How To Find Out What You're Really Worth
Posted in Salaries & Benefits
There are a significant number of workers today that say that they are planning on leaving their jobs because they are underpaid. It seems that the trend is catching on because around 57% of workers that have been surveyed say that within three months, they're probably off to another job. This survey of 13,500 workers comprises of regular and first-time visitors to sites which provide salary information such as Salary.com.
However, when investigated thoroughly, the site discovers that only 19% of the group are underpaid while 17% of the group seem to be actually overpaid. A whopping 34% of the group is also fairly compensated when compared to the firm's market data regarding similar positions.
Most of the people who think they are underpaid seem to overestimate their worth as a professional. The difference between what someone is actually compensated and what they believe they should be paid is solely based on differences in perception of value as well as overall performance.
Of course companies will always have people who say that they are getting paid less than their friend from another company. The reasoning for that is because companies tend to value the contribution of other people more. It may be because Bob has been able to acquire several skill sets that has become integral to his work. Maybe it's also because Bob has been able to stay in that company for quite a while now and is being rewarded through monetary means by a little raise every now and then.
Most people are actually being paid fairly based on what most companies would pay for similar work. Some people probably feel that they are underpaid because of the pretty slow annual rise in wages. Because there is a lack of salary increase, it essentially creates the belief that you are actually underpaid or maybe you could do better in some place else. Then when people decide to "test the market" with whatever salary they have in mind, they figure out that because other corporations and organizations are willing to pay a much higher fee, employees conclude that they are indeed underpaid when in fact they are not.
The fact of the matter is some people are given more probably because they have been able to negotiate a much higher salary the first time that they were hired. It's all about knowing what you're really worth. So when you figure out that Bob at the other company is being paid much more, you shouldn't really blame the company all the time. Circumstances could have led to Bob negotiating for a higher salary when you yourself settled for whatever the company could give.
There are a thousand one reasons why this one company is paying higher for the same title or position but it shouldn't dissuade you from negotiating or from bringing up the topic with your current employer. Just remember to see both side at once. Eventually, your employer will recognize your needs and if you're lucky, after everything has been discussed, you might just get a raise after all.
