London (6th May, 2020) Glassdoor, one of the world’s largest job and recruiting sites – and the best place to find insights into jobs and companies – announces the launch of its popular salary calculator, Know Your Worth, in the UK.
Know Your Worth
Introduced in the U.S. in 2016, Glassdoor’s Know Your Worth calculates an individual’s personal “market value” by using sophisticated data science and machine learning algorithms that leverage millions of salary reports shared by employees on Glassdoor, while analysing real-time supply and demand trends in local job markets, and typical career transitions of people doing similar work. Each person’s market value, and pay range, is unique to the individual, private and recalculated weekly and tracked over time. Glassdoor plots the individual’s 12-month market value on a chart, and compares it to the median base pay of similar workers in their local market.
Job Seekers Are Not Negotiating Their Salary
According to a recent Glassdoor survey*, two-thirds (66 percent) of employees did not negotiate their salary last time they were offered a new job. Know Your Worth is designed to not only help people determine if they are being paid fairly, but also whether they should attempt to negotiate their current salary and/or explore better paying jobs. Salary negotiation is generally successful when attempted: eight in 10 employees secured a higher salary when they negotiated last time they were offered a job.
Power of Pay Transparency
Seven in 10 employees in the UK believe pay transparency has the power to help to reduce the gender pay gap, while two-thirds (67 percent) say that having a greater insight into what they could be earning would make them more likely to negotiate their salary at their next job interview or performance review. Furthermore, the desire from people to know their personal worth is evident in the 73 percent of employees in the UK who say they would like a better understanding of what they should be earning.
John Lamphiere, VP & Managing Director of EMEA at Glassdoor, explains: “Money – and salaries in particular – remains a taboo subject in the UK, with people not wanting to share how much – or how little – money they personally earn and have. What this means is that employees don’t have a clear benchmark of what they themselves should be paid, which unfortunately leads to so few people willing to negotiate their salary.”
“Through Glassdoor’s Know Your Worth salary calculator, workers in the UK will now have access to real-time, personalised earning potential in this fast-changing jobs market. Knowledge is power and now, more than ever, workers need this knowledge in order to be earning a fair salary.”
The launch of Know Your Worth follows the introduction in April of Salary Estimates to job adverts on Glassdoor in the UK, which display a range for annual base or hourly pay and are specific to job title, company, and location. Both tools from Glassdoor are designed to increase pay transparency and help job seekers get paid fairly.
- Salary Negotiation & Transparency Survey Supplement
- Guide: How To Negotiate Your Salary
- 5 Rules of Salary Negotiation
Notes to Editors
*Survey of 2,021 UK employees conducted by Censuswide, on behalf of Glassdoor, between 6th – 10th March 2020
About Know Your Worth
Know Your Worth by Glassdoor estimates the amount an individual could reasonably expect to earn as base pay in the UK, based on experience and other personal details. To calculate an individual’s personalised market value, or “worth,” Glassdoor uses proprietary and patent-pending machine learning algorithms that take into account specific work-related attributes and factors relating to each person: current job title, base salary, employer, work location, industry, typical job transitions, years of relevant experience, and current state of the local job market. Individual Know Your Worth market values are recalculated weekly.
For further information see the: Methodology & FAQ
Glassdoor combines all the latest jobs with millions of reviews and insights to make it easy for people to find a job that is uniquely right for them. As a result, Glassdoor helps employers hire truly informed candidates at scale through effective recruiting solutions like job advertising and employer branding products. Launched in 2008, Glassdoor now has reviews and insights for more than one million companies located in more than 190 countries.
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