Do you believe your work is worth more money than you are making? If so, you are not alone. According to a Salary.com survey of 13,500 random visitors, 65% of respondents said they are looking for a new job within the next three months. Of those, 57% say they are looking because they believe they are underpaid.
The really interesting finding is that, when compared with the firm’s market data on similar positions, only 19% of the group is underpaid; 17% appear to be overpaid, and 34% are fairly compensated.
Why Do Some Employees Receive Salary Increases?
Yet, some employees do make more than others for similar work. They regularly receive pay raises and salary increases. Four different employment issues primarily drive this fact about salary increases. Pay raises are dependent upon:
- the industry you are employed in,
- the market and market pay for your job in your region,
- the pay practices of your organization, and
- your performance on your job.
Your Industry and Market Pay: Impact on Pay Raises
According to the Society for Human Resource Management, "average base pay increases for 2014 will remain at 3 percent for the second year in a row in the U.S.—roughly one percentage point below pre-recession levels—according to the seventh annual Compensation Planning Survey by Buck Consultants. However, more employees are likely to receive less than 3 percent than receive more than 3 percent due to greater pay differentiation based on performance..."
Research Your Salary Before Jumping Ship
Are you still one of the employees who is job searching because you feel underpaid? You need to continue your market research. These sites will give you an idea of what a person in your region, with your job, and with your job title might make:
- Salary.com – Love the site: pay scales tend to be high and reflect large urban regions.
- Payscale.com - My favorite site on which to research salary information
- Monster.com - Free salary wizard
Additionally, Human Resources professionals have salary websites and books that help them make decisions about salary ranges. Sometimes, employees are allowed access to these ranges. They will likely be closer to what employees in your region make. The big national websites are often not as accurate as small regional employer surveys in which your employer may actually participate.
Perhaps your employer even publishes the pay ranges for company jobs which can be helpful in your quest to discover your pay potential. According to SHRM, more employers are sharing this information: "...the number of employers that share the pay range or band for a job with both managers and employees ... increased from 51 percent in 2012 to 58 percent in 2013."
You Still Want to Make More Money
You’ve looked at the national average figures in the Payscale.com survey for your industry and region. You’ve researched your salary at the salary calculators provided above. You’ve talked to your HR professionals and you may even be appropriately paid. Your salary may fairly reflect the pay practices and salary ranges available within your organization.
But, you still want to make more money. What are your options and how might you go about making more money?
Not just in your current job, but throughout your career, you and the choices you make have a huge impact on how much money you make. You have options.