Do you ever wonder if you’re being paid a fair salary? How can you tell if you’re being paid what you’re “worth”? What does “worth” even mean in a career context? Here’s what to know about determining your professional worth.
What We Mean By Worth
Salary.com refers to professional worth by saying, “Your paycheck is the revenue generated from the services you provide your employer…This is achieved by providing high-quality service and charging a fee that is competitive and worthy of the value provided. Put simply, you want to get paid what you are worth.” As an employee providing a service to your company through your skills, experience, performance, and other professional contributions. These help your business earn revenue. Your services have value. How can you tell if you’re being paid a fair wage for the value you provide?
Compare salary rates
Salary.com is a good tool for finding national averages for jobs across the country. Through employee self-reported data and other research, they account for pay factors like location, industry, benefits, education, and more. Glassdoor is another option for benchmarking salary averages, particularly for certain companies, as employees have the option to anonymously enter their salary for their current roles. One of the most important things to remember when using tools like these is to not just compare job titles, but job responsibilities. Sometimes jobs have varying titles, but ultimately do the same daily work with the same responsibilities, and should earn the same wage. Jobs like “analyst” may have similar responsibilities to jobs with the word “strategist” in the title, so taking time to account for that is a crucial step in understanding compensation rates.
Consider your employer and industry
Salary.com notes that “As a rule, larger companies pay their employees more than smaller companies because larger companies have greater spheres of influence and higher revenues per employee. Larger companies also tend to generate greater productivity and efficiency per worker. The trade-off is that small companies offer more direct access and exposure to senior-level executives, and sometimes offer a better professional experience. These factors must be considered if you are to accurately assess your market value with your current employer.” Your industry may also impact your salary, with more profitable industries like technology and pharmaceutical able to offer higher pay rates than the non-profit sphere.
Check with a professional
Recruiters and staffing experts have a good idea of what the average rate of pay is for a position. They have contacts all over the industry, particularly in a certain location, and have discussed compensation for their candidates for every role they help fill. If you’re looking to assess if you’re being paid fairly, connecting with a staffing expert can help you gauge your current salary against similar open positions as well as jobs within the market that have recently been filled.
The only way to know how to negotiate your salary or under if your job offer is fair is to evaluate average salaries for related positions and industries. If you’re looking to improve your professional position and earn your market value, get in touch with us today. We can help you find the right position that matches your skillset, experience, and salary expectations.