"There's a smaller proportion of women in senior positions at investment banks," according to Tara Wilkinson, article author. She says that the smaller numbers have less to do with discrimination and more to do with an unwillingness to ask for big pay raises and promotions...So how might women and minorities pull off that pay raise or gain a coveted position? Here's a few tactics to consider...
1. Get noticed "Look for ways to get noticed by volunteering for projects. If additional skills are required, make arrangements for the necessary training, then when it's time for a discussion of a raise or promotion, explain how you've helped enhance the firm's bottom line," Lynn Taylor, Vice President and Director of Research at Accountemps suggests.
2. Be prepared with documentation "Providing specific benchmarks by which your successes can be measured offers stronger testimony to the extent of your achievements. Regarding salary itself, carefully research what other professionals with skills and experience similar to your own are currently paid. Timing is also critical. Don't approach a salary discussion during periods of poor company financial results or budget cuts."
3. Find a mentor "It is invaluable to have someone within your organization fighting for your success. It is not as difficult to find a mentor as some people think," according to Don Straits. "It just takes the courage to ask. You might try a simple approach like the following: 'I have always admired and respected what you have done for the company and the success you have achieved. As I grow in this job and in my career, I was wondering if, on occasion, you would be willing to give me some advice and guidance on how I might achieve success as well?' It is rare that anyone would say 'NO' to such a nice comment and question. Give it a try. The rewards will be immense."
4. Stay contemporary "If you are 'out of date,' and 'out of touch' with what is happening in the world," Strait advises, "then your earning power will go "out the door." From technology advances to world news to the latest business, cultural and fashion trends, they are all relevant. By being able to communicate about what is happening all around us, we enhance our value and we become more marketable."
5. Perform beyond expectations Always do more than you were asked to do. Take initiative to achieve superior results and make unexpected contributions. You will be recognized and rewarded for it.
6. Target to win and expect the best A clear target and preset expectation will spill over to leaders who can make that promotion happen for you, Ellen Weber advises. How so? Targets help to create a new neuron pathways toward any goal – or in this case … your sought after position and salary hike.
7. Confront your own objections Once you decide to go ahead do you begin to think of all the reasons why this is not a good idea? You'd be intrigued that when people face risk, Ellen Weber shows some ways the human brain leaps into conflicts that only reflective thinkers can sort out well...
"Your front brain might tell you this position would be sheer misery," Weber points out. "It highlights the facts … such as … the new CEO’s arrogance … or workers’ well known apathy in the new department." See more on confronting such conflicts in Ellen Weber's Why Smart Workers Make Dumb Decisions
Ready to take new risks for that promotion?
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