The salary of the most senior executive at a Fortune 500 company is on the rise, but it may not be in line with the numbers for their peers.
Here are five ways you can get a bigger paycheck.
Get more money in the first place.
According to an analysis by the American Association of University Women, men and women make similar contributions to the company they work for, which could be a problem for those looking to make more money.
The average salary for a Fortune 50 executive was $142,000 in 2018, up from $127,000 five years ago.
But women are getting more than their fair share of that.
They make up a quarter of the workforce, while men made up a higher share at 42.6 percent.
Make the most of your experience.
Even with the salary increase, women are still far less likely to be promoted, as the data shows.
Of Fortune 500 companies, only 22 percent of senior executives earned more than $100,000 a year, according to data compiled by the Institute for Women’s Policy Research.
In contrast, men made more than 40 percent of their company’s compensation last year, with women getting an average of more than 85 percent of the bonus.
Women still make up just 18 percent of Fortune 500 CEOs.
Take time out to spend with your family.
In fact, it may be easier to earn more than your male peers in the job market.
The data also shows that women are significantly more likely to work at a company where there are no women at all.
Women working at companies with fewer than 100 full-time employees make up only 4 percent of CEOs, while the same number work at companies where there is one female director.
Find out what the CEO needs to know about you.
There’s a strong correlation between how many senior executives you’re interviewing for and how much money you’ll be earning.
Companies with the highest percentage of female directors, and CEOs with the lowest, are more likely than those with the same numbers of female executives to have higher salaries.
Take on more responsibility.
The number of senior positions in a Fortune 100 company has increased more than 15 percent over the past 10 years.
But a good number of executives still don’t get enough time to do the kind of things they’re used to doing.
According the data compiled for the Institute of Women’s Economic Policy Research, women make up about 22 percent in management positions, and 26 percent in chief information officers.
Women make up 12 percent of corporate board directors, according the data.
It’s not just about the pay gap.
The most senior executives also tend to have the highest levels of stress.
A recent survey by the National Women’s Law Center found that the stress experienced by executives and senior managers is high, and the highest in the most-compensated group.
The stress level can be high enough that women report they feel “more than half the time that they’re having to work in the office because of their gender,” the report said.
If you or someone you know is struggling to make ends meet, call TODAY to find out how you can make more at your current job.