Can you really figure out if you're being underpaid? Here are five steps to determine whether you're getting what you're worth.
Getting the Feel of Yourself
Try getting a general idea of where you stand with information based on company size (larger employers tend to pay more), experience, advanced degrees, location, specific industry and other factors. In addition, most trade associations conduct salary surveys, which tend to go into greater detail for your specific occupation. And the best way to know your value is to be on the market to get an idea which skills are valued, what other employers are offering and where your company stands as well as making valuable contacts.
Recruiters Best Source
Through recruiters learn about the job market, especially if they specialize in your industry. Since they're working with employers, they know exactly what price range companies can offer as well as the skills they're looking for. Maintaining good relationship with a recruiter will be more productive as they are likely to share information with you.
Predecessors Help
Try to talking to your predecessor whom you're replacing even if he isn't willing to reveal his salary. Talking with your predecessor could be difficult if the company doesn't want to give out the name of the predecessor who has left. If that is so there is a hidden message for you.
Recall Your First Offer
Recruiters expect job candidates to negotiate salary, benefits, a signing bonus, equity or a flexible schedule and the question to ask is 'Did you accept the first offer without negotiation?' Talk with people who work or worked with the company to chalk out a strategy as some companies are known for higher-than-average pay, while others may not have extra cash but will negotiate on flexibility. Also ask about training which is important in the long-term as it increases your value.
Money and Beyond
Examine why you feel you're underpaid. Is there's too much personal cost to what you're doing? If you're doing the completely wrong thing, no matter how much you're being paid, it's never truly going to be enough. Think what will make you happier. Is it more money, a shorter commute, flexible hours, a less-stressful company or a different boss. Finally what counts is whether you actually like your job and feel being paid fairly.
