Are You Getting Paid Enough? 3 Ways to Find Out
Salaries are typically considered a hush-hush topic in the workplace and rarely do companies offer transparency about what they pay their employees. As a result, it can be difficult to know for sure how your salary stacks up against others in your industry. Are you earning a fair rate for your experience level and skill set? Do you deserve a raise?
While talking numbers with your employer can be awkward and uncomfortable, it’s prudent to regularly assess your worth to ensure your career is moving in the right direction. Here are three easy ways to evaluate whether or not you’re earning what you should be.
1. Look at the data
A little data digging and some research can give you a good idea of what someone in your position typically earns. The internet has made it easier than ever to pull salary information for all types of positions in various industries through sites like PayScale and U.S. Bureau of Labor Statistics . Remember that salaries in Hawaii tend to vary from those on the mainland, so use the information as a guideline, not a hard figure.
2. Assess the financial health of the company
Believe it or not, a company’s finances can take a toll on your salary. If business is booming, your company may have more financial leeway to offer pay increases to its employees. On the other hand, a business that’s not growing or seeing decreasing sales probably can’t afford to offer you a raise for several years. If that’s the case, decide whether or not it’s time to look for a new job.
3. Account for benefits
Let’s be honest, it’s not always all about the money. The perks that come with your job are also important—whether its health insurance, retirement plans, paid-time off, or flex scheduling. If your company is unable to offer you a higher salary, be mindful to consider the benefits you receive as those too cost money.
Need more help? Our Personnel Managers here at ALTRES Staffing have a wealth of knowledge about the Hawaii job market, including salary information for local jobs. If you’re looking for a new job and have questions about pay, contact us today!