Here’s an excerpt from an article in Inc. magazine’s February issue with quotes from Robin Pinkley, SMU Cox professor and instructor for “Master Negotiations” Executive Education programs:
3 Things to Do if You are Being Underpaid
Nearly 40 percent of Americans believe they’re earning less than they deserve. What you should do if you’re one of them.
According to a Glassdoor survey, 39% of Americans believe they’re earning less than they deserve.
“Women are less willing to negotiate than men,” says Robin Pinkley, Ph.D., a professor at SMU’s Cox School of Business. “They often anticipate that organizations will accurately evaluate their potential and pay them accordingly.”
That could be one reason why women on average earn 82.5% of the median income that men do. Other reasons include women having less work experience and being employed in lower-paying fields. However, if we compare men and women with the same education and in the same positions, the gender pay gap closes to just 3%.
There is another group of people who are often underpaid: young workers. “Millennials tend to have a strong focus on fairness, with the notion that resources should be distributed evenly,” Robin says. “As a result, making the ask during negotiations is very hard for them.”
You don’t have to be a woman or a Millennial to discover that you’re making less than your colleagues. If that happens, there are three things you can do: accept it, change it, or leave it.
“It’s not [the company]’s fault that you negotiated poorly at hiring time,” says Jay Bazzinotti, a product manager and author, “The money they offered you was acceptable to you at the time. The fact that you somehow found out that others get more is not their fault.”
However, if you aren’t satisfied with your current salary, then you can change it by asking for a raise. “This is most effective if you have become a key player and added positive value,” says Jay. “Your best bargaining position is to show them how you will assist them to be successful in the future and how, therefore, it will be worthwhile to increase your pay [because you will leave the company otherwise].”
You should prepare for the possibility that a raise won’t be given and, in that case, you might have to give notice–but make sure you leave on good terms. “I urge you to avoid any bitter action, negative outpouring, sabotage, property theft, time chiseling and so on,” advises Jay. “Once you are on that road, then they will be forced to fire you.”
Register for Master Negotiations I, to be held April 12-13th, at: