One question we often get asked by candidates is “am I being underpaid?” This can be a difficult question to definitively answer but there are certain tell-tale signs that might suggest you are.
Your company is advertising similar jobs with a higher salary than yours
The first thing you will want to do if you think you are underpaid is research what vacancies your company currently has. If higher salaries are being offered for jobs that require the same skillset/experience as your own, this is a clear sign that you may be getting less than you deserve.
Your company’s rivals are advertising similar jobs with a higher salary than yours
Once you have checked out your own company, you will want to see what the rest of the market has to offer. Focus on your company’s 5 biggest rivals and compare your salary with theirs. Make sure you are very thorough in this and read all job descriptions in detail. Just because a rival company offers more doesn’t necessarily mean you are being underpaid. They may well offer a higher salary as they require you to work longer hours or there is greater travel involved in the role, for example.
Your salary has stayed the same for a significant amount of time
Most companies have a performance review with their employees at least once a year. This is a chance to discuss many things, including your salary. As you grow into a role and become more experienced, your value should go up. If you have been on the same salary for over a year it may be time to consider speaking with your manager about a pay rise.
You work in a high demand, specialist industry
Certain industries like the healthcare sector are well known for struggling to recruit and retain the right level of staff. If you work in such an industry, your value to a company is often instantly increased and, as a result, should be reflected in your salary.
We hope you found these tips useful. Check in with our blogs again for more expert career advice.