Tomorrow is Equal Pay Day in the U.S. The day signifies how far into the year women must work to earn what their male colleagues made during the previous year. We’re nearly three months into 2021.
Women make about 82% of what men earn, and that number has narrowed only slightly in the past decade. The pay gap shrinks when you control for variables like industry and education level, but it always exists. The salary discrepancy has big implications for wealth accumulation – Linda Babcock estimates that women will make $1M less over their careers.
These stats are for all women in the U.S., but the pay gap is alarmingly worse for minority women. We’re still 4 months away from Black Women’s Equal Pay Day.
The story doesn’t improve as women get promoted and earn more. In fact it’s the opposite – the pay gap widens at higher job levels.
There are a few things you can do….
Do your salary research now, know what you’re worth, and ask for it. We know that the pay gap will only widen. And that raise you’ll want in a few years? It’ll probably be based on your current pay. So don’t wait to progress in your career until you ‘deserve’ a higher salary – learn how to negotiate now.
Read more on why you should negotiate here.