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As a recruitment agency, one of the most common questions we get asked by job seekers is “am I getting paid what I’m worth?” It is an important question to ask, and not always easy to answer. After all, what someone is ‘worth’ can vary widely depending on a range of factors such as skills, experience, education, and location. However, there are a few ways to get a better sense of whether you are being compensated fairly.
Research industry salaries
One of the most straightforward ways to determine if you are being paid what you are worth is to research average industry salaries. There are several resources available online that can give you an idea of what the typical pay range is for your role and level of experience. However, these resources are only as good as the inputted data and discrepancies can occur due to limited sample sizes. You can also reach out to professional associations or industry groups to see if they have any data on average salaries in your field. It is also important to consider that salary ranges can vary based on factors such as location, company size, and industry sector. Make sure you are looking at data that is relevant to your specific circumstances. Additionally, remember that salary ranges are just that – ranges. Just because the average pay for your role is a certain amount, that does not mean that every employer will offer that exact salary.
Evaluate your total compensation package
When considering whether you are being fairly compensated for your work, it is important to look beyond just your base salary. Your total compensation package can include benefits such as health insurance, pension contributions, paid time off, and bonuses. All these elements contribute to the overall value of your job.
To get a better sense of the value of your total compensation package, look at the benefits offered by your employer and compare them to what is typical in your industry. For example, if your employer does not offer health insurance, what would it cost for you to purchase coverage on your own? It is also worth considering how much you are utilizing the benefits offered by your employer. If you are not taking advantage of your full holiday allowance or not contributing enough to your pension plan to receive the full employer match, you may be leaving money on the table.
When evaluating your own position, do not forget to consider other non-financial benefits that can add value to your life and job. For example, flexible work arrangements, opportunities for professional development, and a positive company culture can all contribute to your overall job satisfaction.
Gather feedback from your network
Finally, one of the best ways to determine if you are being compensated appropriately is to gather feedback from your own professional network. This can include colleagues, mentors, and former bosses. Ask them what they think of your compensation package – do they believe you are being paid fairly for your work? If they think you are being underpaid, ask them why and what steps they would recommend you take to rectify the situation.
You can also consider reaching out to recruiters or head-hunters to get a sense of what kind of salaries are being offered for roles like yours. These professionals are often plugged into the job market and can provide valuable insight into what the going rate is for your skills and experience.
Determining whether you are being paid what you are worth can be a complex and multi-faceted process. It is important to keep in mind that determining your worth is not an exact science. Your worth is not just a function of your skills and experience, but also the value you bring to your employer and the market demand for your role. However, by researching industry salaries, evaluating your total compensation package, and gathering feedback from your network, you can start to get a clearer sense of where you stand, allowing you to make better informed decisions about the next steps in your career path.
Noir has been serving the Microsoft community for over 15 years, helping Microsoft professionals secure new positions with some of the best companies in the world. If you are a Microsoft professional looking for a new role, please get in touch. A full list of our vacancies can be found by clicking the job search tab above or clicking here: https://www.noirconsulting.co.uk/job-search/