It’s actually bizarre that employee compensation is an emotional subject that’s talked about in hushed tones in the workplace. What’s even more insane is how it is daintily tiptoed around during interviews and loudly complained about elsewhere in bars. They say compensation mirrors the employee’s worth to the employer and perhaps it is so.
As much as 64% of all employees, according to Payscale’s 2016 Compensation Best Practices Report, believe they aren’t getting fair pay. The report contrasts sharply with what 73% of employers believe in – they uphold that what their employees get as remunerations is up to snuff. But whichever side you are in, your pay only matters if you genuinely know your current worth in today’s job market.
Importantly, determine your current worth before entering that interview room!
Because ultimately, the business will need an employee, you’ve got to see the relationship as mutually beneficial. Your value as an employee should be greater or equal to the cost of work you will put in. But there could be some facets to consider too.
As a professional eagerly looking for employment, you will understandably provide the potential employer with a resume duly filled with skills and accomplishments that align with the job. For someone who has just entered the crowded world of the unemployed, the luxury of being choosy regarding the amount to get as a payment may not exist. It apparently depends on which part of the scale you are.
It is sad, but glaringly true that you may never receive your worth if your employer can’t see the potential in you or perhaps takes advantage of your naivety. Just because you have limited experience in the industry should not restrict you from getting a paycheck that rightly suits you. If you are unable to see the potential or if you fear to ask for it during interviews, rest assured few employers will see the reason to give you more.
Where to Gauge your Current Worth And Expected Salary
Knowing your market value as a young professional, of course, it demands that you do thorough research and assessing yourself ahead. You will need to consider a couple of factors, most notably your professional skills and experience, your credentials and why you deserve better pay.
What the Market Says
It is not a secret that salary scales are calculated based on experiences, skill levels, and geography. But as distinguished salary negotiators like Jim Hopkinson who authored Salary Tutor: Learn the Salary Negotiation Secrets No One Ever Taught You, says, you ought to research what your value is. The best resources to scour through include:
- The web where you will visit sites with current compensation statistics. com and PayScale.com people to post salary levels at different companies secretly.
- Books that offer salary scales according to geographic locations, industries, and occupations, types of employers and other factors.
- Professional associations that are in your career field can also be abreast with the prevailing salary scales.
- Networks like asking those who are in the same industry as you are can also tell you the present salary scales.
Away from these, take a moment to question your career experiences and whether you deserve more. Despite looking at your resume, try to consider how you can increase your worth as an employee of where you can get better pay. Such aspects as expanding your horizon, getting equipped with more skills or relocating to a location that offers better perks might serve you well.
What about the idea of using the company’s yardstick?
It’s presumable that you’ve heard or perhaps participated in any of those loose talks about how much your employer underpays you. It happens, particularly amongst those who haven’t figured out their net worth yet or even have no alternative job. The whole approach of using a company’s present salary scales is only logical when it is reasonable and aligns with the job-seekers salary aspirations.
When to Ask For a Salary Increase
As experts recommend, you need to understand your employer’s cycles, including the end of its fiscal year, its budget sets, whether it is growing as well as whether it can sustain your request. The timing of your ask might not entirely put off your need, and even when it doesn’t get approved, strive to show the employer that you deserve the pay by performing excellently in your line of duty.