PWR's Experts: How to Get a Pay Raise with 81cents
/Welcome to our “PWR’s Experts” column, where we highlight some of our favorite industry experts.
As Financial Planners, we have met many smart and talented people who are experts in their own fields. We have used them as resources for our clients and sources of knowledge for ourselves. We hope you enjoy our next expert!
Our expert today is 81cents, a company providing salary reviews & negotiation support.
The gender wage gap has been a highlighted discussion in recent years. It is known that women, on average, earn less than their male counterparts in the same role. We became interested in 81cents' service because pay is a major component of financial success. When our clients increase their pay, by even a couple percent, the ripple effect on their plan can be exponential.
81cents created a niche service that is working to close the wage gap. Helping me with the article is Lisa Sheck, COO at 81cents.
In the short time since their founding in 2018, they have already worked with more than 250 individuals, helping them find more than $2,300,000 in additional compensation. Individuals using 81cents see an average compensation increase of 16%.
So Lisa, what is 81cents mission?
At 81cents, we are on a mission to close the wage gap for women and underrepresented minorities. Women still earn 81 cents for every dollar men earn on average, and the statistics look even more dismal when you consider race and underrepresented gender identities.
The wage gap is an incredibly complex problem and there are many causes behind it. One of those causes is the degree to which an individual has experience with negotiation. Many groups, such as recent grads and women, usually have less experience negotiating which hurts them in the long run. For example, studies show that men initiate negotiations 4x more frequently than women, giving them more practice. Also, it is known that individuals who do not negotiate their salary early in their career can have a $1M difference in lifetime earnings.
We started the company because we know first-hand how intimidating and uncomfortable talking about compensation, much less advocating for more money, can be. We provide our customers with hard data and tips to negotiate and earn an appropriate market rate for their position.
Who will benefit from your services?
Individuals come to us in anticipation of a review at their current job, when transitioning to a new job, or when starting to look for new opportunities. Sometimes, people come to us just to get a pulse check on their current pay.
Although there are many resources online today, there is no way to get current data from people in your exact city, industry, and function, unless you have a well connected relative or friend. This is where 81cents comes in. We work to empower our users with specific data points and negotiation advice. We connect our customers with relevant senior professionals, such as VPs at major tech companies, who want to help us reach our mission.
Ultimately, what we’re providing is confidence and validation that it’s not just okay to negotiate, it’s necessary. After working with 81cents, our users tell us that they feel more confident walking into a tough career discussion.
What is the price and process of obtaining an 81cents report?
An 81cents report costs $175 and comes with a money-back guarantee.
Here's how it works:
After purchasing an 81cents review, the individual fills out our step-by-step intake form with their background, salary information and work details.
From there, we filter through thousands of professionals on our platform to find hiring managers, recruiters and senior leaders with relevant experience.
We get their feedback on the fairness of the individuals’ current compensation or job offer, and the best ways for the individual to increase their pay.
Within a few days, the individual receives a 25-page report with responses from 4-8 qualified professionals as well as tailored best practices, script templates and the option to connect with professionals in the field 1:1.
Our standard turnaround time is 4-7 business days, but we can work with your schedule and provide a completed report in as little as 36 hours if needed.
What is included in my personalized report?
When filling out our intake form, users are able to select the five to six questions they most want to be answered. Often, individuals will ask questions such as: What is the market rate for my role? Are there any red flags in my current role? What concrete steps should I use to ask for more money, a better title, and/or more responsibility?
The report includes the answers to the above questions from a panel of carefully selected reviewers, as well as, vetted negotiation best practices and tips and tricks from career coaches.
What types of jobs can you provide reports for?
The majority of 81cents customers work in the following functions:
product management
data science
engineering
design
user experience
marketing
business operations
sales
finance
business intelligence
business development or partnerships
This list is continuing to expand every month.
How many people review my case and how do you determine that the reviewers are qualified?
Anywhere from 5 to 15 reviewers support each 81cents user. We match reviewers based on location, function, title, level, and years of experience. Reviewers apply to be a part of the 81cents network and our team reviews each application to make sure the reviewer is qualified. We also review each response reviewers give to our customers, to make sure customers are receiving quality and sound advice.
What is the next step once people have your report in hand?
Some customers will use the data and insights from their 81cents review to put together a script for speaking with their employers at their annual reviews. Others have chosen to share the review directly with their managers by mentioning that they engaged a third party to get a "compensation review.”
Contact 81cents if you are interested in getting a salary report or if you want to help in furthering the mission of closing the wage gap by applying to be a reviewer.
Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.