How to Bridge the Gender Gap

by Robyn Tellefsen

Though the women's movement has made great progress in the last 100 years, women in the workforce continue to walk a step behind their male counterparts when it comes to earning potential.

According to new research from The American College on financial advisors in particular, 59 percent of men who have worked in financial services for at least 16 years report net earnings of more than $100,000 per year; less than 40 percent of women with the same tenure report equivalent earnings.

If American women own half the nation's wealth, with their ownership share projected to grow to two-thirds in the next 20 years, why does such a profound wage gap exist?

The study revealed numerous factors that affect women's earning potential: fewer years in the business, lack of advanced designations, hours worked per week, marital status, children, and more. Of these, one of the major indicators of a woman's income is children. Children reduce gross earnings and increase the wage gap, according to the study, since women are more likely to shoulder responsibilities on the home front, making the task of balancing work and family life more challenging. Having children also reduces the number of hours women work per week - the research indicates that more females than males work less than 40 hours a week or more than 50 hours a week.

Shattering the Glass Ceiling
What can be done to close the gender gap without forcing women to forego motherhood altogether? Check out these tips for shattering the glass ceiling and staying ahead of the salary curve.

Speak up.
If you want a raise, ask for it. No one is going to advocate for you except you. Be proactive, aim high, and pursue a promotion aggressively - you never how much your employer can do until you ask.

Go back to school.
Taking continuing education courses is a great way to keep your skills current and demonstrate your dedication to your craft. Your employer may even offer tuition assistance and reimbursement, which increases your earnings indirectly and lessens the gender gap. And when it comes to negotiating a higher salary, training and certification make terrific bargaining tools.

Ask for help.
If you're bearing the weight of your entire household, ask your partner or your kids to take some of the responsibility. A little bit of help at home goes a long way toward having freedom to give more time and attention to work, which can in turn make a difference in your earning potential.

Pursue flextime.
In many modern workplaces, flextime is not just an alternative, it's the norm. With a flexible arrangement, you can fit your work hours into your family's schedule. You may even be able to put in some hours remotely to increase your earning potential and lessen the amount of time you're away from home.

Be yourself.
Forget about talking like a man, dressing like a man, and thinking like a man, and embrace the unique qualities you possess as a professional woman. Maximize your multitasking and decision-making skills on the job. Exercise your cultural sensitivity and critical thinking capabilities. Capitalize on your CEO-like ability to manage a household and raise children. Keep in mind what you bring to the table, make your contribution clear to the powers that be, and you'll begin to build a bridge across the gender gap.

The gender gap is an ongoing reality, but you don't have to accept an unfair salary situation. Be your own advocate - you may be pleasantly surprised at the results.