Posted by Having doubts that perhaps your current job might be underpaid? If you are starting off as a fresh graduate it is equivalent to starting with a blank slate and your salary range would be in the “market range” if you look up in the job sites. In a few years time, you would be expecting your salary to go up higher and certainly not in the fresh grad salary range anymore. But how do you find out? Here are few clear-cut ways to figure out if your salary is not underpaid and you are getting what you are worth.
- You found out you are underpaid if recruiters reach out to you with multiple job offers with similar roles that pay way more compared to what you are currently earning.
- You are underpaid if you realise that salary reports that you reviewed states that the average salary for a similar position as yours is being paid higher than what you are currently earning. Various job sites and HR sites do provide their own salary reports and the statistics may vary.
- You are underpaid if your current position can be replaced with a higher paying one. Unless there are other employees in your field that have the same role as you but paid higher.
- There are similar or existing positions in the area that will require a person with similar experience as yours but with higher earning than yours. If you are not satisfied with the amount you are currently getting paid, you can choose to look for companies that are willing to pay you with a higher pay.
- Your peers or your friends(similar role as yours) is getting paid more. That said, depending on the type of job you are in. Except, you are not underpaid if you are only paid for doing specific duties and not as a whole.
- You saw jobs ads that are qualified for you but offers more than you are currently earning now.
- You are offered a full-time job that is similar to your current job but at a higher pay rate. If you notice contract based jobs with higher pay, they are short terms of employment despite being a similar role.
Reaching out to a recruiter
Recruiters are the professional job matchmaker and they are well versed in the recruitment field. They are your best bet in getting insights to determine if you are actually underpaid. Connect as many recruiters as you can manage. You will be more likely to narrow down the right set of information that you seek. Ask about the candidates that they manage with a similar job as yours to find out the salary and qualification. Most importantly, update your resume before contacting recruiters for a better clarity of your current position.
Networking
Reach out to your closest peers to get their insights on what is the salary range for your current position. You can look into other people if their companies emphasize on specific qualification. For example a graduate degree or a specific skills or experiences that are more favourable.
Job sites
Take a stroll into job sites to find out what other companies are offering for individuals with similar skills and experience as yours. It may take time to accumulate the essential info from various sites. Unless you have a specific industry that you are keen to work in. You can narrow down your list of companies and saving time. Most importantly, you will get a better grasp on the opportunities that you can explore.
Using salary tools
There are various sites and resources that you can search on the worth of your salary. For instance, you can check out sites like salary.com which accumulates data from employers and employees to project a salary range for any careers. Salary reports do provide good insights as well on helping you to gauge the salary range. Once you have conducted your research and determine your worth. You can decide whether it’s time for you to move on to a better career, if your current salary is considered as underpaid or choose to negotiate for a salary that up to the market range.