many opportunities, which later on included significant bonuses or stock. The woman with whom I spoke is certain that the knowledge she had and used from the compensation pact, when compounded over time, accounts for at least one million dollars worth of additional compensation that she otherwise would not have received.
I asked the female exec what she thought the difference was between men and women in negotiating for compensation. Her insight hit the nail on the head: “For men, the best compensation they can negotiate is a right and entitlement. For women, it’s a reward or a gift.”
You are worth and entitled to the highest level of compensation you can negotiate. Just ask a friend to help you determine what it might be. This is the best way to make more money at work. Knowledge is power!
This article was originally published here.
Rania Anderson is an angel investor, entrepreneur, former corporate leader, and a leading authority on business women. She’s also the Founder and President of The Way Women Work.
Pic credit: 68751915@N05 (Used under a CC license)
You are the woman the world has been waiting for! The Way Women Work is the 'How-To Succeed' guide for women in emerging economies. Find the career and business advice you're looking for read more...
Women's Web is an open platform that publishes a diversity of views, individual posts do not necessarily represent the platform's views and opinions at all times.
Stay updated with our Weekly Newsletter or Daily Summary - or both!
Dear Women’s Web Community Member,
You may have wondered at our being on the quieter side during the last couple of months. Thank you for your patience, and we wanted to come back to you with a detailed note on what’s been happening at our end of things.
When we first began Women’s Web, as a blog from one woman’s desk along with a few like-minded souls, little could we have imagined the heights that it would soar to. Over the years, Women’s Web has published over 20000 stories (almost all by women), empowered countless women with the ideas, community and resources to chase their dreams, employed hundreds of women in core and project-based roles, and in the process, emerged as the OG women’s community in India. It has also inspired many others to build communities of a similar nature, all enabling women (and other-underrepresented groups) in their own ways.
Please enter your email address