6 Indicators of Being Underpaid at a Job
Being underpaid can be an issue if you are oblivious to the market economy and the average salary scale in your work industry. If you have been working in one sector for quite some time but do not see any career growth, ask yourself if you are underpaid and undervalued. Here are some signs that might help you understand whether or not you should ask for a fair paycheck.
Lower salary than the market average
Always check what the market average salary is for your current job position. Sometimes, finding the right salary for a particular job title can be challenging because it depends on factors like industry and experience. However, you can always ask some mentors and friends working in the same field to get an idea about the average salary range for your job.
More responsibilities, less pay
If you have been stuck in the same job for some time now and have seen your responsibilities grow, but the pay has remained unchanging, it is a sure-shot sign of getting underpaid. Usually, as your responsibilities grow, it indicates that you are a more valued and trusted employee, which means this should also be reflected in your paycheck. If you feel you are being underpaid, communicate with your manager and ask for a salary that fits your roles and responsibilities.
Lack of benefits
Do you see your teammates getting benefits while you have none? It is possible their salary structure is different, and they are paid more for the responsibilities same as yours. In such cases, flag the unevenness in salary with your boss. If you are unsatisfied with their justification, try to reason with them about why you need equal benefits.
Same salary despite industry switch
Have you recently switched to a higher-paying industry and are still struggling with the same low-income salary bracket as your previous job? It is a sign you are not getting what you deserve. Markets keep fluctuating, and, with time, some industries boom while others don’t. Suppose you have switched to a highly lucrative industry and are not being paid the average salary in that industry. In that case, you need to communicate with your senior and raise your concerns. There is a chance that your old experience in a less lucrative industry was considered a benchmark for pay, but that should not be the case. If you bring adequate skills and experience, there should be fair pay.
Lack of negotiation
Negotiation skills are integral to getting a well-deserving paycheck for your job. Always research the company, culture, and the average market salary for your job role before you go for the interview. Enquire and ask questions regarding responsibilities and career growth to know how you can skillfully contribute to the company and how they can help your professional growth.
No performance review
If you have been working for a couple of months or even a year at a firm and are yet to be given any performance review, you should initiate this process by yourself. Speak to your manager and HR and let them know you are willing to contribute more or request to review your performance and give feedback that will help you grow. Taking these initiatives will also demonstrate how proactive you are regarding your role in the team, which is always a plus when asking for a salary hike.
Other factors need to be considered as well, like if your salary is not adjusted to the rising inflation, if recent hires are getting paid more, or if your company is doing better each year, but your salary remains the same. Observe the changing market trends and know how much your role contributes to the company’s profits. These realizations will make it slightly easy to ask for fair pay and even incentive for good work.