How does your salary stack up against that of your closest work colleague? According to a study by the resume-building site Zety in their Pay Gaps & Perceptions Report, 32% of Americans feel they earn less than their counterparts in similar positions and sectors. For those who believe they are underpaid, figuring out the next steps can be challenging.
Interestingly, the conversation around salaries is becoming less taboo, with more employees willing to discuss their earnings openly. Traditionally, talking about one’s salary at work has been frowned upon, but recent trends show a shift towards greater transparency in pay. Zety’s report highlights that a whopping 88% of workers are now open to discussing their compensation with colleagues, whereas only 12% view such discussions as risky or inappropriate.
The study also revealed that just over half (55%) of employees are confident that their pay is merit-based, free from biases related to gender, race, or ethnicity. Furthermore, 77% of workers reported a dip in productivity and engagement due to dissatisfaction with their earnings, indicating that not being paid fairly can impact both individual and organizational performance.
If you’re contemplating what steps to take if you find yourself underpaid, you’re definitely not alone. Here are some strategies to help ensure your compensation matches your value.
Strategies for Addressing Underpayment
If you suspect that your salary isn’t reflective of your worth, it’s crucial to stay composed and not let negative feelings affect your professional relationships or performance. Instead, channel your energy into building a strong case for a pay raise with your current employer or seeking opportunities elsewhere.
Begin by researching the typical salary range for your role within your industry. Remember, a higher average salary online doesn’t automatically mean you are underpaid, as factors such as location, industry, and experience play significant roles in determining pay scales.
According to Zety’s findings, 38% of those surveyed looked at salary bands or job postings, 37% researched market rates, and 34% utilized online salary calculators to prepare for salary negotiations.
Next, evaluate your job responsibilities. If you’ve been assigned additional tasks without a corresponding pay increase or if you have more responsibilities than a colleague who is paid the same, these are important points to note for any discussions about your pay.
Also, inquire with your HR department about the salary range for your position. In some regions, like California, Washington, Minnesota, Colorado, Illinois, and New York, employers are mandated to disclose this information, while in others, they are not.
Temporary Solutions to Supplement Your Income
Feeling undervalued can be discouraging, especially if you suspect you’re not being paid appropriately. While you work on securing a raise or finding a better-paying job, here are a few ways to earn some extra cash.
How to Approach a Salary Negotiation
After confirming you’re likely being underpaid, set up a meeting with your supervisor. Negotiating a raise can be daunting, particularly if it’s your first time. However, with thorough preparation, you can have a constructive discussion about your current and desired salary.
Deciding When to Search for a Better-Paying Job
Optimally, your supervisor and HR will recognize your worth and approve a pay increase. However, if the outcome of your salary negotiation is unsatisfactory, you may wonder whether to stay or look for another job.
Evaluate the non-monetary benefits of your current job. If you’re feeling overworked and undervalued, a low salary might motivate you to seek opportunities elsewhere. Yet, if you appreciate your employer, enjoy flexibility, see potential for growth, and have a good work-life balance, these factors might outweigh the disadvantages of a lower salary.
If you choose to pursue new job opportunities, stay committed to your current role. The job market can be unpredictable, and finding a new position might take time. Allowing frustration to affect your current job performance could hinder future career prospects.
Final Thoughts on Being Underpaid
Wondering what to do when underpaid is a common dilemma. Generally, the only way to increase your income is to ask for a raise or seek new opportunities. Ultimately, it’s up to you to decide what matters most. Even if you stay in your current role, exploring other job opportunities in your spare time is a proactive step—you never know when the perfect position might arise.
My name is Ethan and I am a passionate journalist at Sherburne County Citizen. With a keen eye for celebrity news, I bring you the latest updates and insider scoops on your favorite stars. One of my favorite moments in the newsroom was when we uncovered a wild story about a local politician’s secret rendezvous, shaking up the whole town’s political scene.As a valuable member of the Sherburne County Citizen team, I am dedicated to keeping you informed about major economic trends and providing practical tips for your home. Whether it’s investment advice or DIY hacks, I strive to equip you with everything you need for a successful and fulfilling daily life. Join me on this exciting journey as we uncover stories that shape our community and beyond.
