Are your friends, working at the same position in some other organization, getting more than what you are getting in your organization? Are your co-workers making more money than you? If so, you are definitely mulling over the question- “Am I getting as much salary as I should be?” Being underpaid may affect your self-esteem, and put in substantial strain in your life.
Here are some suggestions to deal with being underpaid.
1. Are You Really Underpaid?
All of us expect a good salary. But, sometimes, we remain in an illusion that we are earning less than what we should. In order to find out whether you are actually underpaid or not, determine how much others (in your similar position) are being paid in the job market, by using online salary calculator and talking with people in your industry. While assessing your salary, don’t forget to consider your qualifications, experience and geographical location. Your friend working in metropolitan city would definitely earn more than you (if you’re working in a small city).
2. Re-evaluate Yourself Honestly
Note down whatever you have accomplished at your work. Prepare a list of job responsibilities assigned to you and tick what actually you perform each day. Review what you have contributed to the company’s success. This will give you a clear idea whether you deserve a salary hike or not.
3. Ask for a Raise
Don’t be hesitant about asking for an increment. Remember, if you don’t do it, your organization probably won’t either. Before scheduling a meeting with your boss, ensure that you’ve enough evidence of your worth. Put together following supporting details:
- The number of projects you undertook as compared with your teammates.
- The crucial nature of the projects assigned to you.
- Your dedication towards work.
Discuss all these points, politely, in the meeting.
4. Market Yourself
Do your co-workers know you? Do upper level management people know “who are you” and “what you do”? I know you have a job, but still you need to market yourself! Keep an eye on what your colleagues are doing. Try to do something beyond your responsibilities. Never miss any opportunity to display your knowledge and abilities.
5. Think Beyond Salary
If your boss is not ready to increase your salary, don’t worry! You may ask for other monetary incentives and rewards, like Leave for Concession (LFC) or Leave Travel Concession (LTC). You can also negotiate a bonus rather than a salary hike.
6. Switch the Job
If you can’t make enough money from your job, it’s time to say “goodbye” to your present job. Don’t overlook good career opportunities. But, before taking this crucial step, don’t forget to weigh the working environment of other jobs with the current one.
Deal with the matter calmly and come out with the right decision.