Are you making as much money as you should be? That is the question many of us ask ourselves. Well
Monster.com recently tried to tackle that question.
If you've been pondering this question, you're not alone. A 2006 survey by staffing services company Randstad USA and Harris Interactive found that 39 percent of employees surveyed believe their salary is lower than market rates, up from 28 percent surveyed in 2005. Meanwhile, 50 percent of employers think the salaries they offer are on par with the marketplace, up from 42 percent in 2005.
So how do you figure out if you're really underpaid? Here are six steps to help you determine whether you're getting what you're worth.
- Monster.com
Use The Tools
Several resources let you see how your pay stacks up. For example, our Salary Wizard can give you a general idea of where you stand. The Personal Salary Report provides information based on company size (larger employers tend to pay more), experience, advanced degrees, location, specific industry and other factors.
In addition, most trade associations conduct salary surveys, which tend to go into greater detail for your specific occupation.
Sounds like a great idea. However, when I went to the Salary Report, I answered all the questions and then they wanted me to pay them 29.95 to get the results. Sorry, but this guy is not going to do it. I even called, the toll-free number on the site, but customer service was so poor, that I was told by a recording that I would be automatically forwarded to voice mail. No waiting for an available operator. The only choice was to be "transfered to voice mail." To me, that is another reason to avoid paying this "company" a single dime.
Keep One Foot in the Job Market
"The best way to know your value is to be on the market" -- even if you aren't looking for another job, says Lee E. Miller, author of Get More Money on Your Next Job. You'll get an idea of which skills are valued, what other employers are offering and where your company stands as well as make valuable contacts. And if the offer's good, you might want to change jobs after all -- or use the offer to negotiate a raise where you are.
Again, sounds like a great idea. In fact, that may be part of the reason I got my recent promotion and raise. Of course, it helped that there was a position available. Now, while I am not looking for a job, my resume is still out there.
Get Friendly with Recruiters
According to Monster, becoming friendly with recruiters, even if you aren't seeking a job, is a great way to stay on top of the job market. While, I am not sure about this, especially for someone in management.
you generally need to build a relationship with the recruiter first, which means helping them out even if you aren't looking for a new job yourself. "If you give them the name of someone who might be interested, then recruiters will call you, because you've become a good source of information for them, and they'll be more likely to share more information with you," Miller says.
Talk with Your Predecessor
The article also suggests talking with the person you are replacing.
Even if he isn't willing to reveal his salary, you may still get some good insight into how fairly he thought he was being paid, especially if he just completed a job search and switched to another employer.
Recall Your Hiring Circumstances
According to the article, you never want to accept the first offer. Rarely, do recruiters make their best offer, first. Instead they expect a bit of negotiation. If you accept the first offer, it could be a red flag.
Finally, Is Pay Really the Issue?
There are some wise words in the final two paragraph's and the related link, so without adding anything to them, I will just post them.
Finally, step back and examine why you feel you're underpaid. Sometimes the issue goes beyond money. "One of the reasons some people feel like they're underpaid is if there's too much personal cost to what you're doing," says Karen Wright, president of Parachute Executive Coaching. "If you're doing the completely wrong thing, no matter how much you're being paid, it's never truly going to be enough."
Finally, I thought you might enjoy, this great Dilbert cartoon, about raises:
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go ahead share your thoughts with me now.
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