Ever since the recession back in 2009, many people have been a little nervous to move away from their safe, secure job. This is quite understandable since our work is very important to us. The salary we earn allows us to put a roof over our heads, food in our stomach, and the job really gives us a sense of purpose each day. However, without you even knowing it, your job could be paying you a pretty meager wage compared to jobs just like it in other parts of your state. Since the economy has stabilized, you should really reevaluate your position and make sure that you are getting paid what you’re worth.
Glassdoor.com is a wonderful site where anyone can anonymously enter in their title at work along with their base salary and any bonus that they typically receive. I would encourage you to first look for your title with your current company. There are likely others that have a very similar title to you at the company and might be getting paid more than you (considerably more). If you find that this is the case, then there may be grounds for you to ask for a raise, or explore your options with another company.
If the salaries are pretty even at your work, then I would next look at the salaries of companies nearby. Since they are in the same area, you know that the cost of living is the same, so if the salaries are quite a lot more you again have grounds to ask for a raise or pursue your options elsewhere.
Evaluate Your Daily Work vs. Your Job Description
As you work your job for a few years, it is not uncommon for you to start taking on new projects and responsibilities that are beyond your original job title. It might be a good idea for you to write down all of the things you currently do and compare these bullet points to your original job description. If you are doing double the work than originally expected, then it is most definitely time for a raise.
Do You Add Major Value to the Company?
If you work in a job where you are constantly making the company money or saving them hundreds of thousands of dollars in expenses, then it might just be time for a salary bump. In other words, if you are earning your company $500,000 a year, but are only paid $50,000, this is a little unbalanced and should be corrected slightly. I’m not saying that you should earn $500,000, but something a little closer to $100,000 might be adequate.
How to Approach Your Boss For Your Raise
If you go through these exercises and find that you are grossly underpaid, then it is most definitely time to approach your boss and ask for a raise. So how do you do this? It’s quite simple actually. You need to (1) show your value to the company, and (2) display the hard work that you’ve done for the company.
In order to show your value, it is best to quantify your efforts. In other words, show how your actions have either produced a huge surplus for the company, or have saved them from great expenses. If necessary (and only if necessary), show your boss the typical salaries in the area, but at the same time express your love for your current company. You really don’t want to leave, but the salary difference is quite overwhelming. Chances are that your boss will understand your position and give you that raise. If not, you could always start looking elsewhere and get that raise on your own terms!
Are you getting paid what you’re worth?