For HR leaders, especially those who focus on talent acquisition, making fair and equitable salary decisions is a daily struggle, and one that can frustrate even the most experienced leaders.
It is common practice to make compensation decisions based on salary history. When considering costs and the bottom line, companies are often tempted to leverage opportunities to pay as little as possible for a role, offering whatever a candidate will accept — and not a penny more. This is true for many industries, but especially in tech, where salary data is scant due to ever-changing programming languages, skills, and platforms. Continue reading
Unless you’re Bill Gates, you’d likely jump at the chance to earn more money. That’s not surprising, considering 39% of employees believe they are underpaid, according to a 2014 Glassdoor survey. As a worker, you may be more to blame than you think: less than 50% of Americans actually ask for more compensation.
If you feel like you’re making less than you deserve, don’t wait until your boss offers you a raise. There are many ways to negotiate a higher salary, and the first step is to find out what you should be earning.
Hit the books (or the web)
It’s crucial to get an accurate picture of standard pay for your position across the industry. This is actually not as difficult as it may sound. You have tons of tools at your disposal- use them! Online resources such as Glassdoor and Monster.com’s Salary Wizard provide information on average income for specific roles. Browse these sites for accurate comparisons to what you’re being paid. Remember compensation can vary widely depending on where you live, so keep that in mind as you explore.
The modern office layout is open. The walls have come down, and even those that remain are usually made of glass. We continue to move in the direction of transparency, yet there is one thing at work that most people still keep to themselves: their salary.
But the movement towards full transparency has few boundaries, which is why at SumAll, a social media analytics company, CEO Dane Atkinson lists everyone’s exact salary on an internal document accessible to all company employees.
If this sounds a little extreme to you, you’re not alone. British TV producers found the concept so dramatic that they made it the basis of a 2012 reality TV show, where, after all employee salaries were disclosed at a British plumbing company, bitter arguments broke out among workers who felt they weren’t being paid fairly.
But it doesn’t have to be this way, Atkinson says. In fact, he believes that this kind of transparency, called “full-salary transparency,” is beneficial for the employees of his New York-based company, which employs more than 40 people. Continue reading
If you were offered $2 million right now, no strings attached, would you take it? Of course, you would! But did you know that you may have already inadvertently said no thank you to this offer? Author Linda Babcock writes about salary negotiation in her book Women Don’t Ask: The High Cost of Avoiding Negotiation—and Positive Strategies for Change. She states that when an employee fails to negotiate salary early in her career, it could add up to as much as $2 million in lost wages over the course of a lifetime.