Many individuals feel they may not be paid fairly but have difficulty taking steps to find out. Now more than ever, you can have access to information regarding compensation. When making a comparison it is important to ensure you are comparing apples to apples. If you do not take the time to use relevant and reliable data, you may get frustrated unnecessarily. The data may indicate you are paid fairly. Having said that, doing thorough research looking at different data points will give you valuable insight.
Factors that Impact Pay
There are a number of factors that impact pay. In some instances in which an individual has worked for one company for a long period of time, their pay may not catch up with less seasoned colleagues. They may have moved from one company to the next for higher compensation. Part of the benefit in seeking out new opportunities at a different company is the chance to negotiate salary. Unfortunately, there is considerable data that shows females and minorities receive a lower level of pay for the same or similar work. As a result, former President Obama put in place the Lilly Ledbetter Fair Pay Act. This gives companies more accountable for efforts to address inequities in pay.
Share Information with Colleagues
It may be worthwhile to speak with colleagues about pay. If you have a relationship that allows for those types of dialogue then why not. Finding out what your coworkers are being paid will give you perspective on the company pay range. Although you shouldn’t walk into your manager’s office and share with them what you make versus your coworker, it will give you a reason to do more research. You can also take a look at your coworkers career path. See if that gives you insight into why they are at a particular compensation level.
Negotiating salary may be uncomfortable for many. That’s why people have a tendency to avoid salary discussions altogether. Although initially you may prefer to have your teeth pulled than to raise the issue of an increase in pay, at times it’s a conversation that needs to take place. If you find out you are paid below the job market it may weigh on you. It may impact the way you view your role and if you feel valued and appreciated. You want to be prepared with data supporting an increase in pay request. Like any other work conversation with your manager, preparation is key. It may feel uncomfortable however unless you bring this important topic to the table you will likely not receive the pay you seek.
If you believe you are not paid fairly studies show it impacts job satisfaction, although salary is not the only factor in determining job satisfaction. Understanding the factors that affect pay is an important part of the process. When one successfully negotiates their salary, there’s a sense of pride and accomplishment. If you decide to find out more about your pay, then you want to be thorough and gather meaningful data.