Regardless of how much we like our job, we all need to get paid and make a living doing it. Money is important, and while we all would like to make more (I don’t think that is too great of a leap), we more importantly want to be paid what we believe is our worth in the labor market.
Unfortunately, what is weighing on many current employees is not just the desire for additional compensation, but the feeling that their pay is not as fair as it should be. So, how do we take this emotional response of “needing” or “wanting more money” and provide some factual substance behind it? There are several ways for you to obtain the information that you are seeking. Let’s look at several of them now and how you might approach each.
• Ask Co-Workers – This is by far the easiest and quickest way to gather information. Unfortunately, for previous generation workers, this also used to be very taboo and not acceptable. Compensation was supposed to be “confidential,” and you don’t talk about. If you did, then you were not professional and (even worse) subject to employment action. Not sure who produced these compensation rules, but I am sure it was an employer who did not want their employees talking about how much (or little) they were being paid. In today’s world, talking about compensation is not only more accepted, but actually protected activity as the government has viewed that the confidentiality of compensation as a major reason why women were often paid less than men in the same roles. I would suggest you build some rapport with someone prior to just asking how much they are being paid, and be prepared to share your own information. One final thought on this item, I have found that people will sometimes embellish their compensation when asked, so don’t take what you are told as the final answer without a need to verify.
• Connect On Social Media – Again, this is a group that I would not just dive in and start asking “How much are you making?” But, as you build your connections and a rapport with these individuals, you can begin a dialogue regarding compensation. Just like with a co-worker it is important to assess how comparable this person is in terms of experience, role, and skills when comparing pay numbers. You may even post the question generally and see if you receive responses to your inquiry from anyone looking at your feed.
• Online Research – There are a number of websites that now provide compensation information to the general public. Payscale.com is an example of one of the sites that has this type of data. Please keep in mind that when you are doing this research, you are receiving the worker-provided information. Employers will have access to the generally more valid information provided by fellow employers. My experience with these websites is that the employee-provided information is typically a bit inflated. Similarly, to when you ask a co-worker, I have found that when people voluntarily self-declare their wages, they will often “round-up” with their number.
• External Market – Finally, this is the ultimate resource for what you are worth. Regardless of what others are saying or reporting, what someone is willing to pay you for your services is the best barometer for what you are worth. You can now gather some information on this by the requirement that a range is placed in a job advertisement. You can also engage the hiring manager in discussions, however, usually they are pretty tightly lipped on money during interviews. Ultimately, the number on the offer letter is the true indication of your labor market worth.
It used to be that compensation was this giant secret that was mainly driven by the whims of the company owner(s). Things are quite different today for both employers and the labor workforce. There are reports, websites, and conversations occurring where compensation is freely being shared, allowing everyone to potentially be much more informed than years before. You can’t just rely on the honesty and integrity of your employer to look after your best interests. If compensation is important to you, then it is up to you to be educated on the subject of what you are worth.
As always, best of luck in your job search.
The following has been prepared for the general information of RochesterJobs readers. It is not meant to provide advice with respect to any specific legal or policy matter and should not be acted upon without verification by the reader.
Joe Stein
WNY Human Resources Professional
Feel free to contact Joe Stein regarding questions or comments at:
Joe Stein
