Are you earning what you’re worth? Many people find themselves in a situation where they are not being compensated fairly for their work. This can be due to a variety of factors, including not negotiating their salary or not being aware of market rates. In this blog post, we will explore the importance of knowing your worth, how to conduct market research on pay and skills, and when to consider finding a new position if you are being underpaid.
One individual, Kelly Harry, realized she was severely underpaid when she discovered her colleague was making 2½ times her salary. She didn’t think to negotiate her salary when she received the job offer, a common mistake among workers. According to a Pew Research Center survey, 60% of U.S. workers did not ask for higher pay when they were last hired.
So, why do some workers earn more than others? Maddie Machado, founder of Career Finesse, explains that oftentimes, it simply comes down to asking for more. Additionally, market conditions can play a role in pay discrepancies between employees. It’s essential to conduct market research on pay and skills to ensure you are being compensated fairly.
When it comes to requesting a salary adjustment, it’s crucial to go into the conversation prepared. Avoid mentioning your colleagues’ salaries and instead focus on highlighting your performance and the impact you’ve brought to the company. Remember to bring data points to support your request and avoid escalating to threats.
If your employer is unreceptive to a salary adjustment, it may be time to consider finding a new position. While this can be a daunting prospect, it’s important to evaluate whether you will ever be paid what you’re worth at your current job. If you do receive an outside offer, you can use it to leverage more money from your current employer, or you may decide to jump ship for a better opportunity.
At Extreme Investor Network, we believe in empowering individuals to advocate for themselves in the workplace. Knowing your worth and being willing to take action can lead to better opportunities and a more fulfilling career. Stay tuned for more tips and resources on personal finance and professional development.