Comparing Compensation

female executive receiving her paycheck as compensation for her work
Theresa Witham Photo
Managing Editor/Publisher

2 minutes

Here’s a preview of the August issue of Advancing Women.

In our latest issue of Advancing Women, we tackle compensation from several angles. 

For me, seeing the equal pay day calendar from Equal Pay Today was eye-opening. This year, Equal Pay Day for all women was April 10. That means that women as a group had to work from Jan. 1, 2017, through April 10, 2018, to earn the same amount that men as a group earned between Jan. 1 and Dec. 31, 2017. The organization also identifies equal pay days based on demographics. For African-American women, Equal Pay Day was Aug. 7. 

Granted, this is a complex issue with many underlying factors to consider. And credit unions can’t solve the greater cultural conditions that impact the pay gap. But you can examine the policies and common practices at your shop. Do you:

  • Use compensation surveys to benchmark your pay against your peers in the industry and in your region?
  • Review salaries internally across departments and positions to look for discrepancies?
  • Ask for salary requirements instead of history from job applicants?
  • Post salary ranges on open positions? 

Those are some of the ways credit unions are working to keep pay equitable for their female employees. Read more in “Pay Inequality by the Numbers” and “A Culture of Fair Pay.”

A commonly cited reason for the pay gap is that men—compared to women--are more likely to negotiate and ask for a raise or promotion. That’s why we also included a fantastic article by executive coach and consultant Laurie Maddalena, MBA, CPCC, PHR. Read her tips in “Owning Your Promotion (or Raise).” Her suggestions are helpful for employees at any level and will be equally useful to men, too.

With this issue, we are also introducing a regular column about the amazing work that the World Council of Credit Unions’ Global Women’s Leadership Network is doing. Read more in “Standing Up for Diversity” and “Building Strong Financial Systems Worldwide.”

There’s a lot more to love in this issue, including a great video about crafting your social media presence,podcast about talent hoarding and two profiles of exemplary women in the credit union industry. 

Theresa Witham is managing editor/publisher at CUES

Also read “3 Business Reasons for Advancing Women,” “Winning Goals” and “Connected and Collaborative.”

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