Last year, the U.S. Treasury Department announced that it would be redesigning the $10 bill to feature a woman. While this is an encouraging step for women, there's still a giant elephant in the room in regards to gender equality: the pay gap.

This video, put together for #TheNew10 submission for the $10 bill by the American Association of University Women (AAUW), depicts this very challenge:



Linda Hallman, CEO of the AAUW, stated in a press release that "the irony of the Treasury's initiative is that it's meant to celebrate 100 years of equal rights in America. We wanted to illustrate just how far women are from the goal of equality, so we did exactly what the Treasury asked the American people to do."

There's no escaping the pay gap (as we discussed recently in the Female Scientist), even for women in STEM fields. Women in science and engineering earn slightly above the average of $0.78 for every dollar, making $0.80 for every dollar. Nevertheless, it's still a far cry from the average male scientist's pay, and the salary of women of different ethnicities is even lower. In fact, one study published in PNAS found that potential faculty employers would be willing to offer male applicants a significantly higher salary and increased career mentoring for a lab manager position than they would to equally qualified female applicants.

Despite the Equal Pay Act passed in 1963, this gender gap still persists. While pay disparity between men and women is a national problem worthy of legislative action, one of the tools that we can use to fight this battle on the ground is salary negotiation. According to Linda Babcock, author of Women Don't Ask: The High Cost of Avoiding Negotiation—and Positive Strategies for Change, only 30% of women always negotiate, compared to 46% of men. One of the reasons for this is that 55% of women are apprehensive about negotiating, compared to 39% of men.

Recently, my colleague and fellow CrossTalk blogger Simanta Roy Buck and I attended a salary negotiation workshop here in Boston. Boston Mayor Marty Walsh and the Mayor's Office of Women's Advancement have combined forces with the AAUW to establish the Work Smart Boston initiative. This movement comprises interactive workshops that teach women to evaluate, negotiate, and articulate their worth confidently in the hopes that Boston will become the first city to close the gender wage gap.

To commemorate Equal Pay Day, we'd like to share some of the tips that we were armed with from this workshop.

1. Know your value

Take some time to reflect on what you're able to offer and what your professional narrative is. What skills are you bringing to this position? What is your professional experience, and how is it a boon to this role? Are you bringing a new or unique skill set to the table that other potential candidates aren't? Which of your accomplishments are relevant to this position? Write all of this down.

2. Predetermine your target salary and benefits package

This requires a bit of math. You should have a good idea of your monthly budget to determine what salary you need to support yourself, but keep this out of your discussions with your company. There are lots of resources out there (Salary.com, Glassdoor, and @talkpaybot) that will help you determine what the current salary range is for your and similar positions. Keep in mind that various factors affect this number: overall economic conditions, competitors' and your company's financial health, and geographic location, for example). Determine your worth, and let this be the bottom of your range in negotiation discussions. Remember to aim high while still being realistic.

3. If you don't ask, you won't receive

According to Babcock, women who fail to negotiate their salaries at the start of their careers could forego up to $2 million over their lifetimes. Think of your salary negotiation discussion as if you're literally leaving money on the table if you don't at least try. (This advice is for both new positions and promotions!)

With the research you did in steps 1 and 2, you should now prepare your pitch and practice it. Take emotion out of your strategy, and don't bring your personal life into the discussion. Instead, present the facts of what you're worth, backed by your experience and skills, with data and research as your pillars.

4. Know when to say when

It's important to know your value (see #1) and use this to make a strong case. But know the limits of how much negotiation to go through. Take into account the level of the position that you are aiming for and, if possible, what range the company offers for said position. Sometimes over-negotiating can undercut your case.

If you're located in Boston, there are currently Work Smart workshops being hosted through May, with more likely to be announced. See them all here.

Simanta Roy Buck also contributed to this post.