But I would also question that the compounding figure is high enough?
I always give the example of a 5k raise not negotiated, age 30. Imagine that 5k grows by inflation at ~ 3%. Put all of it (including inflationary growth) in a relatively conservative pension plan where it grows by ~ 5%.
By retirement age (Officially 68 for a 30yo in the 🇬🇧) - you have 869k extra in the pot
That one modest £5k negotiated.
A life changing impact at retirement
There could be many of those negotiations over a career.
And that’s not counting everything else we negotiate that impacts career trajectories and thus earning power (resources, visibility, influence, sponsorship, roles…)
Hi Lucy, I agree with you about the amount. And in my personal case can attest that the Stupid Tax cost me lots and enhanced negotiation skills would have changed certain things.
This resonates: the cost of therapy. Not only the cost, the time. Patriarchy has huge costs that often are actively not acknowledged. Because it is part of the trap.
Well said, Laurel. It’s infuriating and so very sad. But we persist in naming it so that we can continue to personally heal from it and fight against it.
Gosh. Some here I haven’t factored in.
But I would also question that the compounding figure is high enough?
I always give the example of a 5k raise not negotiated, age 30. Imagine that 5k grows by inflation at ~ 3%. Put all of it (including inflationary growth) in a relatively conservative pension plan where it grows by ~ 5%.
By retirement age (Officially 68 for a 30yo in the 🇬🇧) - you have 869k extra in the pot
That one modest £5k negotiated.
A life changing impact at retirement
There could be many of those negotiations over a career.
And that’s not counting everything else we negotiate that impacts career trajectories and thus earning power (resources, visibility, influence, sponsorship, roles…)
My hunch is it runs into the millions
Hi Lucy, I agree with you about the amount. And in my personal case can attest that the Stupid Tax cost me lots and enhanced negotiation skills would have changed certain things.
This resonates: the cost of therapy. Not only the cost, the time. Patriarchy has huge costs that often are actively not acknowledged. Because it is part of the trap.
Well said, Laurel. It’s infuriating and so very sad. But we persist in naming it so that we can continue to personally heal from it and fight against it.