It’s no secret that job satisfaction can play a major role in your overall happiness in life. Countless factors are part of this equation, but earning a fair salary is definitely a big one among them. It may look like compensation choices are made in a purely analytical and concrete way in business circles, but that may not always be the case. Compensation decisions might depend extensively on the personal standpoint of employers, so it’s very important to know if your current company is paying you fairly or not. Here are some key points to help you make up your mind, and to take action if necessary.
Your Experience in the Company
You may have started your current career as a novice, or even an intern. But within a certain amount of time, you build your knowledge, adapt to your tasks and gain insight into how things work at your company. Naturally, with experience, you grow to be a more valuable employee—and your earnings should reflect this improvement. If you keep taking on more responsibilities at work, sometimes including overtime, but your employers don’t seem to be eager to talk about the possibility of a raise or an adaptation to your career path; this may suggest you’re not being fairly compensated.
Similar Openings in the Market
If you suspect your income is not in line with the amount of effort you’re putting in, you can keep an eye on similar job postings and openings in your line of work. If you see that the amount of money offered to other candidates are similar to your salary, that means your company is paying you what your position is worth. If other companies and organizations of similar scale in your area seem to offer higher salaries, it might be the right time to have a talk with your employer about a potential raise, or consider your other options.
Extra Benefits
Sometimes, your net income may look like it’s not up to par with other openings in the field, but your specific position comes with benefits like dental coverage, transportation, and extra time off. If your company offers you the advantage of workmans comp insurance, that means you’ll be covered in the event of work injuries and illnesses. While assessing the fairness of the compensation you’re receiving, you need to calculate these benefits carefully and decide if they amount to a fair compensation package when added to your paycheck.
Clear Communication
Ideally, your HR department or manager should be able to share your vision for how exactly you’re contributing to the company. They should fill you in on their specific expectations and guide you through the future steps of your career. If your company uses a well-designed pay structure, you will know the worth of your input and how to take it up a notch when you’re feeling ready. If, on the other hand, you feel that the details of the company operations are kept in the dark, and that there are internal miscommunication issues, you could benefit from some improvements.
Courses of Action
Most companies tend to base their salary offers on candidates’ previous paychecks; which means, by accepting less money and benefits than you’re worth now, you may be undermining your future opportunities as well. In order not to leave room for being taken for granted, you might want to do some online research for salary data, talk to your coworkers about their conditions, and study the inflation rates to see if your income is fair and up-to-date. If you come to the conclusion that you’re well-compensated by your company, that’s great news! But if you’re not, it’s never too late to do yourself a favor and be prepared to make your case during your next talk with your boss.