"Office Hours" #11: Financial Advisor Gahana Pleteau on How to Advocate for Yourself at Work

Happy end-of-August, all!

This month, JBC set out to recognize both Black Business Month and Women’s Equality Day, both of which have served as reminders that a true democracy and a true economy are, at their core, rooted in equity. The goals of both events are intrinsically intertwined and impact millions of day-to-day lives here in the U.S., even outside of entrepreneurship.

For example: Black individuals comprise 14.2% of the U.S. population, but only own 2.3% of all employer firms. And women make up more than 50 percent of the population, but constitute only around 28% of legislators and 32.5% of Fortune 500 board seats. These are systemic disconnects that, ultimately, can start in the workplace, well before a potential founder goes to launch their business or set out to advocate for equal pay.

Which is why, for August, we tapped Gahana Pleteau, a financial advisor, content creator, and financial coach who you may better recognize as @financesbygahana on platforms like TikTok, Instagram, and LinkedIn. With more than 62,000 likes on TikTok alone, Gahana is committed to helping people succeed and be financially prepared in all stages of their lives — from discussing the ins and outs of breaking bad financial habits to the historic inequities associated with the racial wealth gap. So we asked Gahana some of our most burning questions on how best to advocate for yourself — and your money — at work.

Any additional questions, comments, or concerns? As always, please feel free to share with us on Instagram.

—Jenny & Melissa

Job-offer negotiations are rarely easy. What are your top tips for how to effectively negotiate your salary as part of the job-offer process?

When it comes to negotiating your salary, the first important thing to do is to state the salary you are looking for. I think we get so overwhelmed with our own thoughts that we allow it to make the negotiation phase seem a lot more complicated than it really is. When it’s time to negotiate, share your expectations. Here are some tips:

1. Get it in writing before you accept. It’s so important when you’re being offered a position to ask them to send you all the details in an email, so you can review it first.

2. Don’t mention your current salary. Don’t lead any point of the conversation with details about your current salary. Justify your expected salary with your qualifications and the current market salary for the position.

One thing that being in sales has taught me is that “the first person who speaks, loses.” If a position has a salary budget of $150K and you tell them you want $90K, guess who has the advantage? The employer!

To many people, “negotiating a job offer” and “negotiating a salary” are synonymous. But much of your job satisfaction can come from other factors you can negotiate, perhaps even more than salary. What are other elements you can and should consider when negotiating your offer package, and how can you go about introducing that conversation?

Other than your salary, some other factors you can negotiate are paid vacations and when you get a promotion evaluation. The way to introduce that topic of discussion is simply by expressing your excitement first, then opening the floor to that discussion right after!

And that can sound like, “I’m super excited to join this company. Before we finalize the offer, I would like to discuss…”

Pay transparency has been a hot topic among employers and employees over the past few years. Colorado, New York City, Washington, and California were the first large jurisdictions to mandate pay transparency in job postings, and there is no sign that this trend is slowing down. How do you view the pay-transparency movement, and how can folks advocate for it within their own workplaces?

In my opinion, I think it’s great! It’s honestly something that should be implemented everywhere. I strongly disagree with the idea that someone is favored more when it comes to compensation because of their gender, race, or even their religion. People deserve to be compensated for their experience and the quality they bring.

You can start to advocate for pay transparency by…

1. Knowing what your salary should be based on your industry, experience, and location.

2. Using employer evaluation to your advantage, and having a strategy. Don’t just sit there and listen to what’s being stated. Get involved and ask them questions based on your performance, and align that with a desired raise.

Consistent saving and compounding over time are key to the successful growth of your retirement funds. How can you get the most out of your 401(k) plan? How do you view a 401(k) vs. an IRA?

When it comes to preparation for retirement, I do believe automatic savings lead to guilt-free spending for now and in the future, and that is the beauty of employer retirement plans. It’s consistent, you don’t even see it, and it just grows. You can get the most out of your 401(k) by simply doing the match your employer offers and don’t pull from it; allow it to grow. Too many times people cash out their old 401(k) from like a previous employer before looking into their options, and that’s not beneficial.

When it comes to finances and deciding what to put in place, it all just depends on your goals and current financial position. From a tax standpoint, a 401(k) and a traditional IRA are structured identically. The goal is to help people take $1 and grow it to $10 in the most tax-efficient way possible, so neither one is better. They both have their place in their overall picture. What our team does is figure out how much goes into each to make sure you accomplish all your goals in the most tax-efficient manner possible, given your current financial position.

The racial gaps in economic security here in the U.S. are stark and have been exacerbated by policies that hinder people of color from building wealth. What are some things Black and Brown folks can do themselves to help close this gap, from getting life insurance to prioritizing investments?

Being intentional about their finances. So, all this financial information is still new to us Black and Brown people because the information isn’t information our grandparents and parents had access to pass down to our generation. For the racial wealth gaps to close, people need to take act, and it’s as simple as building their financial security. Start with six months of an emergency fund and affordable insurance policies outside of your employer and talk to someone! The value that you will get from some who does finances all day is a stress reliever.

(For more on the women who inspire our team, read our International Women’s Day feature.)