Helix Property Advisors teamed up with AdvantageSPRING, Guardian Women in Leadership, Hays Worldwide and UN Women earlier this month to host Mind the Gap, a seminar on how women can make sure they are levelling the playing field when it come to pay.
Putting challenges around conscious and unconscious bias, cultural barriers and discrimination aside, what women had to do, the gathering heard, was up their game at the negotiating table. They had to ask and ask big.
You only need to see the ONS figures for motivation. First, a breakthrough: Women between the ages of 20-29, and in some cases 30-39, are finally receiving equal pay, and sometimes more than their male colleagues. Two years ago they were earning 10% less.
“This is only because we have got louder and more angry about it,” said Harriet Minter, editor of the Guardian’s Women in Leadership.
After the age of 39, however, things change. Even if women are in the top 1% of earners in the UK, they will take home 20% less than men in the same position. The pay gap increases for women of colour and working mothers. Working fathers are paid more.
Yvonne Smith, director of property and asset management at Helix, said: “Working in an industry where success is based on your ability to create and manage places that appeal to a diverse population, I am amazed that there is still a lack of diversity in so many companies. Surely property businesses must endeavour to be just as diverse as their clientele? If, as property businesses, we do not understand or reflect the diversity of our communities, how can we expect to deliver what our customers want?
She added: “Not only are there too few women working in the real estate sector but, sadly, many of those who do have a career in property find themselves penalised by a gender pay gap that is far larger than the national average. This disparity is not only unjust but has long-term implications for the future of every real estate business.”
So what are the practical ways for women feeling underappreciated and underpaid to make the money roll in?
“Just ask,” said Natalie Reynolds, chief executive of negotiation agency AdvantageSPRING. “There is no getting away from the fact that negotiation is uncomfortable, but it is a fundamental part of our existence. You just need to know how to play the game.”
Women know how. They do it for their friends, their family and sometimes their colleagues. But it comes less naturally when they fight their own corner.
Reynolds recommended deploying the “husband, horses and chicken” strategy. “When asking for a pay rise, think about all the people relying on you to get a good result – family, children, or colleagues who rely on you being happy at work – and simply use this to remind yourself of the people who are counting on you,” she said.
There are multiple reasons now is the time for women to be asking for a pay rise. A survey of 20,000 public and private companies by Hays Recruitment showed that 70% of employers had awarded their staff pay increases in the past 18 months.
There is confidence in the economy, people are leaving their jobs for better salary packages elsewhere, companies are looking for specific skills, and they have the money to cover their backs until they find the people who have them.
Plus, says Yvonne Smyth, Hays’ head of diversity, companies have an equal opportunities agenda.
“Business and customers are demanding that companies get in on the act and pay more than lip service,” she said.
Despite these favourable conditions, women tend not to put themselves forward. They wait to be asked. But loyalty does not pay.
Responsibility for achieving parity of pay should not rest solely on the shoulders of the employee, however. Line mangers conducting performance reviews, human resources departments, a company’s reward function and performance management all have a duty to stamp out inequality, said Smyth.
“They need to have a process that is transparent, documented and accessible, and they need to flush out bias. If there are trends appearing, then someone needs to call it and there needs to be a committee with the authority to challenge it or change things, then training to make sure it doesn’t happen again,” she said.
Ultimately though, women must take control of their own careers. As Laura Haynes, co-chair of UN Women, said: “Be equal, you are equal and the people that you are working with, and for, will know that, as we believe it and show them.”
To send feedback, e-mail Rebecca.Kent@egi.co.uk or tweet @Writer_RKent or @estatesgazette
Tips for negotiating a pay rise
■ Take time and effort to develop your business case, as 95% of effective negotiation comes down to research.
■ Be open with your colleagues about what you earn. Create transparency among those you trust.
■ Spend time thinking about what your pitch for a pay rise looks like to your employer. What is your value to the business and why would they invest more money in you?
■ Open the negotiation; 82% of people are more likely to get what they want if they make the first approach.
■ Don’t be apologetic when broaching the subject of a pay rise with your manager. This limiting language sets the wrong tone from the outset.
■ Don’t wait until March, towards the end of the financial year, to discuss your pay. Start conditioning your line manager for the discussion months before.
■ Be clear on your “break point”, the point at which you walk away from negotiations. Have a bottom line and stick to it.
■ Aim high. Think about what a “good” pay rise looks like. Forget that and aim higher. This will be your ambitious point and what you should ask for at the outset. But be credible.
■ Don’t take a “no” answer as the end of the negotiation. Use it as a springboard to find out what is possible.
■ Don’t wait around. If your employer is not valuing your time or input, someone else will. Take your skills elsewhere.
■ Don’t play the victim. Equal pay is your right.
Women can’t negotiate
AdvantageSPRING’s Natalie Reynolds will be delivering a negotiation workshop at Estates Gazette’s REWIRE (Recognising and Empowering Women in Real Estate) event on 8 December. Spaces are limited, but to find out more and register your interest, e-mail samantha.mcclary@egi.co.uk
