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 percent of respondents said they are looking for a new job within the next three months. Of those, 57 percent 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 percent of the group is underpaid; 17 percent appear to be overpaid, and 34 percent 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
The 2005/2006 National Salary Budget Survey from Salary.com demonstrates that salaries in 2006 are expected to rise at the same rate as 2004, 3.7 percent as a national average. (A total of 528 organizations, with numbers of employees ranging from 100 to 200,000, participated in this survey.)
Yet, if you are a manager in a manufacturer of chemicals, your salary rate is expected to go up 4.3 percent on a national average. Managers in some professional / technical fields will see salaries rise 4.9 percent. Managers in computer products manufacturers are projecting increases of 2.9 percent, however.
If you work in the Mountain State region, you could see average increases of 4.2 percent as opposed to other regions. Executives in the greater Philadelphia region could see average salary increases of 4.8 percent, while Boston’s are expected to be 3.1 percent.
Note that only 75.1 percent of employees received a non-promotional raise last year.
Finally, approximately 55 percent of employers see their budget for raises staying the same, but 34.6 percent anticipate increasing their budgets for pay. Only 8.7 percent are predicting they will spend less money on salaries.
Research Your Salary Before Jumping Ship
Are you still one of the 57 percent of the 65 percent who say they are job searching because they 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.
- Are You Being Paid Enough? Take the Tickle.com Quiz.
Additionally, Human Resources professionals have salary 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.
You Still Want to Make More Money
You’ve looked at the national average figures in the Salary.com survey for your industry and region. You’ve researched your salary at the salary calculators provided above. You’ve talked to your Human Resources 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.