You are the first to arrive in the office and the last to leave, you are accountable for most of your departments tasks and you fuel your colleagues with endless coffee runs.
However, each month your funds are dangerously low as your wage does not mirror your flair in the workplace. Is this the norm or is it time to strike up the courage and ask for a pay rise?
Here, the financial experts at Finance present the top 4 signs that you are not being paid enough.
You have sealed the deal
Don’t just assume that your work within the office is generating your company revenue. Get the facts and figures so that it is there in black and white. If you are accountable for sealing a major sale or winning a highly sought-after client, get together some examples of what you did and how you did it. Likely to be time poor, you may begrudge taking time to do this however, what may be obvious to you is not necessarily obvious to others. Colleagues are busy with their own responsibilities and do not necessarily have the time to acknowledge the work of their peers.
Research tells me….
A direct comparison with similar roles within the same scale of company is perhaps this is the most solid sign that you are underpaid. It is crucial that you keep on top of the current salaries within your type of position. Nevertheless, ensure that you do not get carried away and begin to compare yourself and your job role with roles that are more senior to your own. Of course, the aim is to gain consistent career progression however, to gain an insight into what you should be being paid then a direct comparison is vital.
They earn more than meTalking about money is perhaps one of the biggest conversational taboos in the UK. However, if you do so happen to learn of a colleague’s earnings and they work within the same or very similar role with a higher income, then there are grounds to request a pay rise. Before doing so, make sure that they are in fact working in the same role as you and do not have any other responsibilities that you may not be aware of.
Your role has evolved but not your pay
It is common that a person gains more and more tasks and responsibilities at their time within a workplace. This is a great thing as it shows trust and confidence from the employer towards yourself. Of course, it is important that your wage reflects extra responsibilities. To determine if your extra responsibilities warrant an increase in salary, it may be worth talking to recruiters to see what other roles are available as well as using tools such as salary calculators.
Know your worth
Most individuals undervalue the work that they do on a day to day basis. This is perhaps the biggest reason for being underpaid. There is a simple solution to determine if you are undervaluing the worth of your role. Contemplate what your hourly rate would be if you were freelance and working for yourself. Then, work out what your current hourly rate is from your existing income. It goes without saying that a salary holds it benefits and it is vital that you account for the perks that your workplace may give you, even if you don’t use them. For instance, flexible working hours, gym memberships and cycle to work schemes all hold their value. Be sure to make these deductions when calculating your pay.
But it took me so long to get this role
Do not become complacent in your job role. Unfortunately, it is rare that an employer will go out of their way to make an employee ridiculously happy if you seem content enough. Always make sure that you engage in performance reviews and portray what you wish to achieve in your role.