Between gas prices and grocery bills, rising prices have everyone ready for a raise.But is inflation the only reason you’re strapped for cash? Or are you underpaid?
I’m listening. How do I know if I’m underpaid?
Here are a few signs to watch out for:
Your job has changed, but your pay is the same.
If your boss has added extra duties to your role, you should be paid accordingly. Even if your title is the same. If the extra responsibilities didn’t come with a pay boost, you’re likely underpaid.
It’s been a while since your last raise.
If your last raise was over a year ago, you’re probably underpaid. Because annual reviews are the ideal time for raises.Oh, and keep in mind that companies have planned for an average raise of 3.9% for 2022. The biggest bump since 2008 (but still not enough to keep up with inflation).
New hires are offered a higher salary than you.
Search your company’s job postings on a regular basis to stay in the know. If the salary ranges for roles similar to yours are higher than what you make, you’re probably underpaid. Hint: If the salary isn’t listed on the job posting, take your research a step further by browsing a site like Glassdoor or Salary.com (more on that later).
What else can I do to find out my fair salary?
Talk about it. Experts say you should discuss your salary with your boss, co-workers, friends, family, anyone who'll listen.Just one reason you should find a mentor. Because pay transparency can help you ensure you're being paid fairly.
Also search the average pay for your industry on sites like Glassdoor, which has a Know Your Worth tool to help you figure it out.The downside: Even with these sites, it can still be hard to pinpoint how much you should be making. Because your location, experience, and role can all drastically change your average salary.
If I’m underpaid, what can I do about it?
Don’t keep it to yourself. Set up a meeting with your boss and ask for a boost in your salary. Here are a few negotiation tips to help you prepare. And don’t forget to mention your accomplishments. Because reinforcement.
What if my employer refuses to give me a raise?
Ask about non-salary compensation. Like flexible working hours, more PTO, or a one-time bonus. (Psst…here are our work from home tips if that’s a go.)
Or walk away. Because sometimes, the easiest way to get a raise is to get a new job. (Hint: Here’s how to quit the right way.)
Your salary shouldn’t be a secret. Talk to your mentors and peers about your pay and do your research to find the industry average for your role. And if your salary is below that range, it’s time to go for a raise. Or walk away.
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