Are you receiving fair pay?
When it comes to compensation, you would like to think you are always getting paid what you’re worth.
But that’s not always the case.
If you’re unsure of the signs to watch out for, it can be challenging to know if you are getting fairly paid. Recognizing the signs and taking the appropriate steps can help you get the compensation you deserve.
15 Signs you’re Underpaid
- Your responsibilities have grown, but pay stays the same
It’s important that you’re being properly paid for the work you put out. If you notice your work responsibilities are increasing, but your salary remains the same, you’re probably being underpaid.
- Similar positions at the company pay more
Think about positions that closely resemble yours in responsibility and background. If others in these positions are being paid substantially higher than yours, you may be underpaid.
- New hires in similar roles are making more
During the hiring process, there is always an opportunity to negotiate for a higher salary or an improved benefits package. New hires are negotiating based on current market values, which are probably higher than when you were first onboarded. Consider the current market value to check if your wages match up.
- Salary isn’t keeping up with inflation
The cost of living has risen significantly. As of October, Canada’s inflation rate is at %6.9 and reached a 30-year high this past March. If you notice your paycheck doesn’t go as far when buying groceries and other essentials, it might be time to ask for a raise.
- Your benefits package drastically differs from colleagues
Remember, compensation is not just about salary. After talking with colleagues, you might learn that their benefits differ from yours. Whether that means they get more PTO or health benefits, this difference can indicate inadequate pay.
- Your salary has never increased since being hired
All companies budget for salaries. This budget doesn’t always get used up. When you first accepted the position, there is a chance you accepted a lower-than-average salary. Luckily there are always opportunities to earn raises throughout your employment. If you haven’t had a raise since you were first hired, your salary is probably below the level it should be.
- Turnover is high
Does it feel like your colleagues are dropping like flies? A high turnover rate often indicates that your company needs to pay employees adequate wages. And while you’re still working, you see their LinkedIn updates boasting about their exciting new opportunities.
- Salary is lower than online averages
Where does your salary fall when you search for average salaries for your location? Using online salary calculators, you can determine an appropriate compensation based on metrics such as industry, years of experience and levels of education.
- You are offered a position with a higher salary
If you’ve been actively looking for new opportunities, take a close look at the salaries being offered. You might see your compensation is not up to par during your job hunt. If another company offers more money for a similar position, you’re underpaid.
- You haven’t recently negotiated a raise – or ever
If it’s been a while since you asked for a raise, you are probably being underpaid for the value you offer. This stands even more true if you’ve never negotiated your salary since being hired.
- A recruiter says so
Technical recruiters are experts on industry and market trends. Meeting with a recruiter can give you insight into salary averages in your area and help you determine whether you’re receiving fair wages.
- You work a high-demand job with a low-demand salary
Tech positions are in high demand. Every industry, in some way, needs employees with a tech background. Look at job boards to see how popular your current position is, and you might find your salary doesn’t reflect the demand.
- Offered a promotion – but not a salary raise
If you’ve been offered a promotion without a salary bump. I hate to say it, but that is not a promotion. When taking on roles with higher responsibility, you should always receive an increase in wages.
- Your boss gets defensive when you bring it up
If you’ve ever brought up salary to your boss, how have they reacted? If their immediate response was to get defensive, they’re probably not compensating you fairly. Finding a new opportunity in a less toxic work environment might be in your best interest.
- Salary doesn’t reflect your specialized skills
Tech jobs can require niche skills and knowledge to be successful. When working in a specialized role, you are an asset to the organization, and your salary should reflect so.
Live Assets is a boutique IT Staffing/Recruiting firm specializing exclusively in building IT teams of excellence for the Information Technology sector.
We are a small, but productive team that works closely together and has had a 96% success rate for the past number of years!
We have a diverse number of clients and industries and focus on both full-time and contract I.T. opportunities.