About 53% of people in the world are underpaid, according to Time magazine, and you could be one of them. You lose your motivation for work when you feel like you are being underpaid.
Sadly, there is no easy or conflict-free option of getting out of this situation. You have to work your way out of it in a difficult way.
Getting paid equally and according to our performance is the key factor that keeps us going. But, if you feel like you are being exploited, then you probably should fight back.
It has to be in a very systematic manner. So, these are the ways in which you should start preparing for your actual payment rights.
1. Look at the Signs to See If You Are Being Underpaid
Rather than just assuming that you are underpaid, first, try to look at all the signs. Look at the company performance.
If it is performing exceptionally well but your salary is stuck – then this is a sign.
Or, if the website of your company advertises a similar post with more salary – then it is definitely a sign.
2. Offline and Online Researches Are Your Best Friends
There is no better option than to start researching. Do not rely solely on online information.
Talk to your colleagues and other well-wishers.
They will help you to get clear information about the job market. So, you can find out about your situation even better when you start with this research.
3. Compare Different Aspects of the Job Environment
You need to compare different aspects of the job market with your job at hand.
Look at the average salary rate, the market competition, the number of human resources available, and other variables.
Do not just look for the salary range because there are other variables that you need to consider.
4. Try out Other Opportunities to See Where You Stand
Try out for different organizations in secret.
Not to switch exactly, but to see where you stand on the job market.
The interviews and the offers will show you whether you deserve a higher salary or not. It is the most effective way to conduct market research.
5. Look at the Future Prospects of the Company
If you are new to the job, then it’s better to take some time to breathe.
You cannot expect a sky-high salary right away. Some companies offer greater future prospects.
You can get promotions quickly, which will increase your salary. So, you better look at the future prospects of the company.
6. Access the Complexity of Your Roles and Responsibility
You should do a complete analysis of the job you have on your hand right now.
See the roles that you have and the amount of responsibility as well. You should also evaluate the complexity of the job.
It will help you to identify whether anyone else can easily do your job or not.
7. Consider Both the Local and International Situation
You cannot just take one variable at hand.
You should have a look at the international labor market as well. See their performance and evaluate whether you have any chances in that arena or not.
You should also take note of your local human resource conditions at the same time.
8. Make a Pros & Cons List of Your Job
It is best if you make a pro and con list for your job.
It gives you a complete view of the job that you have right now.
This means that you can have a clear vision of whether you have more negotiating power or not. If there are more cons, then you have more power and freedom to negotiate.
9. Come up With a Concrete List of Your Accomplishments
Make a list of all the things that you have done for the company.
Evaluate your work and make use of them for your arguments. It will help you to identify your contribution to the company.
So, you will have better reasons to ask for a higher salary.
10. Calculate the Future Value of the Job
Do not be stuck with your present value as an employee.
Look at the future value of the job as well. If the company is in an upper curve of progress – then the value of the job will also increase.
So, see the future value of your job and take it into consideration.
11. Negotiate with Facts, Not with Emotions
Get your facts ready when you start to negotiate with your manager.
You do not want to say stuff like, “I have been working with this company for a very long time”. It does not add a lot of value to your cause.
Instead, make a list of arguments like, “I have contributed with the installment of this system for the company”.
12. Make Sure to Have a Strong Bond with the Company
This is one of the prime factors of any conscious employee.
You should have a strong bond with your company and the upper managers. This will ensure the value of your work.
So, if you have a strong relationship with the boss, he is less likely to let you go from the company.
13. Access the Possibility of Your Back-up Plan
Do not try to negotiate just out of the blue.
Have a back-up plan at hand. If your original negotiating progress does not go well, you can fall back on your back-up plan.
Have multiple interviews ready. You can also accumulate some capital at hand, just in case.
14. Team-up If You Feel Exploited
If you feel like it is a common pattern to exploit the employees inside the organization, then you should team-up.
Look for other people who also want a raise.
Try to make the whole movement more organized. It will have a greater effect on the management because they won’t be able to deny the rights of an entire group.
15. Take Your Time with This Big Decision
Do not rush with the process. It is a very big step for you and for your career.
So, take your time to rethink the whole process.
Look at your current position, all the certainties and the uncertainties. Make sure that this is one of your last resorts for a better career.
16. Make a Final Offer and Stay Firm with Your Decision
Do not be flexible with your decision.
First, analyze your position and responsibility in the organization. Then, you should make a final offer to your employers.
What is most important is that you stick to your decision.
If you show signs of weakness, you might not get your desired salary. Have a strong belief in yourself.
It does not feel well to be cheated. But then again, the world is not fair. You have to fight for your rights.
I hope these tips will help you on your journey. Stay strong and work hard.