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- You’re doing more than you originally signed on for
- You haven’t negotiated a higher pay rate
- You haven’t had a performance review in more than a year
- Your company is doing well, but your salary doesn’t reflect your success
- You researched the data and it doesn’t match up
- You have a gut instinct
There’s a story about a father who gives his daughter an old Jeep to celebrate that she graduated with honors. He tells her to bring the vehicle to a used car lot to see what they’d offer if she were to sell it. She’s told, “$1,000 because it looks pretty worn out.” Then, he suggests she visit a pawn shop. The pawn shop offers $100 because “it’s an old Jeep.”
Finally, the father tells her to take the car to a Jeep club and she does. To her surprise, some of the club members offer $100,000 for the vehicle because “it’s an iconic Jeep and sought by many collectors.” While you’re not an iconic Jeep sought after by collectors, are you earning $100 when you could be earning $1000? Does your employer value your skills and compensate you accordingly?
Scroll through social networks like Instagram, Tik Tok, or Facebook and you’ll see posts that remind you “you are worthy.” But when you look at your paycheck, is it in alignment with your worth – with the talents and abilities you bring to the company each day?
A survey conducted by The Conference Board revealed that nearly a third of workers who left their jobs during the pandemic are making over 30 percent more in their new roles. While the national survey also indicated that money isn’t everything, it is important for you to feel that you’re being fairly compensated in your position.
Here are six signs that you may not be getting paid what you’re worth:
1. You’re doing more than you originally signed on for
The company you’re working for is challenged with finding new talent. As a result, they’re asking their existing workforce to take on more responsibilities. However, the additional responsibilities aren’t reflected in your paycheck.
2. You haven’t negotiated a higher pay rate
As The Conference Board revealed, new employees are receiving higher pay. If someone in a similar position to yours has been added to the payroll, do you think they’re earning the same – or more – than you? If they’re earning more, then it makes sense for you to negotiate the same (perhaps, even more since you have seniority).
3. You haven’t had a performance review in more than a year
You’ve been working hard, but it’s been a while since your supervisor sat down with you to review your performance. When you know you’ve excelled at your job, and time has passed without a review, request one. Then, during the conversation, highlight your accomplishments as they justify your request for a pay increase that is commensurate with your worth.
4. Your company is doing well, but your salary doesn’t reflect your success
The company you’re working for is gaining momentum. However, as the company’s revenue has increased, your income has not. You’ve heard upper management tout their success, but it hasn’t translated into a pay raise or bonus for employees.
5. You researched the data and it doesn’t match up
Sites like Payscale.com allow you to research salary data for specific jobs, employers, and more. If you search the data, determine an average salary for a position such as yours, and discover you’re earning less than the average, it’s time to meet with your boss.
6. You have a gut instinct
You’ve been at your job for a while and you just have this feeling that you’re not being compensated adequately. You’ve asked your boss for a review and he/she has avoided committing to a date and time to meet. As a result, your gut speaks even louder saying “something doesn’t feel right.” If it doesn’t feel right, then it probably isn’t. Trust your instincts.
According to Payscale.com, “…employers are scrambling for the salary data they need to figure out what to offer new hires, what to do for pay increases to retain the current workforce, how to provide better benefits that account for both physical and mental health…”
Whether you’re seeking a new position or want to stay in your current role, it’s good to know that some employers are doing research to determine how to compensate their workforce and to do so in a way that acknowledges their employees’ worth. Remember, to some folks an old Jeep is valued at $100 or $1,000, but to others, it’s a $100,000 icon.
If any of the six signs resonate with you, it may be time to speak up and ask for a raise. Or, start researching other positions that seek your skills and talents as well as the financial compensation you deserve – compensation that validates your value as a member of their team.