Why more women need MONEY as a VALUE & its BENEFITS!


03b62859Having being a career coach for well over a decade and worked with a diverse range of clients from various industries and professions  (men and women), more often than not it is the men who include money in their list of core values. Occasionally women will, however, only very occasionally.  Why is this?  Below I have offered some thoughts.

Values Defined

Values can be seen as blurry things. If you need a refresher then below is a great descriptor of what values are from MindTools.

“Your values are the things that you believe are important in the way you live and work. They (should) determine your priorities, and, deep down, they’re probably the measures you use to tell if your life is turning out the way you want it to.”

 If you are not sure what your core values are read ‘How To Define & Live Your Values’ and complete the values exercise.

Values & Greed!

For women it seems that having money as one of your core values could possibly translate into the view that your greedy. Is this perception or reality?  I suspect a combination of the two.

When I coach  men in their 20s – 50’s about their values in detail and what this means to them, and how it is played out in their work and lives, more often than not money translates into them being able to provide for their current or future families. And no, it is not a luxury yacht, expensive cars or endless overseas travel. It mostly is around having food on the table, paying the bills, a comfortable lifestyle and being able to educate their children.  No doubt part of this also relates to status and a sense of self-worth.

So while certainly greed exists, I would suggest for the average person, they are looking to have a personally rewarding career and lifestyle. Is this greedy?  I don’t think so. However men are much more comfortable with acknowledging this personal value, and articulating it publicly. For many women this is not the case. In addition, men generally are better at putting a fair or inflated monetary value on their contribution in the workplace.

Is it that it is not socially acceptable for women to acknowledge (which I believe is a part of it), the other is that women are just as likely to want the same output in terms of what money as a value offers.  However, are less likely to acknowledge it – be it on a conscious or sub-conscious level. As a result this could potentially be contributing to pay inequality, with men four times as likely to initiate the negotiations as women.

My suspicion is that if you don’t talk about or acknowledge the importance of money in your life from a growth and opportunity perspective, you are less likely to find yourself in a positive money situation.

Choices

Money is one of my core values and the reasoning is not one of greed.  For me it is twofold, when I work I expect to be paid fairly for the work I do, as this is a part of me defining my self-worth. Secondly, I know that as a child of a migrant, that money provides you with choices.  My husband and I lead a far from lavish lifestyle.  There is no designer car or high end fashion. We travel rarely and when we do it is in our own state. However for me the value of money is there because like most parents we hope to be able to offer our children the best education we can. I would also like to know that when retirement comes we will lead a comfortable lifestyle where I can continue to do voluntary work within the community. Is this greedy? No, it is a case of money offering choices.

Women’s roles & money

In an age where we have more women working and more separations in families, women’s roles have extended greatly, be it the sole, equal or shared income contributor. Yet this is not translating into equal salaries.

There is an element of denial in how important money is to our lives particularly by many women. Not so much when it comes to shopping, saving or the household budget, more around how the money is earned! The spending part is easy for us all to speak about. The how and valuing how hard it is to earn is the challenge. Also, valuing our contributions and asking to be paid more when warranted!

Last week I met with a friend who is a contender for a senior role and has pitched herself in the middle range of what they are offering – even though she is brilliant and should be pitching herself at the top of the pay scale! Sadly it is a common scenario – a women undervaluing her expertise and the value she brings.

Like me, you have no doubt heard the saying ‘If you do what you enjoy and do it well the money will follow’. I am not so sure about that. Perhaps for some, however, for many others this does not translate into their reality.  I can tell you this from countless stories of women who spent their careers being loyal and working hard to deliver value to their employer/s and not being paid fairly for doing so.  So we can carry on with this mantra or we can acknowledge that the world of work and pay is not about what is fair and rewarding those who do a good job.  The onus is on us to value ourselves and to speak up.

I would love to see a mindset shift around how women define money as a value for their work and lives.  Once this occurs we may start to see some even greater traction around pay equality.

Steps for Change

Chances are if you are reading this you may sit into one of the groups below or know someone who does that you would like to help.

A) For those unsure of their core values:

If you are keen to explore your values in more detail, complete my values exercise ‘How To Define & Live Your Values’ and complete the values exercise. 

B) For those with money blockers:

If you know what your core values are, however have been reluctant to delve more into your value and attitudes towards money watch 4 Money Beliefs That Limit Your Wealth Inside and Out w/ Kate Northrup 

C) For those wanting to negotiate their salary:

If you feel you are not being paid fairly and want to learn how to successfully negotiate your salary package, get a copy of my book ‘The Busy Women’s Guide to… Salary Negotiation’ from Amazon   It’s less than $10 and pretty much everyone who has purchased and followed the steps has seen their bank balance and their confidence grow.

Your thoughts

What are your views and/or experiences around women and money as a value? How have you changed this? What do you believe women need to be doing more of to overcome some of the money blockers we have?

Workbook_Cover




Salary Negotiation Essentials For Women! Get Your Free Book


Equal Pay Day in Australia is being held on the 8th September 2016.

If you are not confident, or unsure how to approach the salary negotiation conversation, you can access my e-book ‘The Busy Women’s Guide to… Salary Negotiation’ for free from the 7th – 11th September.  Normally US $4.99

Workbook_Cover

Some of the factors that contribute to wage inequality will not be easily resolved and will take time before we see real changes. However, there are a few areas women can take control of to assist in addressing the pay imbalance.  Salary package negotiation is one.

Many women are uncomfortable with salary negotiation – and avoid it. As a result, over the course of the average women’s career she is likely to forgo $700K in earnings!  Yes, that much.

It is never too late to gain the confidence and skills to engage in a successful salary package negotiation conversation and boost your earnings.  Remember everything is negotiable!

If you feel you are not being paid fairly, I encourage you to download a free copy of my e-book The Busy Women’s Guide to… Salary Negotiation 

Invest in yourself, because you are worth it. 

Note: The book is complimentary from the 7th – 11th September on Amazon, Kindle. You don’t need Kindle to download the book.


Also Don’t Miss Out On My Free Salary Negotiation Webinars in September, a chance to delve into Salary Negotiation Essentials and ask questions.

“How to Successfully Negotiate Your Salary Package. It’s Easier Than You Think! “




September Events for Women Looking to Negotiate Their Salary Packages!


02B77839Equal Pay Day for Women in Australia is held on Thursday 8th September. 

During September I am running Salary Negotiation Events & Webinars for women looking to develop their skills in this area. Why? Because the pay gap is sadly nearing 18%. The gap only increases the more senior the role you hold, upwards of 20%.


Breakfast Event: NAB Village, Melbourne, 8th September  (limited spaces) 

‘How to Successfully Negotiate Your Next Salary Package Increase & Earn An Additional $700K+ Over Your Career!’

If you haven’t negotiated your salary package lately or ever – then this presentation held on Equal Pay Day for Women is a must attend.

If you want to be working smarter and increasing your earning capacity at the same time, this presentation will equip you with the tools and confidence to do so.

Some of the reasons why women resist engaging in salary negotiation and career promotion conversations include; our different personality types, social conditioning, overvaluing competency, over-thinking the process, lack of confidence and simply failing to act. Without acting nothing will change.

Come along to an informal and interactive session with Kelly Magowan, author of The Busy Women’s Guide to… Salary Negotiation to learn about how to improve your negotiation skills with both current &/or future employers.  In the session we will share salary negotiation stories and ask the key questions around this topic that too many of us shy away from.

The presentation will cover topics such as:

  • Why Negotiate?
  • Combating Negotiation Fears
  • The Work / Salary Challenges Women Face
  • The Fundamentals of Salary Negotiation
  • How to Determine Your Worth in the marketplace
  • What Is Negotiable
  • How to Conduct the Salary Negotiation Process
  • Legal Do’s & Don’t’s of Employment Contracts

To sign up for this event held in Melbourne on Equal Pay Day visit Eventbrite: 

Note: when I last presented this workshop at Melbourne Business School it was a sell out event with over 100 attendees. Don’t miss out on securing your spot. 

Free Salary Negotiation Webinars – Running during August & September

As author of The Busy Women’s Guide to… Salary Negotiation, I am running free Salary Negotiation webinars on  ‘How to Successfully Negotiate Your Next Salary Package Increase & Earn An Additional $700K+ Over Your Career!’

Register at GoToWebinar today and start being paid what your worth!

kelly 2016




Free Salary Negotiation Training Webinar, 14th March 2016, Noon


SmallCirclesLogo

Are you uncomfortable at the thought of engaging in a Salary Negotiation conversation with your boss or potential new employer? 

If you answered YES, then I encourage you to sign up for this free Salary Negotiation Webinar. You will take away a lot of practical tips and advice about how to negotiate your salary packaged. It is far easier than you think.

The webinar is hosted by Gender Gap Gone,  Please join me for a one hour free salary negotiation training webinar on the 14th March, 2106 12pm – 1pm.

I am an experienced Career & Lifestyle Strategist with many years experience in salary negotiation coaching. I am also the author of The Busy Women’s Guide to Salary Negotiation.

For additional salary negotiation resources visit The Busy Women’s Guide to… Salary Negotiation

Investing the time now to negotiate a fair salary package will provide you with an infinite number of benefits, not only financially, both now and in the future.

Invest in yourself today and start being paid what you are worth!

Workbook_Cover




Why ‘Employer Rating Sites’ are a must to research your next employer!


03D05724Gone are the days of joining a new employer blindly so to speak. In the past you joined an employer on good faith that were going to be a great and fair place to work. That they would deliver on all those ‘verbal promises’ sold at the interview.

Employer rating sites offer a great source of information about how the marketplace views employers – which for some organisations can be an amazing endorsement that confirms that all the hard work they have put into offering a great workplace is working. Whilst for others it can be a bit of a wake up call. Employer rating sites are terrific for job seekers as they provide you with a current marketplace barometer of how employees really view working at that organisation. You will find a lot of the bigger companies,  however you may not find as many small to medium-sized businesses.

Now in addition to doing your usual Google search and asking about your networks, there  are a number of good employer rating sites you should be using before you start your next job, such as;

Glassdoor 

It is one of the original employer rating sites and has some terrific data on the organisation, key staff and even salary data.

Rate My Employer 

Rate My Employer is a similar site to the above for the European market.

CareerBliss 

This site has reviews of most listed companies. You can use the research salary data feature to find employee salary information. A hub of great data.

I encourage you to spend some time doing your due-diligence on these sites when you are going through the job search process.  They offer a wealth of information about what the employer is really like (however you may need to read between the lines with some) and it provides some terrific salary data to leverage at the the salary negotiation stage.

About the author

Kelly Magowan is a certified Career Coach with her own Career & Executive Coaching Practice. She has built a reputation as a thought leader in the careers space and has published a book on Amazon,‘The Busy Women’s Guide to… Salary Negotiation’. 

Workbook_Cover




The 7 Steps to Successful Salary Negotiation


business handshake in an office to seal a partnershipLet’s face it, most of us (men and women) find engaging in a salary negotiation discussion about as comfortable as presenting to a large room full of strangers. It is daunting, yet it is an essential skill to master for the sake of your confidence, career and your bank account.

To increase your comfort level and the likelihood of achieving a positive outcome from the salary discussion follow this 7 step process;

1. Prepare the meeting agenda (keep it brief).
A clear road map of what is to be discussed will keep you on track and provides a more professional edge to the discussion.

2. Research the job market for current salary data & document what you are seeking.
There is an abundance of free information available online for salary data such as pay scale, also through personal networks, HR, Industry Associations and Recruitment Firms you can find out where to pitch yourself.

3. Prepare the business case (keep it factual and concise).
It is less about your needs (i.e. tenure or having a big mortgage to pay) and more about you selling your past value and achievements and your future potential and benefits to your employer.

4. List your alternatives & what items you would be prepared to negotiate.
You must have clarity around what items you are looking to negotiate, such as base salary, flexible work hours and a car park (avoiding a shopping list of requests, instead package it up).

5. Anticipate potential objections & prepare responses.
Entering into any sort of negotiation is more likely than not to be met with objections. Ensuring you prepare for these is very important so you don’t get put off. The most common objection provided is variations around the company and/or division not having the budget or funds to provide any increases. Very rarely is this the case, as they can and will always find the funds if they believe you to be an asset to the business.

6. Book a meeting with the decision maker/s on neutral territory.
Wherever possible conduct the negotiation meeting face to face and on neutral territory. This ensures that you are is not disadvantaged.

7. Role play and practice of negotiation meeting.
The avoidance to negotiate is largely due to people not have the training or experience in negotiating. Without seeking out opportunities to practice negotiating (around anything, even a coffee) and role-playing you are unlikely to gain the confidence you need to be successful. Research suggests that if you don’t act on the decision to do something out of your normal routine within 5 seconds, chances are you won’t act. So there is only a small window of opportunity each time to convince yourself to move out of our comfort zone.

There is never a right or best time to have the salary negotiation discussion. The right time is now, be it with your current or prospective employer. Don’t wait for the next performance or pay review, or until you finish the current project you are working on, or until you achieve a certain qualification. Start the process today!

Download your complimentary salary negotiation checklist – Salary-Package-Negotiation-Preparation-Checklist

Kelly Magowan is a certified Career Coach with her own Career & Executive Coaching Practice. She has built a reputation as a thought leader in the careers space and has published a book on Amazon, ‘The Busy Women’s Guide to… Salary Negotiation’. 

Workbook_Cover - Copysmall




The Right Way To Ask For A Raise


susie

As we come to the end of the year, many of us think about our goals for the new year.  An increase in income is often a big one for a lot of us.  I am thrilled to share that my friend Susie Moore is offering some awesome free video training on “The Right Way To Ask For A Raise”.  Susie coaches a lot of people on confidence and how to ask for what you want and when it comes to money it’s so important to speak up!  There is evidence that those who consistently negotiate a raise earn $1M more over the course of our career.

Here is her first free video on why you have to ask for a raise if you are confident that you deserve one. Click here: susiemoore.ontraport.com/t?orid=2028&opid=1

Over the next few days you will see a couple of more free videos with even more key insights – covering what not asking is really costing you and what 3 key things that need to be in place before you ask for more money at work.

Be on the lookout for a special free bonus gift that I have created in support of this important subject. All of those who sign up for the series will receive a complimentary copy of my book, The Busy Women’s Guide to… Salary Negotiation.

 




How Chanel’s Style Advice Can Help You in Your Next Salary Negotiation


quotescover-JPG-62While fashion icon Coco Chanel is remembered largely for being a style icon, she was also an incredibly savvy self-made business woman. She had an impoverished upbringing, yet she was clear about her unique creative gifts and the value she had to offer the world.  She was willing to back herself in business which was particularly unusual in 1913 when she opened her first store with the financial backing of a made (is made correct?) admirer (she paid off the loan a few years later). She also was an innovator and took calculated risks, from establishing and growing high end fashion stores, to creating the perfume Chanel 5 in a time when perfume was not worn by most of the population.   Chanel made many bold decisions over her career, which were largely the right one’s that led to this amazing lady creating one of the most renowned fashion houses in the word.

Chanel has many wonderful quotes that relate to fashion, business and life with one of my favourite quotes being, “Before you leave the house, look in the mirror and take one thing off”.  It is one of the quotes which transcends fashion and is just a pertinent to how women should approach salary negotiation. Let me explain.

Just as Chanel is highlighting in her quote that sometimes women can overdo it when we dress up to go out by adding too much to our outfits – the same applies to when women enter into the salary negotiation. We can overdo it by having too many items we want to negotiate and being too verbose and over justifying why we deserve them in the salary negotiation process.

My advice is to approach the negotiation as the great Chanel would have done. She would go in confidently, clear of her agenda and business case and she would execute the negotiation with just the right amount of information.  She would be sure of the value that she brings to her current or prospective employer and would be confident in asking to be paid her worth – because she would know exactly what it was.

As highlighted, being too verbose in salary package discussions is an approach that women sometimes use, but that is off-putting to decision makers. Having long lists of wishes and lengthy justifications for a pay increase can result in an immediate “No”. Consider your audience and their work style. If your boss is sharp and straight to the point, your salary negotiation pitch should also be sharp and to the point. Being clear and concise will more likely result in achieving the outcomes you want.

The three key things to remember when negotiating your salary package include;

  • Confidence – even if you have to ‘Fake It Till You Make It’
  • Business Case – research & prepare a compelling business case to justify the increase
  • Keep It Simple – don’t over complicate it or over personalise it

The financial situation for women has advanced since Chanel opened her first store over a hundred years ago, however women still remain underpaid in contrast to their male contemporaries.

When negotiating think of Chanel. Don’t overdress and certainly don’t over justify and overdo the salary negotiation discussion.

Kelly is the Author of The Busy Women’s Guide to… Salary Negotiation which you can purchase on Amazon. Start being paid what your worth! 

Workbook_Cover




Equal Pay Day (4th September) Get Your Complimentary Salary Negotiation Book


Workbook_CoverEqual Pay Day –  It’s Time to Have Equal Pay Packets 

“In April 2009, BPW Australia determined to galvanise advocacy around the issue of equal pay and gender inequity started the Equal Pay Day Campaign.” At this time I was fortunate to be involved with BPW in Melbourne on Bourke Street, handing out information and obtaining signatures for the campaign. It was hugely successful.  In July 2009 BPW Australia reached a landmark agreement with the Australian Council of Trade Unions (ACTU) signing a Memorandum of Understanding to form the Equal Pay Alliance.

‘In 2015, the national gender pay gap was 17.9%.  This has not shifted in the last 20 years. Another way to look at this statistic is that the average woman would have to work an additional 64 days per year to earn the same as the average man.’ Click to view statistics source

Some of the issues that contribute to wage inequality will not be easily resolved and will take time before we see real changes. However, there are a few areas women can take control of to assist in addressing the imbalance. These all revolve around negotiation of salary; be that for full time or part time work, a bonus, added benefits or asking for above award wages.

Studies undertaken on this topic across the globe show that women are highly uncomfortable with salary negotiation – as a result we avoid it.  Even when we do enter into a salary negotiation we don’t actively seek out the best deal for ourselves, but rather look to a positive outcome for both parties.

Some key facts include –

  • Men initiate negotiations about four times as often as women.
  • Many women are so grateful to be offered a job that they accept what they are offered and don’t negotiate their salaries
  • Women report salary expectations between 3 and 32 percent lower than those of men for the same jobs.

If any of the above facts ring true for you, I would like to encourage you to download my complimentary copy of the e-book The Busy Women’s Guide to… Salary Negotiation 

Note: The book is complimentary from the 4th to the 9th September on Amazon.

To find out more visit Equal Pay Day 

 




Our Fear Can Keep Us Stuck In a Worklife Rut – Can Asking For A 10% Discount Off Your Next Coffee Get You Out Of The Rut?


02J68316 ‘The Tim Ferris Experiment’ is a great business show by Tim Ferris author of The 4 Hour Work Week. The show opens with him talking about fear and how it holds so many of us back from doing things that are important to us – from changing jobs or careers, to setting up a business or asking for a pay increase.

One of the people on the show is a women who is considering setting up her own yoga studio. Tim Ferris and Co give her the task of going into a café and ordering a coffee, asking for 10% off. The women is fearful of going in and asking for the discount.  They ask her if people ask her for discounts ever (she is a freelance yoga instructor).  She does not reply however you get the sense that they do. The penny seems to drop and she goes for it.

The key to overcoming fear is to face it head on, which she does. Research suggests that if you don’t act on the decision to do something out of your normal routinue within 5 seconds, chances are you won’t act. So there is only a small window of opportunity each time to convince yourself to move out of our comfort zone.

It is a small step, asking for a discount on a coffee however for the woman it is a pretty big thing.  She goes into the café and passively asks “Can I order a coffee with 10% off? Would that be ok?”  The assistant gives her the discount and asks “What is the occasion?”  What appeared completely daunting became a little bit of fun.  Plus she got what she wanted.   The show goes on with more of her fears being tackled and coaching to get her business up and running.

The point is that we all experience fear – even the most successful people, they just know how to manage it and don’t let it hold them back from achieving the life they want.  Overcoming fear is a major blocker  for so many people in their worklife which is understandable.  The difference is that to achieve the worklife we want we need to take small steps towards achieving our goals -which entails overcoming our fear one step at a time.

There is nothing wrong with actively asking for what we need to achieve our worklife goals. When you do this authentically, with confidence and focus how effective it is. Just start small and build up. Start by asking for 10% off your next coffee order!

Incidentally when it comes to salary negotiation, it is generally accepted that employers are willing to pay an additional 10% above the salary they say is on offer when recruiting for a new role!

Kelly is the Author of The Busy Women’s Guide to… Salary Negotiation