We all want to be paid fairly for our work. Nobody wants to feel underpaid, especially when they’re otherwise doing a good job at their position. Unfortunately, you can use every in hand salary calculator available online and still not be able to tell if you are getting what you deserve. You can check out Khatabook to find the most accurate salary related calculators.
Figuring out whether or not you’re being paid fairly can be difficult. After all, no guide tells you exactly what to look for and where to find the information.
The first thing that many people do when they think they might be underpaid is gone online and search for information about how much others in their position are making. This is a smart move — if you have access to salary information of people who work similar jobs to yours. You can use this data to see if the salary range for your job or cca in salary or the bonus amount is in line with what others in the same position are making. If the range is just, it can be an indication that you’re not being paid fairly. If the range isn’t just, it can give you a goal to shoot for.
But keep in mind that salary ranges can also be deceptive. For example, they may not take into account seniority, education level or experience, or any other factors that could affect how much money a person makes. It can also be tricky to find salary data that is specific enough to compare your situation with someone else’s — even if you know what company the person works for, the data may not reflect their exact position.
Search engines like Google and Bing can help. Simply type in a few keywords about jobs in your field, like “marketing jobs,” “software engineer salaries,” or “accountant jobs.” Look at what comes up under the heading of employment opportunities, and use it as a benchmark for what people are being paid in that area. You can also search for “salary surveys” and see if any have been conducted recently. You can also turn to independent websites that specialize in salary information
- Ask from colleagues
Asking your co-workers about their pay is a more indirect way to get information than simply asking your boss, but it can be helpful. If you find that most of the people you work with are making the same amount as you, you probably don’t have anything to worry about. However, if any of your co-workers make significantly more than you while doing similar work, it may indicate that you’re underpaid relative to your colleagues.
While it’s easy to think that everyone else has it better, you might be surprised. Here are some questions to ask yourself to determine whether or not you’re being underpaid.
- Did you get a chance to negotiate your salary before you started working for your current employer?
If you have never proactively tried to negotiate your salary you are likely making less than what you could.
- Is your salary high enough to keep up with the inflation?
Due to inflation every year the value of money typically depreciates. In such a scenario if you are not accounting for inflation while estimating the worth of your salary you are making a big mistake
- Have you changed companies in the last 3 to 5 years?
While loyalty is good to increase your salary you need to make the switch to different companies. This way you will get to explore a lot more options.