5 Signs You’re Not Being Adequately Compensated For

Nobody wants to stay in an underpaying job, but many stay aloof if they are earning a reasonable salary. Everyone have a hunch that they deserve a higher salary, and no employer will come out to notify that you are underpaid. However, in this day and age, we can identify multiple routes for you to recognize if you are being paid fairly or not.  

1. Explore the Job Market

Many employees find complacent satisfaction with their current job and show a lack of motivation to seek career opportunities elsewhere. Keep in mind that staying updated with the job market and even applying for other jobs will provide valuable awareness about where you stand.

It can also help you to examine the expected pay for job openings that are similar to your current one. Compare the two salaries and gain insight if your employer compensates you competitively with other market players.

2. No Raise in Sight

If you had been working in the same job position for a quite a while, open your bank statement to look up how much salary raises you have enjoyed. If you had been an essential part of the company’s ability to capture more profits and exceed sale objectives, you need to sit down with the manager and discuss the possibility of a deserving raise.

Many times, cooperate jobs follow a “do not ask, do not get” policy, which will eventually harm you more over the years. Even account for inflation and see if that you are not being paid less real income than you were last year. If you find yourself at a headlock with your manager, who has underpaid you for years, then consult a compensation lawyer Burwood to mediate salary/raise discussions.

3. Check Online Data

Salary information has become more accessible and manageable than ever before. Turn to online salary tools to search and compare salary reports of workers sharing the same job title in your area. Examine the reports to see how you stack up with the average wage in the market and compare companies paying employees for the same job you do. You can even get a rough estimate on how much you are worth when you enter a few data points.

4. Office Talk with Colleagues

Discussing salaries with your colleagues had been a taboo topic for decades but avoiding such conversations can keep you in the dark on how much you should be paid. While many work environments discourage the act, it is illegal for employers to prohibit conversations on salaries at work. Approach the topic carefully and seek secondary data points to confirm if you are underpaid. Be understanding of your colleagues who do not want to engage in such discussion, but if they do it will help assess your value in the company.

5. Negotiate, Negotiate and Negotiate

Experts suggest that workers often lack the confidence to timely negotiated for their salaries. A whole lot of new employers do not even negotiate their first salary and take whatever is suggested, no questions asked. It is understandable to avoid the confrontational nature of negotiating with the boss but if you never discuss it, you are leaving money on the table. Workers should understand that compensation negotiation is a great step to weigh how much you are valued by the company and how much you are really paid.