Part 1: Understanding Your Worth – The Importance of Financial Literacy and Salary Negotiation

In March, we sponsored the WORTH Association Leadership Summit, which brings together a community of passionate, driven women and allies committed to driving equity and empowerment in the recreation, tourism, and hospitality industries. It was a powerful reminder of the strength and energy that emerges when like-minded individuals come together to share stories, wisdom, and strategies for change.

I participated in a "NetWORTH" panel session, which turned out to be a dynamic conversation focused on the financial empowerment of women. Moderated by the incredible Marion Harper Treskin, the panel featured invaluable insights from Catherine Dangerfield, Assistant Region Head at TD Wealth Management, and Puneet Kochar, CFO of Tacofino. Our goal was to provide actionable insights into financial literacy and salary negotiation. I was honoured to join them in exploring how women can close the wage gap, gain clarity on their full compensation packages, negotiate with confidence, and build a more empowered relationship with money. It's not often we get the chance to talk openly about money, power, and negotiation, but when we do, it becomes a catalyst for real change.

Why This Conversation Matters

Financial empowerment is essential for career success, personal security, and long-term wealth-building. Yet, many women still face systemic barriers, including pay gaps, a lack of salary transparency, and social conditioning that discourages negotiation. Women in recreation, tourism, and hospitality often deal with complex compensation structures, including base pay, tips, bonuses, and non-monetary benefits. Without a clear understanding of total compensation, they may undersell their value. Research shows that those who negotiate their salaries earn significantly more over their careers, yet many women hesitate to do so. By fostering open discussions, we can empower women with the knowledge and confidence to advocate for fair compensation, pushing organizations to be more transparent and accountable in ensuring pay equity.

This is not just about individual success. It's about shifting culture. When one woman negotiates with confidence, she sets an example for her team, her peers, and future leaders. She makes it easier for the next woman to do the same. Financial empowerment ripples outward and with pay transparency acts in effect. When you advocate for yourself, you raise standards, expectations, and equity for everyone.

How to Determine Fair Compensation

1. Research Market Salaries

Start by establishing a clear understanding of salary benchmarks for your role. Don’t rely on guesswork or anecdotal insights using real-time, data-driven tools:

• Use online platforms such as Indeed, Glassdoor, PayScale, LinkedIn Salary, and Salary.com to research salary ranges by job title, location, and years of experience.
• Refer to industry-specific compensation reports from organizations like Tourism HR Canada, Go2HR, or your provincial tourism association.
• Speak with specialized recruiters who work within the hospitality, tourism, and recreation sectors. They offer current, localized salary data and understand trends based on region, role type, and demand.

2. Understand Role-Specific Factors

Salary is not one-size-fits-all. Factors like geography, job complexity, and industry sector significantly impact earning potential.

• Industry & Property Type: A hotel general manager at a boutique, limited-service property in Kelowna will have a different compensation range than a GM at a full-service downtown Vancouver hotel with banquet operations despite having the same number of rooms. A restaurant general manager with fine dining experience will be compensated differently than one with causal dining experience.
• Size & Scope: Larger organizations, properties or companies managing multiple venues often pay more than independent or seasonal operators.
• Specialized Skills & Proven Performance: If you bring niche skills, certifications, language fluency, or a track record of exceeding KPIs, you may command a higher salary. For instance, a Director of Sales with a robust book of business or established market relationships will often earn more than a new market entrant.
• Tenure & Leadership Experience: How many years of experience do you bring? Have you managed teams? Turned around underperforming operations? These achievements should influence your ask.

3. Evaluate Total Compensation

Don’t stop at base salary. A competitive compensation package includes a variety of components that can enhance your take-home value and work-life experience. Assign approximate monetary value to each of these non-salary benefits to see the full picture.

• Bonuses & Incentives: Ask about annual performance bonuses, retention incentives, or signing bonuses.
• Gratuities & Shift Premiums: In foodservice and front-of-house roles, tips can represent a large part of income. Understand how tips are pooled, how service charges are distributed, and if gratuities are guaranteed for salaried managers.
• Benefits: Look at extended health and dental coverage, mental health support, vision care, and prescription plans. Ask about dependents' coverage too.
• Retirement Plans: Does the employer contribute to an RRSP or pension plan? Are there stock options or profit-sharing opportunities?
• Work-Life Balance & Perks: Consider paid vacation, sick leave, maternity/paternity leave top-ups, hybrid work options (if applicable), meal allowances, uniform stipends, transportation or housing support, and wellness credits.
• Career Growth & Development: Support for training, certification, or attending industry conferences can help accelerate your long-term earning power.

4. Leverage Networking & Peer Insights

There is strength in community. Connecting with peers and mentors in your industry can be one of the most reliable sources of salary insight.

• LinkedIn & Industry Groups: Join groups related to tourism, hospitality, and recreation to ask questions, share insights, and learn from others’ experiences.
• Professional Associations: Attend events hosted by organizations like the Hotel Association of Canada, BCHA, or your provincial tourism board. Panels, workshops, and networking mixers often include informal conversations around job titles, pay and opportunities.
• Peer-to-Peer Conversations: Normalize money talk. Trusted peers can provide invaluable feedback about what’s fair and realistic within your field.
• Mentorship: A mentor who’s been in your shoes can help you not only benchmark compensation but practice your negotiation pitch.

5. Understand Employer Constraints

A strong negotiation strategy also involves understanding what’s realistic for the business.

• Salary Bands & Budget Limits: Many organizations, especially large brands or unionized properties, have structured salary ranges and caps.
• Timing: Some employers review compensation only once per year, typically aligned with budget cycles or performance reviews.
• Other Levers: If salary isn’t flexible, consider negotiating for a better title, earlier review period, signing bonus, professional development funds, immediate start to benefits or an extra week of vacation. Ask questions like, “How often are salary reviews conducted?” or “Is there flexibility in other areas of the compensation package if the base salary is capped?”
• Value-Based Framing: Demonstrate how your experience, leadership, and potential impact support your compensation ask. Keep the tone collaborative and aligned with organizational goals.

At JRoss, we facilitate conversations where both employers and candidates see long term value in the hire. We value a fair and balanced win/win approach to offers and salary negotiations. We work for the client and respect their parameters by setting expectations about potential offers up front, and we advocate for the candidate to ensure they are satisfied they are being paid fair market rate based on scope of role and experience.

Understanding what fair pay looks like and how to evaluate the full value of a role is the foundation of financial empowerment. With the right tools and mindset, you’ll be ready to step into any negotiation with confidence and clarity.

Stay tuned for Part 2 where we’ll explore how to have these conversations - what to say, when to say it, and how to overcome common barriers to effective negotiation.