Despite there being industry standards and a slight improvement in transparency when it comes to salaries within industries, a lot of us do not recognize what our salaries should be based on our qualifications. Meaning that many times we do not realise when we are being underpaid.
Here are some signs to look out for to figure out whether you are being underpaid at your job:
Your salary is less than the average of the online data
If your salary is less than the average of what the online data suggests then you’re probably underpaid. Check platforms like AmbitionBox, Glassdoor or get in touch with your network to figure out the average salary of your designation.
Your responsibilities at work have increased but not your salary
An increase in responsibility should be fairly compensated. If your duties since you joined a company have increased without any increment in your salary, then you’re most likely underpaid.
Your salary doesn’t account for inflation
Inflation should be a key contributing factor when settling a salary. If you feel your increment in salary overtime is not significant it may be because it doesn’t account for inflation. Make sure this is taken into account.
Your salary is the same despite your company’s growth
A company that’s growing exponentially and increasing its revenue should reward its employees with raises or bonuses. If you see your company is growing and your salary is not, then you’re being underpaid.
Newer hires are being paid more for similar roles
If you notice that new hires are being appointed to fill existing positions on higher packages, then you’re most likely being underpaid for your contributions at your company.
You never negotiated a higher salary
If you have been working at a company for some time but haven’t tried to negotiate for a higher salary that you think you deserve, it’s time to initiate an open dialogue. Go to your manager with a solid argument to back your claim that you deserve a raise.
Talk to your employer!
If you’re feeling undervalued, first figure out how much you’re being underpaid. Then request a meeting with your employer. Be calm and confident and present the facts which indicate that you’re underpaid for the level of experience and education you have, while also highlighting your contributions at work.
If while reading this you have progressively felt more and more shocked, enraged or shortchanged there is no need to panic. This is your sign to reevaluate your present role, figure out if you’re giving more than you’re getting and to start putting together the reasons for why you think you deserve more. Salary negotiations are nothing to be afraid of, asking for what you’re worth is a necessity.