How To Determine Whether Or Not You Are Paid Fairly

You may have been working at your job so long that you haven’t had a chance to test the market to find out what your skills are worth. Looking for a new job can be scary and frustrating—especially if your family is counting on you as a provider. Before you choose to look for a new job just to see what you may be worth, consider using one or more of these tactics to determine whether or not you are being fairly paid at the job you’ve got.

1. State Data: Some states publish wage data for a variety of jobs by county or other geography. Washington State, for instance, publishes this data. You can quickly determine that cabinet makers in Spokane make an average of $14.30(1. Usa. Gov/VG8PiM) per hour (last I checked).

2. Bureau of Labor Statistics: It shouldn’t surprise you to find out that the Bureau of Labor Statistics tracks salary rates (1. Usa. Gov/9Ay9cu) by job title. The data represent national averages and may not apply to your situation, but it would make an idea. At last check, the data showed that the median annual salary for a CEO is $166,910, quite a bit less than the multi-million dollar compensation packages that we hear so much about in the news.

3. Commercial Databases: A variety of commercial web sites provide similar data. Some of it more readily searchable with more specifics. For instance, CBSalary(1. Usa. Gov/9Ay9cu) features a searchable database that provides local data in addition to federal data. In just a few moments, I was in a position to know that registered nurses in Providence. Rhode Island earns an average of $73,000 per year.

4. Job Boards: Many job postings make outrageous salary claims or provide no compensation information at all. Some, however, provide specific wage ranges. Check out job postings in your community at Craigslist.org or at Monster.Com—or any of a variety of other job boards.

5. Friends: asking friends about income are generally viewed as taboo. If, however, you have friends who do the same work as you, they may be quite willing to share (and may be unaffected by the question). Explain that you are just trying to determine whether or not you are being paid a fair, market rate for your job. Chances are, you can collect a data point or two to get a sense of how well or quite you’re paid.

6. Human Resources: Most human resources departments maintain data about wage rates for every position in the company. Most also feel their charge include making sure that employees are happy. In other words, the HR department finds out if you’re being fairly paid and will probably make you a straight answer. If they don’t think you’re being paid what you’re worth, your inquiry may start a discussion that will lead to a rise.

Once you have determined whether or not you’re being paid fair. You’re in a position to take steps. If you’re not, the first step may apply for for a raise. Do not forget to consider the timing of such a request. Asking for more money when the company is not doing well, may not have a great outcome. Calling for a raise, if you’re not performing well will never have a satisfactory outcome. If your company is thriving and you’re doing a great job, take courage in the data and call for a raise.