Nearly three in four women (74%) want their salary to increase by the end of 2023
In the wake of International Women’s Day this week, Robert Half Canada looked into the most important ways employers can champion their female talent in their organizations. According to the data, more money, more flexibility and more status emerged as the top concerns for women heading into 2023.
Voicing your goals
Nearly three in four women (74%) want their salary to increase by the end of 2023 – and the main reason female professionals are considering a job change is purely for higher pay. What’s more, one third of women are looking for increased flexibility in how and where they work – and 32% want a higher job title.
“When it comes to securing a salary increase, women should know their worth and research comparable salary ranges, they should prepare to negotiate, and they should build a case for their request that highlights their key achievements and contributions to the company,” says Evangeline Berube, VP of strategic accounts at Robert Half.
“For flexibility, proposing a trial period of hybrid or remote work to showcase your productivity can be a great way to work with your manager to find a system that benefits both you and the business, without committing to anything.”
In terms of career development, make sure to voice your goals regularly and discuss growth opportunities with your manager, along with specific skills you will need to achieve these next steps, and any trainings you can do as well.
Talent attraction in a tight market
Berube suggests volunteering to assist with new projects that will help you develop these skills, signing up for any courses or trainings available to you, and leveraging your professional connections to learn from others and potentially even gaining a mentor.
Looking beyond perks, women want a health work-life balance, a positive relationship with their manager, happy camaraderie with their coworkers and regular recognition. And, considering the uncertain economy and candidate-led market, employers really should be taking notes.
“In this continued tight labour market with unemployment at historic lows, companies need to be evaluating their retention strategies or risk losing valued talent,” says Berube. “In particular, businesses can better retain their female workforce by benchmarking and adjusting salaries regularly to ensure they remain competitive, by providing flexibility through offering remote or hybrid work options when possible, by creating clear career paths to help professionals stay engaged and achieve their goals, and by committing to fostering an equitable environment which allows all employees to succeed through mentorship programs, promotion opportunities, and more.”
Negotiating flexibility
With the desire for higher wages and flexibility on the rise, employers should be bracing for some difficult negotiating talks. To pre-empt this, it’s a good idea to get an idea of the market – specifically salary trends and helpful guides which will give you a benchmark to work off of.
From the perspective of asking for a pay rise yourself, you also need to do some research. Speaking with Berube, she advises HR leaders look further into your company’s financial standing.
“Practice asking for what you want and learn how to overcome potential objections, and be sure to discuss the value you bring to the organization, your recent achievements, and your expectations,” she tells HRD.
“It’s also important to remember that salary is just one part of the equation, and if there are other perks and benefits you can receive such as greater flexibility with your schedule, consider asking for those if a pay increase isn’t on the table right now.”