Is My Pay Fair?
We want to blame everything and everyone at times for what our paycheck looks like: not enough hours available to work or too much is going to taxes, or they just don’t like us. Whatever the reason you feel you’re not getting what you feel you’re owed, we are going to explain the factors affecting your pay and find a way for you to take control. Start by determining what lack of pay is from; self worth standards you have set, performance, or employers (i.e. skilled/unskilled). Understanding your self worth is needed to be able to know what you’re worth in the job market.
When you undervalue yourself as an individual you let employers undervalue you as an employee.
Knowing your self worth helps you trust your own judgment and helps you with decision making, which can develop valuable leadership skills. Learn how to determine if you are worth more to the workforce than you are being paid. Through our lives there are factors in our control and out of our control that change can change a situation into what we want or..not want. To be able to achieve the pay you desire, understanding what is affecting your pay is important.
Factors outside of my control that affect my pay:
Economy and inflation
Inflation is the rate of increase in prices over a period of time. This is usually a broad measure, watching the overall increase in prices or the increase in the cost of living in a country. Inflation represents how much more expensive a set of goods or services has become over a certain period.
Pay determined by location in the US
Location-based pay is wages given to an employee based on the standard market rate for the employee’s location, such as his or her city, state, or even country.
Company’s need/job requirements (skilled/unskilled)
At times a position can have a set wage due to the company’s allotted budget for the job. An example would be a cashier, the likeness of experience mattering to a company is slim. It would be less expensive for a company to spend two to three days training a new cashier then it would be to raise the wage and look for a cashier with experience. This can happen with any general labor position. When asking for a greater wage, consider what it costs to company to instead of upping wages to turn and train a greener employee. Positions such as these are not jobs that have room for wage increase. Keep this in mind when looking for a job, money or money and experience?
Aspects of work you can control to get you better pay:
Performance reviews
A performance review is a formal assessment of your work performance by your manager or superior. These reviews can identify strengths and weaknesses, offer feedback, and set goals for future performance.
Number of years you have under your belt in your field.
The more experience result in higher pay.. up to a point. If a position calls for someone with 5 years of experience in a particular job and you don’t meet those requirements, you will find yourself on the lower end of the pay scale.
What it all boils down to…
We can look at your past work history, we can tell you to assess your field’s hourly payment, but if you do not feel like you are being paid your worth change jobs. The amount of job availability is endless in today’s market allowing you to build your skills or choose a position that is higher paying. In the end the you are in control of your pay.
