Are you getting paid what you are worth?
For many of us, the level of intrinsic reward in our job is important but being valued is even more so. Value comes in many ways, but salary is usually a key indicator as to how well your company values your contribution. You may be sitting contentedly at your desk, happy that your monthly income provides a level of financial security, until you inadvertently find out that contemporaries in other companies doing the same work are being paid £10,000 more a year.
What’s your reaction likely to be? Disappointment probably; not necessarily about the money itself but in feeling that you’re being taken advantage of or just plain undervalued. Extra cash is always welcome, but who wants to work in an environment where you just work harder and longer and get no recognition for the extra commitment?
Searching for the truth
You may have a gut feeling that your remuneration isn’t keeping pace with your efforts but what are the typical signs to watch out for to confirm or deny your doubts? Are you working increasing overtime to cover a higher workload without extra remuneration? Equally, are you expected to take on greater responsibilities but there has been no discussion about better rewards?
When you’ve been in a position for a while, it’s easy for these things to creep in, especially when you start in a junior position and develop quickly. Harder to ignore is when you see jobs similar to yours being advertised and they are all offering significantly higher salaries or greater benefits and working conditions. If you haven’t had a discussion with your boss about salary and your career progression for the last couple of years, it’s likely you’re falling behind. If your company is secretive about its pay structures, how can you understand the rationale for your current pay and how you are valued?
It’s relatively easy to find out whether you are being paid enough but first, you need to define for yourself what your experience and skillset mean in terms of value that can be measured against any job opportunities. Do it properly and commit it to paper so you have an attractive value proposition you can use to discuss or negotiate with your current employer, or any potential new employer if your current boss is not playing fair.
Secondly, make sure you compare like for like. Consider the total package being offered not just money. If you know what other companies in your field are offering for similar roles, then that’s a great indicator as to where you are positioned. Getting job alerts is the easiest way to find out. Just register with major competitors on their vacancies/career pages and also with job boards. Collect the alerts over a few months and analyse job descriptions and remuneration and you’ll have a pretty accurate picture of where you sit.
There are online tools for assessing salary levels and look out, too, for salary surveys. One of the best ways to understand the state of the market is to talk to recruitment companies, especially those with a track record of your sector and seniority level. A good recruiter will have a well-informed view of your worth and career prospects. Take a sample view from several companies to get the most accurate picture.
If you really want to find out what you are worth and maybe even look at new opportunities with better packages and prospects, then why not get in touch with Clear Engineering Recruitment? We specialise in recruiting engineering and technical staff in various industrial and building services environments in the UK, Europe, and beyond. We pride ourselves on understanding the requirements of our candidates and matching them to the perfect role.
+44 (0) 203 355 4054