Moving towards pay equity and the best ways to plump up your paycheck
Published Monday, February 5, 2018 12:10PM MST
Our Lifestyle Panel looks at the best ways to achieve pay equity in the workplace plus, if it's more money you're looking for at work, you might want to consider a new job.
Getting back to basics to narrow the wage gap
Debate over how to achieve pay equity in the workplace is raging after a series of changes at the BBC. Carrie Gracie resigned as the BBC China Editor in protest of gender pay inequality at the broadcaster. Four male BBC anchors have since accepted pay cuts.
While some are applauding the move, others argue that women should have their pay increased rather than reducing the pay of their male counterparts.
It’s a complicated issue but one that employers and employees should be discussing. Our panelists agree that you must go back to the basics to narrow the wage gap; every job has a value based on the industry, job, skill set and experience. It does not matter whether you are a man or a woman, and the process should not change, no matter the gender.
If you want to make more money, you might want to consider a new job
If you’re looking to plump up your paycheque, you might want to consider a new job. A number of surveys have found that people who change employers more often experience faster wage growth. In fact, staying in the same job for 10 years can lower your earnings growth by an average of 50 per cent.
But our experts warn that jumping from job to job just for more money is not a great idea. You should also be expanding your skills set and broadening your experience. Being motivated by money alone will not benefit your resume or your career in the long run. And it can reflect badly on your level of commitment if you move on too quickly, and that may be a red flag to a potential new employer.
If you don’t want to change jobs and would rather negotiate a wage increase at your current job, make sure you’re prepared! Understand what the value of your job is and where you fit. Also be proactive and show initiative in how you can grow and improve your role, and earn an increase. Your goals should be part of an ongoing conversation with your employer, not a single make-or-break discussion.
Our Lifestyle Panel is made up of Leanne Anderson, career advisor; Tyler Waye, a workplace strategist, author and president of In.Form and Wendy Giuffre, president and principal consultant at Wendy Ellen Inc.