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Welcome to the True Talk Café Podcast S3 Ep. 9 - Show Me The Money!

Show agenda:

Is your company embracing pay transparency? And how confident are you when it comes to negotiating your salary?

Pay transparency is on the rise, and in some areas, it’s even required by law. Surprised? In today’s episode, 'Show Me the Money,' we dive into what pay transparency really means, how it benefits both employees and employers, and we’ll share some smart strategies to help employees negotiate the best compensation package.

Questions

• • What steps should employers take when transitioning from a non-transparent to a transparent salary model? What are the pros and cons of salary transparency within an organization?
  • How can employers maintain fairness and equity in pay while managing salary transparency? How can employers create a more transparent culture around pay without causing friction between employees?
  • How can employees advocate for fair compensation without being perceived as overly aggressive? How do you approach a salary raise conversation if you know your peers are making more than you?
  • What are some common mistakes people make when negotiating their salary, and how can they avoid them? How should you handle salary negotiations when transitioning from one job or industry to another?
    
    

Statistics:

1. Negotiation Success Rates

• 70% of people who negotiate their salary successfully receive higher pay as a result. However, only 37% of employees actually negotiate their initial salary offer.

2. Gender Pay Gap and Negotiation

• On average, women earn 82 cents for every dollar earned by men. Part of this gap can be attributed to differences in negotiation behaviors, with studies showing that men are more likely to negotiate their salary than women.
• Men are 4x more likely to negotiate their first salary than women.

3. Generational Differences

• Millennials and Gen Z workers are increasingly negotiating their salaries. Around 46% of millennials report negotiating their salary after receiving an offer, compared to 39% of Gen Xers and 33% of Baby Boomers.

4. Racial Disparities in Salary Negotiation

• Research shows that Black and Hispanic employees are less likely to negotiate compared to their white counterparts. Black employees are about 20% less likely to negotiate than white employees.

5. Impact on Career Earnings

• Failing to negotiate an initial salary can result in a loss of up to $1 million over a 40-year career. This loss is compounded with missed raises and bonuses tied to that starting salary.

6. Employer Expectations

• About 80% of employers are open to salary negotiations. However, many candidates are unaware of this, and only 31% of people consistently negotiate their pay.

7. Pay Transparency

• Companies with transparent pay structures often experience less turnover. 56% of employees say they would switch jobs if they found another company with a higher level of salary transparency.

8. Impact of Not Negotiating

• Not negotiating a job offer could mean starting with a 10-20% lower salary than if you had negotiated, with compounding effects on future raises, bonuses, and retirement savings.

9. Confidence Gap

• Confidence plays a key role in salary negotiation success. About 57% of employees who negotiated their salary felt confident doing so, compared to 42% who didn’t negotiate because they lacked confidence.

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Welcome to the True Talk Café Podcast S3 Ep. 8 - The Visibility Code

Show agenda:

Do you know how to elevate your personal brand’s visibility?

Building a highly visible personal brand on social media requires a strategic approach, consistent effort, and engaging content. In the strategy realm, visibility is key to opportunity. Personal branding elevates your profile, making you more visible to peers, recruiters, and industry influencers. By actively sharing insights on social media, contributing to industry publications, and speaking at events, you become a familiar face in the strategy community.

Questions

• • What steps can professionals take to assess their current level of visibility within their organization? What factors should professionals consider when choosing which social media platforms to focus on for personal branding?
  • What are some effective strategies for enhancing your personal brand at work? What strategies can you use to build a network of followers or connections that enhance your brand visibility?
  • How can someone develop a content strategy that reflects their expertise and values? What is the balance between sharing personal and professional content on social media?
  • How can someone develop a content strategy that reflects their expertise and values? What is the balance between sharing personal and professional content on social media?
    
    

Statistics:

Here are some key statistics highlighting the importance and impact of personal branding:

1. Professional Impact

• 92% of people trust recommendations from individuals (even if they don’t know them) over brands.
• 85% of hiring managers report that a candidate's personal brand influences their hiring decisions.

2. Online Presence

• 70% of employers use social media to screen candidates during the hiring process, with LinkedIn being the most common platform.
• 50% of job seekers who do not have a social media presence are less likely to be considered for job opportunities.

3. Content and Engagement

• 60% of social media users say they are more likely to purchase from someone they follow online.
• 77% of consumers are more likely to buy when the CEO of the business uses social media.

4. Career Advancement

• Professionals who use LinkedIn for networking are 70% more likely to get hired compared to those who don’t.
• 75% of people who have a strong personal brand receive more job offers.

5. Trust and Credibility

• 53% of decision-makers say that a person’s online presence can serve as a supplement to their resume.
• 33% of consumers trust messages from individuals more than they trust messages from brand.

6. Influence and Authority

• 82% of people are more likely to trust a company when their senior executives are active on social media.
• 49% of people say they follow online influencers for product recommendations and career advice.

These statistics underscore the significant role that personal branding plays in shaping career paths, enhancing professional opportunities, and influencing hiring and promotion decisions in the workplace.

Personal brand visibility tips:

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Have you been thinking about starting your own side hustle? In today’s episode called: From Idea to Impact: Crafting Your Startup Vision, we’ll discuss ways to approach creating a business and other critical elements that should be considered to improve your chances of success.. Now, let’s start today’s conversation!