How Much Are You Worth
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Transcript of How Much Are You Worth
How Much are You Worth?
(It’s more than you think!)A DAWEG Seminar Aimed at Senior Women
Engineering and Geoscience Students
by E. Croft, P. Eng. and K. Savage P. Eng. 1999-2006 DAWEG, E. Croft and K. Savage
How Much are You Worth?
Don’t Sell Yourself Short• The decision to hire you is the “big” one. • Salary negotiations generally won’t affect it.• Future pay raises are increments of your starting
salary.• APEGBC Recommended 2002 starting median
salary is: $46,850. Considering current inflation rates that’s about $50,700 for 2006. If there is anything that makes you more than mediocre, then ask for more!
How Much are You Worth?
Don’t Sell Yourself Short II• Letting yourself go “cheap” reduces your
value to your company.• So know your own worth. One tool you can
use is the APEGBC Compensation Survey: http://www.apeg.bc.ca/library/compsurvey.html
• Compare yourself fairly to your peers – networking pays – find out what others are being offered in comparable jobs.
How Much are You Worth?
The Numbers Game• In negotiations, whoever names the number first loses. HR
people may ask: How much? They are doing this as part of their evaluation.
• You can answer with questions:– What is the salary range for this position/others like it in the
company (you should try to find this out ahead of time)– How do your compensation levels compare to the APEGBC
recommendations, or to the industry average (Mech, Civil, EECE, etc.) (Warning! HR people do NOT like these surveys)
• You should be prepared to discuss the question. Knowing how much you want demonstrates self-confidence and self-worth – but don’t get cornered into a naming a number – that is THEIR job.
How Much are You Worth?
Other Salary Tools
• http://www.hitechsalary.com/index.cfm
(salaries seem a bit high, but will give you a ball park – specific to cities in Canada)
• https://www.payscale.com
(specific to cities in Canada – salaries seem reasonable)
• Job Advertisements often list pay scales.
How Much are You Worth?
Don’t Sell Yourself Short III
• Carefully review any contract you are ask to sign. If there are things you can’t agree with, black them out and initial the blackouts before you sign. Make sure you keep a copy of your contract.
• Make sure the process for review and advancement is clearly understood. Your first review should be within 6 months.
How Much are You Worth?
Take Your Time• Don’t “jump” at the first offer you get. Take your
time, and consider each offer carefully - you can ask for at least a few days.
• Engineering is cyclical, it has slow times and hot areas…Sometimes it may take a year or so to find full time employment; this isn’t abnormal - stay networked and current through courses, professional volunteer activities, conferences, etc.
How Much are You Worth?
Act Professionally
• Once you have accepted an offer you cannot turn around and accept another (better offer) from another company.
• HR professionals talk to each other – be warned.
• Do not directly discuss other offers during negotiations – this usually provokes a highly negative response.
How Much are You Worth?
Gender Based Pay Inequities
• Anyway you slice it, they exist – so it is good to be aware of these issues.
• Lets have a look at the numbers...
How Much are You Worth?
Statistics Canada Data(Full Time Earnings)
Area of Employment Female % of Male
Computer Services 95%
Telecommunications 85%
Engineers/Architects 74%
Civil 77%
Mechanical 67%
Electrical 87%
Chemical 66%
How Much are You Worth?
1996 APEGBC Survey: salary and responsibility level by year of graduation
30000
35000
40000
45000
50000
55000
60000
65000
70000
75000
80000
Year of Graduation
Sa
lary
200
250
300
350
400
450
500
550
600
650
700
Po
ints
Men Median Salary
Women Median Salary
Men Median points
Women Median points
How Much are You Worth?
1998 APEGBC Survey: salary and responsibility level by year of graduation
30000
35000
40000
45000
50000
55000
60000
65000
70000
75000
80000
Year of Graduation
Sa
lary
200
250
300
350
400
450
500
550
600
650
700
Po
ints
Men Median Salary
Women Median Salary
Men Median points
Women Median points
How Much are You Worth?
2000 APEGBC Survey: salary and responsibility level by year of graduation
30000
40000
50000
60000
70000
80000
90000
100000
Year of Graduation
Sa
lary
200
250
300
350
400
450
500
550
600
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Po
ints
Men Median Salary
Women Median Salary
Men Median points
Women Median points
How Much are You Worth?
2002 APEGBC Survey: salary and responsibility level by year of graduation
30000
40000
50000
60000
70000
80000
90000
100000
Year of Graduation
Sa
lary
200
250
300
350
400
450
500
550
600
650
700
Po
ints
Men Median Salary
Women Median Salary
Men Median points
Women Median points
three woman sample
How Much are You Worth?
1996 APEGBC Survey: compensation versus responsibility level
3000040000
5000060000
700008000090000
100000110000
120000130000
140000150000160000
170000180000
190000200000
Points
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Po
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lue
male median salary
female median salary
male $/point
female $/point
How Much are You Worth?
1998 APEGBC Survey: compensation versus responsibility level
30000
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male median salary
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male $/point
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How Much are You Worth?
2000 APEGBC Survey: compensation versus responsibility level
3000040000
50000600007000080000
90000100000110000
120000130000140000
150000160000170000180000
190000200000
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luemale median salary
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male $/point
female $/point
How Much are You Worth?
2002 APEGBC Survey: compensation versus responsibility level
30000
40000
50000
60000
70000
80000
90000
100000
110000
120000
130000
140000
150000
160000
170000
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<200 225 275 325 375 425 475 525 575 625 675 725 775 825 >850
Points
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male median salary
female median salary
male $/point
female $/point
How Much are You Worth?
Analysis I
• Median salaries for women are lower than men, no matter how you look at the numbers.
• As experience goes up, women are increasingly underpaid compared to their male counterparts (based on both years from graduation, and “experience” points).
How Much are You Worth?
Analysis II
• For both sexes, compensation per “experience point” goes down until it reaches a certain level (700 pts) after which compensation goes way up!
• Unfortunately, the glass ceiling is as hard as rock! No statistical data for women above about 600 pts!
• SO… WHAT CAN YOU DO?
How Much are You Worth?
Conclusions: Knowledge is Power
• Know the starting salaries of your peers.
• Know the recommended starting salary.
• Re-evaluate your salary/experience EVERY year – the largest increases in your salary occur when you move to a new job.
• Keep your resume up to date as well – and ready to go.
How Much are You Worth?
Stay Connected• As an EIT/GIT or P.Eng./P.Geo, DAWEG
is your organization, for networking, workshops, symposiums, and just getting connected! MEN are WELCOME!!!!
• EMAIL: [email protected]
• WebPage: www.mech.ubc.ca/~daweg