Let’s be honest – there is one main motivation to get out of bed and go to work each morning. It’s all about the money. Sure, you might enjoy your work, you might get satisfaction out of the challenge and accomplishment, and you might like your coworkers. Those are all good things, but they don’t compare to the paycheck you take home at the end of the week. Would you keep doing your job if you didn’t get paid? Almost certainly, the answer to that question is a resounding ‘no’.
So, if your main motivation is to bring home a paycheck, why not make that paycheck as big as possible? Everyone wants to be fairly compensated for their time, no matter what kind of work they are doing. Whether you have been on the job for years or you are just getting started, you need to make sure your salary is in line with your education, experience, and value to the company.
To help you gain a better understanding of this topic, we have assembled the following list of five signs that you may be underpaid. If any of these ring a bell, it is time to take a closer look at your compensation package. Of course, if you would like help negotiating for a higher salary – or finding a higher salary in another organization, feel free to contact The Job Sauce right away. We are here to help!
#1 – New Hires Are Offered Higher Salaries
It is a good idea to monitor job listings for your own company. Why would you look at job listings if you already have a position of your own? Simple – to monitor the salaries which are being offered. If your company is hiring for a new position which is similar to your own, and they are offering more money than you currently make, you will know it is time to ask about a raise. Unless there is a significant difference in the job qualifications for your position and the new job, you will have a strong argument for a higher salary in this case.
#2 – You Haven’t Had a Raise Since Being Hired
If you were hired into the company at market value – and you haven’t been given a raise since – it is almost certain that you are being underpaid. Your salary should gradually increase over time, if for no other reason than to keep up with inflation, so don’t allow yourself to sit in the same position for too long without taking action. Many organizations are content to sit back and wait for their employees to ask for more money, rather than being proactive with raises.
#3 – There is Turnover All Around You
Are your coworkers regularly leaving for other opportunities? If so, there is a good chance that they are being underpaid – and you are as well. High turnover is frequently a sign that your company is not paying wages which are consistent with the market as a whole. After all, your coworkers are just as motivated by money as you are, so seeing them flee for other organizations is a strong indication that your current company may not ever pay you a fair market wage.
#4 – You Make Less Than College Friends
If you have friends from college who you keep in touch with regularly, the topic of discussion may eventually turn to income. Should you happen to find out that they are making significantly more money than you – despite having a similar education and level of experience – it may be time to seek out a new opportunity. There are plenty of variables to consider in this comparison, of course, such as field of employment and the size of the company, but you shouldn’t be dramatically out-earned by a college classmate. Pay attention to what your peers are earning and keep that in mind as you decide whether your wages are acceptable.
#5 – The Internet Says So
Okay – so you can’t believe everything you read online. However, there are plenty of reliable resources (like Salary.com) for comparing your salary to others in the same field. If a variety of those sources indicate that you are underpaid, there is a good chance that a raise is in order. The information collected by the online salary comparison sources tends to be pretty reliable, although the actual numbers can vary slightly. Take some time to do a bit of research and determine whether or not you should be earning more money for your services.