Many of us believe we’re adding more value at work than our pay packets suggest.
A new study has found that 41% don’t feel they’re paid ‘what they are worth’.
The more time that passes after a pay rise, the more a person starts to feel this way.
Work, despite the culture we’re in that asks us to do what we love, is essentially a transaction – you give your time to produce a certain output in exchange for money.
Talking about a job in this way is often deemed taboo though – as is asking for better pay.
Of over 1,000 respondents surveyed by HR software provider CIPHR, less than half of workers think their salary adequately reflects their job role and experience.
The other half think they’re being paid less than they should be, and one in six can’t decide one way or the other.
Notably, those satisfied for the most part had received a pay rise less than a year ago.
This is also true for those in senior – and typically higher paid – jobs, such as CEOs and business owners.
Of this group, 64% feel they’re paid what they’re ‘worth’ and 40% had a pay rise less than six months ago.
It’s staff not at management level that feel the lack the most strongly – 48% of these people say they’re underpaid.
The ‘sweet spot’ salary is around £45,000 per annum, which is significantly higher than the national average of £31,461.
Of those earning less than than ‘sweet spot’, 46% say they’re not being paid enough.
But asking for a rise can be tricky.
Those in smaller companies were found to be less likely to make the request, compared to a only 5% more people in larger companies feeling able to ask for more.
Women are also less likely to make the request, as only 54% asked for one in the last year as opposed to 60% of men.
Of all respondents, 63% have neglected to ask for a review over the last year.
Gwenan West, head of people and talent at CIPHR, says: ‘Before you even contemplate asking for a pay rise, ask yourself why.
‘Do you feel undervalued? Are you paid significantly less than the market rate? Have you taken on more responsibility?
‘Research is key, and you need to be professional and strategic in your request. Plan out what you want to say in advance, have some notes at hand to refer to, and try to avoid emotive language.’
The average annual pay rise over the last year was found to be 8.8% and people working in entertainment, manufacturing, HR, finance and insurance, legal services, and retail were among the most likely to successfully boost their income.
HR consultant Courtney Thompson-Ayerst adds: ‘Having an open discussion is always the best way to approach a pay rise.
‘Many employees look outside of their organisation as a form of negotiation, which can sometimes end in the wrong outcome. When, in fact, all that was needed was a simple conversation with their employer.
‘It can make all the difference between feeling valued in the job you’ve got and hopefully earning what you want to earn – or, the alternative, feeling resentful and undervalued at work.’
These conversations can feel uncomfortable – but it might pay to have them.
Credit: Original article published here.