055 - Why Don’t Women Negotiate Salary More? How to Speak Up - Amy Hoover

Nearly 70% of women accept the initial salary they’re offered. Why don’t more women ask for more money? In 2018, female full-time, year-round workers made only 82 cents for every dollar earned by men, a gender wage gap of 18%. Negotiating for a higher salary during the offer phase is one key element in closing the wage gap.

According to a recent survey published by Glassdoor, "Women negotiated less than their male counterparts. 68% of women accepted the salary they were offered and did not negotiate, a 16-percentage point difference when compared to men (52%)."

- “Why Don’t Women Negotiate More?” by Carol Sankar, Forbes

Salary, compensation, and self-advocacy: this is important for our personal and collective futures, for our economy, and for job satisfaction. If women continue to earn less, we will never reach parity. But how big a role does salary negotiation play in the outcome that lands us at these tired wage gap statistics?

Amy Hoover

Talent Zoo is the leading site for advertising and marketing professionals

Considered an expert on hiring trends and staffing issues, for a dozen years Amy was an Executive Recruiter and then Managing Partner of Talent Zoo, the nation's premier search firm for the advertising and marketing industries. During that time she placed hundreds of professionals in new positions across North America, from Junior to C-Suite level.

Talent Zoo’s founder and CEO Rick Myers and Amy Hoover built the executive recruiting firm which began in 1998. It evolved into a digital job board and career ecosystem predating LinkedIn. For about two decades, talentzoo.com has been the top site for advertising, marketing, and digital professionals in an industry known for extreme competition. It’s still a fantastic place to hire quality candidates or find a marketing or ad job.

Strongbox West is Atlanta’s largest and longest running coworking space

Ten years ago Amy co-founded Strongbox West, Atlanta's largest independent coworking space and innovation hub, where she continues to manage the Talent Zoo job board and suite of marketing blogs.

Amy is frequently quoted in The Wall Street Journal, The New York Times, Adweek, Advertising Age, and many other notable publications.

Our Conversation

Amy shares hiring insights from the employer perspective which may surprise you, and could help you, your friend, or your colleague at their next negotiation. Whether or not hiring becomes more digital as AI sorts resumes and Alexa processes applications by voice, the art of the negotiation is still about human communication.

Topics:

Amy and her dog Coleman, who is internet famous. #ColemanTheDog. Follow @StrongboxWest on Instagram for more #DogsOfSBW

• Why don’t women negotiate more?

  • Societal expectations for girls (be polite, demure, not greedy), which leads to labeling

  • Re: NY Times executive editor Jill Abramson:

    • “Abramson discovered that her pay and her pension benefits as both executive editor and, before that, as managing editor were considerably less than the pay and pension benefits of Bill Keller, the male editor whom she replaced in both jobs.”

  • Negotiation is not taught in schools or at home enough

  • Uncomfortable conversations and how candidates can phrase salary-related requests for a win-win

  • New perspective: women’s intuition that negotiating may be in vain (Knowing When to Ask: The Cost of Leaning In - NBER) - “Women appear to positively select into negotiations and to know when to ask.”

• Pro Tip: The hiring manager’s first offer is almost never their best offer

• Women’s psychology: “They like me! They really like me!” (Sally Field - Oscar reference)

• Millennials and work: the idea of “finding oneself”

  • Values around culture and flexibility or finding meaning in work - what about the money?

• What should women do when they’re at the negotiating table?

Sally Field, 1985 Academy Awards - Best Performance by an Actress in a Motion Picture - Drama - “I can’t deny the fact that you like me, right now, you like me.”

* 16% of women negotiate. This is according to Negotiating Women’s survey by Carol Frohlinger as cited by Monster. “Most women simply do not negotiate at all. Only 16 percent of respondents always negotiate compensation when a job offer is made or during performance evaluations.”

Get in Touch with Amy:

• Twitter: @tzamy

• talentzoo.com

• strongboxwest.com

047 - The New Wave of Financial Literacy - Xipi CEO Christine Concepción

Christine Concepción co-founded Xipi, a fresh and accessible take on financial literacy for millennials

Schools are more likely to teach you "Hot Cross Buns" on the recorder than what a Roth IRA is. With one in five students lacking basic financial literacy skills, it is clear that current methods aren’t working. Xipi (pronounced “Zippy”) CEO Christine Concepción and her co-founders teamed up to create a better way to educate people about their finances. Xipi’s brand is accessible, modern, and entertaining.

Christine experienced poverty in the South Bronx at a young age and realized that education was the way out. She attended Columbia for undergrad then worked in finance and hedge funds in Manhattan. She graduated Columbia Business School in May 2019. Shortly after earning her MBA, she and her cofounders launched Xipi, which was VC funded within about a month (unheard of).

Did you know that if you launch a startup within six months of graduating business school, you’re 80% more likely to succeed than if you wait? Always strike while the iron is hot.

Show notes:

• 02:30 Xipi will provide micro-lessons in five minutes or less to teach financial concepts through reading, video, or other forms of content - a voice component is coming soon

• Beta launch in November 2019

• 06:00 Gamification is a big part of Xipi

• Accessible language, less formal, more fun - targeting millennials with a social media focused marketing strategy, especially on Instagram

• 06:25 People with low levels of financial literacy rely on friends, parents, or friends to learn about money

• 06:40 Fact: 40% of Americans do not have $400 for an emergency expense. They often rely on payday loans to cover costs, which puts them in an even more grave situation with extremely high interest rates.

• 07:30 You see friends living their best life on Instagram but probably don't realize that 70% of young adults in the U.S. (people under 30) are receiving financial support from their parents (see stat from Forbes)

• 11:00 Is there any money in doing a financial literacy startup?

• 12:15 Yes. Plenty of companies doing good which have a layer of social responsibility are making money. See: BlackRock chief Larry Fink tells CEOs to fix society's problems in an increasingly divided world - Business Insider):

  • “Larry Fink, the investment manager who oversees nearly $6 trillion at BlackRock, set off a yearlong conversation among business leaders and policymakers last January when he wrote a letter to chief executives declaring that companies needed to do more than make profits.”

• 13:05 Disproportionate impact: lack of financial literacy hurts women, minorities, and LGBTQ the most (the people who make less money) - though all income levels can benefit from learning how to manage their money better

• 14:00 11% more women have degrees than men but two-thirds of student loan debt is held by women

• 15:30 This gamified education is for everybody - it’s fun, quick, and is the equivalent of a WOTD (word of the day) app or lesson

• 16:00 WTFWednesday is a Xipi Instagram theme, e.g.: WTF is a rate cut? Let’s learn vocabulary in more than one way.

When bae’s texts turn green… financial humor you can relate to from @GetXipi Instagram (follow for fun)

• 16:25 Business model: how will Xipi drive revenue?

• 16:35 Beta launch in November is invite-only, and Xipi will be open to all in spring 2020 based on a freemium model for year 1

• 18:20 What kind of voice component would be right for Xipi? They are considering an Alexa skill or Flash Briefing

Connect with Christine and Xipi:

Instagram: @GetXipi

Christine - LinkedIn

Xipi - Team: https://getxipi.com/team

OUR SPONSOR

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007 - Three Random Ideas to Inspire Action

Three ideas to start your month with some thinking and hopefully some action:

1. Why avoid the news (via @jasonfried on the Tim Ferriss Show).
2. Nearly half of working age families in the U.S. have nothing saved for retirement. #yikes
3. Billion dollar ideas that you could invent via @allison_pons.

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003 - Don't Tip on Tax! Do Millennials Tip Less?

Read more on the blog: Tipping is Broken (And Don't Tip on Tax)