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Thursday, September 17, 2020

C-Suite Lifestyle

Closing the Gender Pay Gap Globally

Globally the gender pay gap is a burning topic but a very few take it seriously to bridge the gap earnestly. If women are equipped with negotiation skills the gender pay gap can be minimized in organizations. In fact, women find it hard to negotiate their salary. They are behind men in expressing and expecting the desired outcomes in salary and compensation.

“Employers must make far-reaching changes to employment terms and conditions for women: Equal pay for equal, decent work.” —Phumzile Mlambo-Ngcuka.

Women must learn how to negotiate their salaries to end up rich at the end of their careers. Failing to do so will result in undervaluing their resumes, low productivity and low morale in the workplace. They must remember that unless they ask, they don’t get what they want. While negotiating pay compensation men are direct and women are indirect in their approaches. At times it becomes difficult for employers to understand what women want. Therefore, women must communicate clearly about their expectations.

Women must remember that gender stereotypes are pervasive. They are often at a disadvantage position at the negotiation table thus adversely impacting negotiations. Hence, they must ask what they want during negotiations. They must not react negatively across the negotiating table.  They must maintain neutral body language; avoid expressing eagerness to get employment or overexcitement if offered more salary, and keep cool and composed. They must focus on their core skills and strengths and bargain from the position of strength.

Make Your Negotiation a “Win-Win”

Salary negotiation is a collaborative process between the employer and the employee. It must be a win-win outcome to ensure employee engagement effectively and achieve organizational excellence and effectiveness.

Be realistic when you negotiate your salary. Do research to find out the prevailing salaries paid in your current position in your industry. Ask for a reasonable hike. Don’t quote sky high as you lose the chances of getting employment offer. Fix low and high figures on your mind and negotiate to make it a win-win. A win-win outcome is always better than a lose-win or win-lose outcome. If you are convinced that others are getting salaries better than you, be assertive to ask for it. If you find that the present employer doesn’t pay as your abilities, explore employment opportunities elsewhere to get a higher salary. When you know your true worth and the prevailing salaries in your industry, you can negotiate from a position of strength.

Countries including Iceland, Norway, Finland, Sweden, and Denmark have taken appropriate measures to close the gender pay gap. Global companies including Starbucks, Intel, Salesforce.com, GoDaddy and Accenture have taken the right steps to close the gender pay gap.

Salaries must be paid as per the competence, experience, knowledge, skills, and abilities, not based on gender. It is a well-admitted fact that salaries are not the same even for men because salaries are paid as per the demand and supply in the market and based on their performance. To conclude, pay equality is an issue between the genders. If leaders are serious, global organizations can reduce the pay gap by 2040.

“Can you imagine what the world would be like if women who constitute almost half of the global population had access to education and opportunities and were allowed to contribute their best? We would achieve prosperity globally in all spheres.” ―Professor M.S. Rao, Ph.D., #HeForShe

Professor M.S. Rao, Ph.D.
Professor M.S. Rao, Ph.D. is the Father of “Soft Leadership” and Founder of MSR Leadership Consultants India. He is an International Leadership Guru with thirty-nine years of experience and the author of forty-eight books including the award-winning See the Light in You: Acquire Spiritual Powers to Achieve Mindfulness, Wellness, Happiness, and Success (Waterside Productions). He is a C-Suite advisor and a sought-after keynote speaker globally. His vision is to build one million students as global leaders by 2030. Most of his work is available on his blog. Professor M.S. Rao is an opinion columnist for the CEOWORLD magazine. Follow him on Twitter or connect on LinkedIn.