Are you being underpaid?
Do you feel like you are being underpaid, undervalued? Do you believe that you are worth more than what your current employer is offering? Consider these factors first before determining if you are or not- and pursuing options to remedy any situation.
Does your worth equal your pay?
It is essential to be absolutely clear about your professional value. Most professionals undervalue their work and for that reason they accept being underpaid. Consider what your hourly rate would be if you were self-employed; then figure out your hourly rate at your current job to make sure the figures are aligned.
If you’re a salaried employee with benefits, it’s important to account for those extra perks in the calculations. But, if you would charge $150 per hour for your skills, knowledge and work ethic, but you’re only being paid $45 per hour plus benefits, you might want to consider renegotiating terms or to seek out other opportunities.
Your company’s revenue has increased but your pay hasn’t
Don’t just assume your company’s earnings have increased over the past few years. Get the actual figures to back up these assumptions. Publically-traded companies are required to file financial reports on a quarterly or annual basis and other large companies issue statements on their growth and earnings.
If you can’t seem to get your hands on this earnings data, consider meeting with your boss and asking about the organization and your department’s performance to get a better sense of the firm’s financial well-being over the past few years. This is also a prime opportunity to ask about larger opportunities for you to contribute internally, especially those where you can earn more.
The workplace is a fluid organism, and it is natural to have increased responsibilities from time to time. But if your workload is forever increasing, but you haven’t been compensated for this extra continued effort, this can be a telling sign.
It’s great that your employer(s) trusts you enough to rely on you. But this shouldn’t mean that you shouldn’t be compensated for your extra efforts and time spent.
While you don’t necessarily want to ask someone you just met about their salary, you can start with peers and colleagues you’re close with and see what they think the salary range would be for your particular position.
If these individuals can’t provide the answers you are looking for, they can also be used as a starting point toward connecting with others who can provide answers. Use them to reach out to their own contacts, which can include recruiters and human resource experts.
Talk to a Recruiter
Recruiters spend all day dissecting CVs, conducting in-depth interviews, and poring over portfolios; they perform all of this in an effort to play professional matchmaker. It is their job to pull out the strengths in a candidate’s CV and sell them for the highest possible price. Why not use this important resource to your advantage?
Even if you’re not ready to leave your current position, set up an informational interview to pick a recruiter’s brain on what she’s seeing in the job market. A recruiter can indicate where salary expectations can realistically be aligned. You will receive a clear view of whether you are underpaid or not, as well as what leverage you possess in the current job market to negotiate any potential raise.
One of the best ways to know if you’re underpaid is to see what other corporations are offering to people with your similar experience and skill set.
Be advised that it can be arduous to gather accurate data on general job boards like Monster and Craigslist; most postings, for instance, state the ever-elusive “depends on experience” tagline. However, if you review websites specific to your industry, you’ll get a better picture of the opportunities that are out there and the salary value of these positions.
Do you think it is time to move on? Upload your CV to TeleportMyJob for a free CV or LinkedIn appraisal to secure a higher paying position in a location desirable to you.