Are You Underpaid? Find Out In 5 Easy Steps
I was recently asked by a client how I thought her salary compared in the market place. It was an interesting question, because I do have visibility into exactly how much money a large number of people make. And it is a bit of a taboo topic among friends to debate salaries. Not very often are you out at dinner with friends, sipping a craft cocktail, and everyone takes turns sharing their salary and compensation.
My initial thought was that this particular person was leaning towards the lower end of the range. It’s an unfortunate fact that the gender pay gap still exists today where the median salary of women is .79-.94 cents for every one dollar a man makes. So I told her my best educated guess, noting that I don’t have another client with her exact title and years of experience.
My second thought was: everyone in the work force should know exactly what they are worth in the open market. Unemployment is at historically low levels (~3.5%). And there are a record number of job openings (6 million). So the best way to find out exactly what you are worth is to hit the job market.
How to find out if you are underpaid
Update Your Resume
It may need a new format, if you have not updated it in a while. And make sure and specifically lay out major wins you have had on the job and how you participated in the win. If you don’t have a color picture, you need to add one.
Leverage Linkedin
Based on your resume, you need to update your Linkedin profile and connect with as many peers and friends as possible. You likely don’t need to pay for any add on’s at this point. But you do need to start creating a compelling presence. The vast majority of recruiters are using Linkedin.
Use your Network
Start getting the word out that you are looking for some interviews. Use your network to gain entre into potential job postings. When you find interesting jobs, that you don’t have connections to, apply for them. Put your name in the hat!
Interview
Even if you don’t really want a new job, use this is a fact finding mission. What are the important skills for your type of job? What are the technologies being valued? What are salary ranges?
Know your worth
If you get an offer, wonderful … you know exactly what you are worth. And now you get to decide if you want to stay with your current gig (and ask for a raise), or make a jump.
In all cases, hitting the job market right now, will provide a gold mine of information that will help you evaluate your current job/role, what you are worth, and areas that you may need to improve.
**Note that there are additional ways to learn more about salaries, like glassdoor, local recruiters or professional groups. These are good tools, but don’t provide the additional benefit about your own personal skills and potential. Nor does it keep you personally marketable, like going out and actually hitting the job market.
If you have any questions, don’t hesitate to reach out. I am glad to help.