Women and Money Week 11

Is the gender pay gap driven more by discrimination or structural factors?

Driven less by discrimination and more by structural factors

Gender pay gap

A measure of pay disparity between men and women

What does the gender pay gap vary based on?

1. demographic factors(age, role, industry, family status)

2. How data is measured (hourly rate, salary, lifetime earnings)

When did the gender pay gap narrow, and what has happened since?

narrowed in the 1980’s and 90’s; progress stalled since

which groups experience the largest gender wage gap?

Black and Hispanic Women

Among which age group is the gender pay gap smallest?

20-24 year olds and 25-34 year olds

Four structural factors driving the gender pay gap?

1. Family responsibilities- small career adjustments accumulate into large, long-term

2. Workplace design- inflexible, high paying jobs disproportionately affect women

3. structural factors- workplace rules, internal pay systems, job flexibility, how careers are organized

4. Economic systems- how jobs are valued, compensated, and rewarded

Why do earnings matter for long-term financial outcomes

1. Income influences how much we can save, spend, and invest

2. Small differences in earnings can compound over time

3. earnings play a role in important decisions about work and family

4. Work and wages are major parts of economic participation

How do earnings and expectations impact men?

1. Feel financial and cultural pressure

2. Take on more unpaid domestic responsibilities

3. Men make Pay or promotion decisions

what are four contributing factors to the gender pay gap

1. Occupational sorting

2. leadership representation

3. Caregiving/ career interruptions

4. Compensation practices

Occupational sorting?

The process by which different demographic groups or types of workers aend up concentrated in certain types of jobs

what influences career choices in occupational sorting

1. Social norms

2. Sterotypes

3. Role models

why might workers who expect to balance paid work with caregiving prioritize certain occupations?

They may prioritize occupations that offer more predictable hours or flexibility

what is the state of womens representation nin higher level leadership positions

Women remain underrepresented in higher-level leadership positions, which often come with higher salaries and additional benefits

How do promotions differ between women and men?

Women, on average, don’t receive promotions at the same rate as men

What are key factors for understanding gender differences in earnings?

1. Marriage expectations

2. Childbearing and caregiving

3. Interruptions in career trajectories

4. Uneven division of unpaid labor

5. employer expectations

when does the gender gap begin to widen most significantly?

After the birth of a first child

How do negotiation outcomes and social dynamics play a role?

Women are more likely to face negative perceptions when negotiating

What has happened to the U.S. birthrates for women under 30

They have dropped significantly

why are many women delaying motherhood

1. economic pressures

2. Desire for career stability

3. Increased access to contraception

4. (Half of 30-year-old women are childless)

What are some states and companies beginning to disclose on job postings

Pay ranges- creating more transparency

what is the goal of pay range transparency

1. Reduce information gaps and support fair negotiations

2. Less likely for someone to be paid less than their colleague without knowing it

What percentage of U.S. workers does pay range transparency now cover?

Over 25%

What is a major part of financial citizenship that shapes how we participate in the economy

Working and earnings wages

What did Jessica Lee speak about

gender pay gap and related financial topics

why is a negotiating a financial skill

Negotiating a small amount compounds over time- a couple of extra thousand dollars could equal hundreds of thousands over a career

What is the key quote about earning vs. saving

You can only save as much as you earn, but you can always earn more moneys

what are 6 things you can negotiate besides salary

1. Signing bonus

2. More paid time off

3. Hybrid/remote work

4. Professional development opportunities

5. Title adjustment

6. Relocation assistance

Steps to getting a raise

1. Decide to ask

2. Prepare your case

3. It’ws not a battle

4. Have a specific number

5. Timing is key

6. alternate options

7. Rehearse

8. Be prepared to hear no

What should you do BEFORE the conversation?

1. Do your research

2. Create a list of accomplishments and the value you have added

3. Establish your ask: ideal salary, acceptable range, and alternative benefits

4. Practice the conversation with a friend

What should you do DURING the conversation?

1. Dress professionally, show up on time

2. Share your accomplishments and the value you've added

3. Express enthusiasm for the role and organization

4. Make a clear ask

5. Pause and listen, don't rush to fill silence

6. Stay professional and collaborative in tone

What should you do AFTER the conversation?

1. Thank employer for their time

2. Request agreed-upon changes in writing

3. If they need time, follow up politely if you don't hear back

4. If the offer is below minimum, decide whether to accept, continue, or explore other jobs

5. Use experience to strengthen your next negotiation, and make a plan to meet the necessary requirements for a raise

what is professional development

Helps you continue to build your skills, knowledge, and connection to feel more prepared and increase your value as an employee or job candidate

What does preofessional development include

Attending conferences or workshops

Earning certificates or licenses

Networking and mentorship

How should you reframe negotiation

As a conversation, not a confrontation

How may women’s perceptions and approaches to negotiations differ

1. Women may be less likeley to negotiate in general

2. They may have concerns about perception and relationships

3. They are less likeley to apply without meeting all qualifications

What is a unique negotiating strength women have

Negotiating on behalf of others

Women can view advocating for themselves as a way to also support others