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Total realized pay among CEOs declined by 18.5 percent for women and 6.1 percent for men in 2008. On average, women CEOs earned 58 percent of what male CEOs earned in realized compensation last year, according to Corporate Library in a recently released study as reported by Biz Journals. 

The research also found that male CEO bonuses were 3.5 times larger than those doled out to female CEOs, on average.  In addition, male "perk" packages averaged twice as large as the perk packages of female CEOs.  Even as women reach higher status within the corporate ranks, is is clear that even at the top we are failing to negotiate as well as our male peers. 

Interestingly, the study found that women CEOs had a higher median starting salary, implying that women tend to avoid more lucrative bonuses in favor of a stable lower total income.  These numbers suggest that by not being more willing to share risk, we're losing out BIG TIME.  It appears that we think we've done a superb job in negotiating - but we're focusing mostly on our bases with too little attention paid to the overall package which could be up to 3 times higher.  The result is that during this recession our bases are being cut AND we're losing out on bonus opportunities - a double-whammy. 

What you should do:

Understand that in this climate companies are trying their best to cut fixed costs like salaries.  If you're asked to take a pay-cut, make sure you negotiate a bonus that is paid upon meeting specific objectives so that you're able to make up for the salary cut if you perform AND be well-compensated for the additional risk.  How much higher?  Many women negotiate bonuses that get them only a small percentage above their pay. I've talked to women who are proud that their bonus potential can take them to 150% of their salaries.  Meanwhile, their male counterparts are negotiating bonuses with the potential to take them to 350% - and I doubt very much their target numbers are much greater than what women would ask for.  So clearly we have a lot of ground to make up in how we negotiate for bonuses and perks. 

If you're going through a renegotiation, here's where an executive coach can be extremely beneficial. In speaking to some coaches, I'm told that their ratio of male clients to female clients is 2 to 1!  If you're interested, I've got a line on some great coaches - email me at natalee@vjournal.com for more info.  Though we're certainly capable of solid negotiation strategies, we're not asking for all we deserve or pushing hard enough to get them - To change this, the first step is education.

Good Karma comes to those who share - please share this with your friends and help them earn what they're worth.