finance

The women of Shark Tank share their foolproof tips for landing a pay rise.

If there’s one thing Australian women are not great at across the board, it’s negotiating our pay.

While the fact we earn, on average, 84 cents for every dollar a man earns is pretty downright sh*tty, there are some things we can do to boost our salaries.

Because taking control! Challenging gender roles! Being a boss lady! Gettin’ cash money! Chasing your financial dreams! Yada yada yada.

Anyway. Because I am A) a person who possesses fallopian tubes and B) someone who sucks at anything to do with money, I thought I better enlist the help of two business aficionados. Enter: Janine Allis and Naomi Simson, two of Channel 10’s Shark Tank entrepreneurs.

Listen: Naomi Simson on the elusive ‘work life balance’…

Speaking to Mamamia, both experts said there are things women can do to boost their chances of securing a bigger salary.

What to consider before you ask for one

“The absolute must before contemplating asking for a pay rise is establishing whether you know how you make money for the business that you work for,” Simson, the founding director of RedBalloon, told Mamamia.

We need to do more than just meet our KPIs (that’s key performance indicators, for those of you who didn’t pay attention on induction day). We need to illustrate to our boss how much value we add to the company.

“What value do you deliver to the bottom line? How do you add value?” Simson asked. “Remember to consider what is in it for ‘them’? Be clear about why it makes business sense to give you a pay rise.”

Naomi Simson and Janine Allis have a reported worth of over $100 million combined. (Images provided)

For Allis, the founder of Boost Juice, "the biggest preparation you can do before asking for a pay rise, is doing a great job during the year prior to asking for a pay rise!"

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"Make sure that you come prepared with what value you have added in your role and the value that this adds to the business," she said.

"If you are prepared, it is hard to not see your value and honour your pay rise."

How much to ask for

Want to know how much you're worth? Simson advised you better get Googling, pal.

"Do some research and bench mark a specific [salary] after you have looked at what people of your experience and in your role earn," the 53-year-old said. "Look at how much experience you have and rate yourself against that.

"Every boss appreciates someone who has made the effort to take a pragmatic approach to his or her worth," she said.

For Allis, "the sky is the limit" when it comes to demanding to be paid what you're worth.

Listen: Janine Allis is a mother-of-four and an accidental entrepreneur.

"If you are making a difference and really wanting to get ahead, then you become hard to replace and more valuable," she said, advising women to "do your research" before coming to a salary amount.

What not to say

According to both women, there are some things you should definitely avoid saying or doing when it comes to asking your employer for more coin.

"Knowing that inflation is at an all-time low, it is not an argument to say, 'It is so expensive to live I need more money', and even worse is to say, 'I know I could earn more elsewhere'," Simson said. "[The employee] may well say 'Off you go then'."

Allis warned that simply 'turning up for work every day' does not warrant a pay increase.

She said women should never argue, 'I have been here for a year so I deserve a pay rise'.

"No one deserves anything, you earn it with productivity, going above and beyond and adding value," Allis said.

"I have rejected people in the past when I ask them why they should get a pay rise, and all they can come up with is that they turn up to work on time.

"Businesses are prepared to pay big for people who add value. So increase the value that you are adding, then you can call the shots."

So go forth, work hard, and demand the big bucks, ladies.

Shark Tank is back on Tuesday the 20th of June at 8.30pm on Channel 10.

When have you been successful in landing a pay rise?

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