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Are you feeling like your paycheck is too small and you're not fairly compensated?
That's not a great way to work and can be disheartening.
Nobody wants to feel undervalued and stuck in the wrong job; this is especially true if there are better opportunities elsewhere for people with the same skill set as you do!
Statistics show that people who feel less valued in their jobs are less happy and have higher stress levels than those who feel fairly compensated.
But how can you determine whether or not you’re being underpaid, so maybe it's time for a career change?
Fortunately, there are ways to determine whether you're being underpaid.
You can compare your salary to the industry standard for others with the same skill set as yours.
I would like to offer some expert advice on determining if what your employer pays you is fair based on current market rates - so please read on to find out whether or not it is time for new job prospects!
Understand Your Worth - Know the Market Rates for Your Job Title and Skillset
As an expert in your field, knowing your worth and current market rates for your job title and skillset is essential.
This information can help you negotiate a fair salary or rate, whether you're starting a new job or are already employed.
Being friendly and helpful to your colleagues and superiors doesn't mean undervaluing yourself.
Urgency comes into play when you consider how job markets and industries can change rapidly, making it crucial to stay up-to-date on what you're worth in your specific field.
By understanding your worth and being aware of the current rates, you'll be equipped to make informed decisions about your career and take your professional life to the next level.
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Do Your Research - Scope Out What Other Employers Are Paying For Similar Positions
Regarding salary negotiations, the most essential tool in your arsenal is information.
If you want to maximize your earning potential, you need to do your research and find out what other employers are paying for similar positions.
This will give you a baseline for what you can expect regarding salary, benefits, and other perks.
Don't be shy about asking around – reach out to colleagues, mentors, and industry contacts to get an idea of what's out there.
The more information you have, the better positioned you'll be to negotiate a fair and competitive compensation package.
How To Research Competitive Salaries In The Marketplace
Statistics show that the average person moves jobs every four to five years, so staying informed of what other companies pay for similar roles is essential.
Here are a few tips on how to check if you’re being underpaid:
Look at salary surveys online. A great way to understand the market rate is to look through salary surveys from reputable organizations.
Connect with people in the same industry. Networking is one of the best ways to determine what other employers pay for similar positions. Ask your colleagues and contacts about their salaries and benefits, and you’ll be well-equipped to negotiate a better deal at your current job or when looking for something new.
Use a salary calculator. Sites like PayScale and Glassdoor allow you to search for salaries of various positions in different locations or use their calculators to customize your research based on experience, location, and other factors. This is the perfect way to estimate what you should earn in your current role or when considering a new job opportunity.
Consider other benefits. Money isn't everything — a great employer may be willing to offer additional perks such as flexible working hours, access to professional development programs, and even health insurance or retirement plans. These can add significant value to your work experience and should be considered when assessing whether or not you're being underpaid.
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Have The Conversation - Speak to Your Manager About a Possible Salary Increase
I recommend that you talk with your manager about the possibility of a salary increase.
Understanding your worth and advocating for yourself in the workplace is essential.
Your manager may need to be made aware of the value you bring to the company or the market rate for your position.
It's essential to approach the conversation in a friendly and helpful manner, demonstrating your accomplishments and contributions to the team.
Don't wait for your annual performance review to discuss salary, as urgent financial needs can arise anytime.
Prepare for Negotiations - Arm Yourself With Comparable Salaries and Benefits From Other Companies
If you're gearing up to negotiate with your employer, please ensure you're fully prepared by arming yourself with all the necessary information.
It's important to know what comparable salaries and benefits similar companies in your industry are offering their employees.
This information can help you make a strong case for a salary increase or better benefits package at your organization.
I encourage you to take the time to research and gather all the data you can before going into the meeting.
Be bold and approachable when asking colleagues or contacts about their own experiences.
The more information you have, the better your chances of achieving a successful outcome.
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Maybe it is time to look for a new job
If your current employer is not open to increasing your income, it might be time to consider looking for a new job.
There are plenty of opportunities for professionals with the same skillset as you, so don’t let that stop you from expanding your career horizons.
Take the time to research the current market rates and salaries for similar jobs, get in touch with industry contacts, and start networking – it could be the push you need to find a better-fitting job with adequate pay.
It is also essential to consider the benefits that come with specific jobs. For instance, some jobs may have higher salaries but might not offer other perks, such as flexible working hours or remote work opportunities. These should also be considered when making your decisions.
Look at job postings and contact colleagues in the same field to better understand other benefits you could negotiate.
Employers are more open to discussing salaries and benefits nowadays, so don’t be afraid to start the conversation!
You have decided it is time to move on. Your next steps...
Once you decide to move on, organizing and creating a plan is critical.
Start by outlining your objectives:
What would you like to do in the next role?
What are your professional goals?
What’s important to you?
Things have dramatically changed if it has been a while since you have been in the job market.
It is in your best interest to work with a Job Search Strategist to guide you through the job search process. A Job Search Strategist is an expert in the field of job searching.
As an Executive Recruiter, I review countless resumes. The ones that catch my attention are those where the job seeker has effectively marketed themselves based on how recruiters search.
To assist job seekers in their search for new career opportunities, I have created a strategic roadmap so they can save time figuring out how to find a job or save time by making mistakes.
This includes Resume Development based on how Recruiters search, resume templates, and cover letter templates.
Interview Preparation based on what Recruiters are actually listening for in your responses.
Job Search Strategies - how to create visibility for yourself, where the hidden job market can be found, and how to streamline production of the job application process.
Clients who follow my plan exponentially speed up their job search and get hired in their career fields rapidly!
They find employment 6 times faster than on their own, saving them thousands of dollars of income!
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I will tell you that having a trusted guide by your side will make all the difference as you embark on your next professional journey.
SCAN FOR MORE INFORMATION
If you are still baffled by the job search process and are convinced that it is broken, or you are going on interviews and not getting offers, grab time on my calendar to learn more about the strategic roadmap for job seekers I have created that shares the inside secrets from the view of the Recruiter, so you do not have to waste time figuring out how to find a job or to waste time by making mistakes.
My job seeking clients are getting hired in 3-8 weeks in their dream jobs after searching on their own for 9-12 months! Check out the detailed statistics.
Grab time on my calendar to discuss your job search and how we can get you hired rapidly!
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Connect with me on LinkedIn so you can follow my job searching advice to help you land your dream job rapidly:
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🔴 Ilene Rein is an Executive Recruiter and Job Search Strategist. She teaches job seekers exactly how to market themselves with laser precision to employers using inside secrets from the view of the Recruiter exponentially increasing their chances of getting noticed and hired rapidly!
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If you are serious about your job search and want to learn how to land your dream job in record time, schedule a complimentary consultation to speak directly with Ilene:
🔴 SCHEDULE A COMPLIMENTARY CONSULTATION: http://gethired.careers/
My clients are getting hired in 3-8 weeks in their dream jobs after searching on their own for 9-12 months!
Check out the DETAILED STATISTICS of the Pounding Pavement 101 Foolproof, Job-Getting, Career-Building System: https://www.poundingpavement101.com/
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Job seekers who landed their dream jobs in record time:
Parents who got adult children off the family payroll:
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