How much you're being paid at work is an important subject, one so many of us feel afraid to speak up about particularly when it requires a certain openness of discussion about money, particularly with our colleagues. Of course, a shyness around the topic might actually be making things worse, creating a workplace culture of unfair pay (if your employers think no one is comparing pay, they're probably more likely to try and get away with it, despite there being policies in place ie. the equal pay act). If you think you're being underpaid for the work you do, coming up with a proper case to present to your manager, alongside evidence, is key.
Here, the experts at Female Invest, a subscriber platform that provides access to in-depth financial courses, webinars, an extensive toolbox of articles, quizzes and live events, share their top tips on what to do if you think you're being underpaid at work.
The cost of living crisis has only exacerbated my feelings.
A good place to start is looking online at industry averages. Websites have democratised this information. Industry favourites includes the likes of ‘Glassdoor’ which provides salary information and company reviews for you to compare. They offer a ‘Know Your Worth’ tool where you can get a free personalised salary estimate based on today's job market, just by inputting some basic information such as your job title, company, location, years of experience and more to get a free, personalised estimate of what your market worth is. If the estimate is higher than what you’re currently making, well then the data is telling you that you’re being underpaid.
The good thing about a mentor is that you can dig a bit further into the salary conversation, without having the awkward conversation with colleagues themselves. Your mentor may be able to provide you with insight and advice. Ask for a coffee and a conversation and you may be surprised with the outcome.
Your mentor may be able to offer suggestions on how to negotiate for a higher salary, such as by researching the market value of your skills and experience, preparing a compelling case for why you deserve a higher salary, and practicing your negotiation skills. They may also be able to provide insight into the policies and procedures of your industry or organsation, and offer advice on how to navigate the process of seeking a salary increase.
Two experts break down the process and give insider advice.
Depending on whether you feel comfortable or not, another option is to speak to colleagues when determining whether or not you’re being underpaid. Because the reality is, speaking with colleagues will give you a more accurate picture of the salary landscape of the company and whether or not you’re being shortchanged. We’re all about breaking taboos around at Female Invest, so whilst talking about salary in the workplace is considered out of bounds for many, there is no legislation prohibiting the conversation from the workplace. So you have the opportunity to open the dialogue within the workplace, and create a culture of transparency in the workplace.
I’m being underpaid. Now what?
Your boss isn’t going to give you a raise just because you want one. So start compiling your evidence, whether that’s the Glassdoor check up or the conversation with your mentor, so that you can articulate the proof that you’re being underpaid.
When building a case for a salary negotiation, you’ll also want to have some killer examples in your back pocket about the value you bring to the company. Sit down and compile a list of examples of where you have added value to a company. Was it a project you managed? Is it the team you’ve built? Perhaps you’ve increased sales by X amount. And to really master the point, hone in some key metrics. Whatever it is, arm yourself with examples so that you can demonstrate your worth to your boss.
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Put the meeting in their diary at a time that works for both of you, but ensure you give yourself enough time to prepare. You can do this by sending them a brief email or message requesting a meeting, and providing some possible dates and times that work for you. Be sure to clearly state the purpose of the meeting in your message, so that your manager knows what to expect and can prepare accordingly.
Collect examples of when your work has benefited the company or exceeded expectations. If you had a great month and smashed your target, take that with you. If you had an email from a colleague or manager praising you for your work, take that with you. Make sure as you achieve these things, keep them safe in a file, even if you are not asking for a raise right now. You never know when you might! Then practice what you’re going to say out loud. This can help you get into the zone and boost your confidence.
Here's a guide to getting started.
Just because you’re asking for a salary raise, doesn’t necessarily mean you’re going to get one. There are many reasons why an employer will turn down a salary increase request. Let’s say your employer tells you there’s no additional budget for salary increases, consider asking for other compensation such as working from home more days a week to save on travel costs.
A positive attitude goes a long way, so ensure that you start with complimenting the company, your team, and your experiences so far. Share what you have learned and how you have grown as an individual, and how you expect to grow in the future. You’ll need to dig into the research and evidence you have compiled along the way, and communicate the case you have built in a clear and concise manner.
Then you need to come right out and ask the question: “Based on what I have shared with you, could we have a conversation about increasing my salary to X?”. If a raise is not possible, consider asking for alternatives. A higher pension contribution, more holiday days, additional training, flexibility – there are many options.
