How To Figure Out What You Really Should Be Paid

Whether you’re applying for a new job or preparing for your annual review, the subject of your salary might come up at some point. You might be asked for your salary expectations, or else you might have to request a pay rise.

Everyone wants to make sure they are getting compensated correctly for the work they put in. No one wants to think about the idea that someone else could be getting paid more for doing the same job.

We also derive a lot of our self-worth from our salary. When we achieve a pay rise, it feels like much-needed recognition of a job done well. And many people will chase high-paying jobs as much as they chase positions of power and influence.

So making sure that we get paid what we are worth is a key consideration that shouldn’t be taken lightly. If you’re wondering if you’re being compensated fairly for your work, read on to learn how you can figure out what you should be paid for your job.

Why is it so hard to figure out what you should be paid?

Companies are naturally reluctant to be open with salary information because they are concerned that if everyone knew what everyone was earning, they would have to increase salaries across the board. There is also less chance of getting away with paying individuals less for the same job, just because one asked for a raise and the other one didn’t.

Many companies will try to make it difficult for individuals to discuss their salary by placing this in work contracts. If you’ve ever been told you are not allowed to discuss your salary with a colleague, then you might be interested to know that this is legally dubious. An employer cannot expect this of you and they would struggle to enforce this part of the contract in court.

We also have societal pressure that tells us that discussing money is not proper. The shame and stigma around talking about money make it harder for people to discuss their salary openly. So when the time comes to start a new job or ask for a raise, we don’t know what to ask for.

How to find out what you should be paid 

If you want to make sure your employer is offering fair compensation for the work that you are doing, there are a few different methods you can try. These might not give you a definitive answer, but they can give you a ballpark figure to start the negotiations.

Look at other jobs

The first step is to look at similar jobs in similar areas and look at what they are offering. Some will offer a salary range, so you might need to dig a little deeper to understand what salary you would expect to receive for your level of experience.

If you are asking for a raise in your current job, being armed with information about the current standard salary for similar roles with other companies will be a useful bargaining tool.

Ask colleagues

If you are comfortable talking about money with your colleagues, don’t be afraid to ask what they are earning. You might reveal that you are earning more than them, in which case you might not be in a position to ask for a raise. However, knowing more about what your colleagues are earning is incredibly empowering and can help to ensure that no one is being taken advantage of for their hard work.

Use a salary calculator

A salary calculator takes your experience and skills and turns them into an estimated salary. You could also try this salary guide as a starting point. Make sure any tools that you use have been recently updated, as we’ve seen an uptick in average salaries over the past year. You might be in line for a healthy pay rise if you haven’t asked for a raise for quite some time.

Ask a recruitment consultant

If you’re curious about how much you could be earning elsewhere, try asking a recruitment consultant for advice. They will have an in-depth understanding of the current job market and will be able to advise you on what you can expect to earn.

If you determine that you aren’t being compensated fairly in your current role and you are unable to ask for a raise (or the raise has been rejected) then you’ll be ready to start your search for a higher-paying role.

Is salary everything?

For some people, salary is the most important aspect of the role, but other people will prefer to weigh up other benefits offered by a role. For example, you might have a lot of job satisfaction from the opportunity to help others. Or there may be other perks on offer that you wouldn’t get with another job, such as the chance to work from home.