How do you fix pay gaps in product management?

1 Know your worth

The first step to fixing pay gaps is to know your worth as a product manager. You need to research the market rates for your role, your skills, your industry, and your location. You can use online tools like Glassdoor, PayScale, or Hired to get an estimate of your salary range. You can also network with other product managers and ask them about their compensation and benefits. Knowing your worth will help you negotiate better and avoid being underpaid or overpaid.

2 Negotiate confidently

The second step to fixing pay gaps is to negotiate confidently for your salary and benefits. You need to prepare a strong case for why you deserve a certain amount, based on your value, your achievements, your goals, and your expectations. You need to communicate clearly and assertively, without being aggressive or defensive. You need to be flexible and willing to compromise, but also know your bottom line and walk away if necessary. Negotiating confidently will help you get the best deal possible and show your professionalism and self-respect.

3 Advocate for others

The third step to fixing pay gaps is to advocate for others who may be facing discrimination or bias in their compensation. You need to support and mentor other product managers who are in similar or lower positions than you, especially those from underrepresented groups. You need to share your knowledge and experience, offer feedback and advice, and help them grow and advance in their careers. You also need to speak up and challenge any unfair or unethical practices that you witness or encounter in your organization. Advocating for others will help you create a more diverse and inclusive culture and foster trust and collaboration.

4 Seek feedback and improvement

The fourth step to fixing pay gaps is to seek feedback and improvement for your own performance and development. You need to set clear and measurable goals for yourself and track your progress and results. You need to ask for regular and constructive feedback from your manager, your peers, your stakeholders, and your customers. You need to learn from your mistakes and successes, and identify your strengths and weaknesses. You also need to invest in your continuous learning and growth, by taking courses, reading books, attending events, and joining communities. Seeking feedback and improvement will help you increase your skills and value and boost your confidence and credibility.

5 Explore other opportunities

The final step to fixing pay gaps is to explore other opportunities that may offer you better compensation and satisfaction. You need to keep your options open and be aware of the market trends and demands. You need to update your resume and portfolio, and showcase your work and achievements. You need to network and connect with other product managers and recruiters, and apply for jobs that interest you and match your qualifications. You also need to evaluate the pros and cons of each opportunity, and consider the factors that matter to you, such as culture, mission, vision, team, and impact. Exploring other opportunities will help you find the best fit for you and your career.