Have you ever had the sneaking suspicion that you could be making more than what you’re earning at your current job? According to new salary data from Glassdoor, you might be right. Using information gathered by the Know Your Worth™ personalized salary estimator, Glassdoor discovered that the average U.S. employee could be earning $7,528, or 13.3 percent, more per year than his or her current annual base salary.*
Why might this be, exactly? Well, for one, “we’re in the best labor market we’ve seen in a generation,” said Dr. Andrew Chamberlain, Glassdoor chief economist. “With the job market full of opportunities and the economy hitting full employment, the value of skilled workers has increased. We see this even more in industries like technology and healthcare, in which demand for competitive skillsets outpaces supply.”
The problem, though, is that not enough employees are using this increased market value to their advantage. In fact, Glassdoor found that three in five U.S. employees did not negotiate their salaries upon being offered a job, with rates even lower among certain groups — for example, 68 percent of women accepted a salary offer without negotiating compared to 52 percent of men.
“The big takeaway for job seekers is that our Know Your Worth tool can shed light on your current market value, based in part on market conditions where you live, to help you decide whether it’s time to negotiate your pay,” Chamberlain said — so if you haven’t yet gotten your free, personal salary estimate, there’s no time like the present.
Beyond helping you calculate your market value, Glassdoor is also making it easier for you to earn what you deserve by introducing an improved, customized salaries experience. With the latest updates, you can now research salary data for a specific job title in a particular location and filter this information by years of experience, industry and/or company size.
You’ll also be able to see a helpful data visualization of your salaries search, displaying the average and specific ranges of annual base pay based on your preferences, a comparison to the national average, additional cash compensation data and salaries for related job titles, among other insights.
While salary isn’t everything when it comes to your career contentment — maybe what matters most to you is culture and values, career opportunities or trust in senior leadership — it is a major consideration that anyone who is about to accept a job offer or negotiate a raise should take into account. If you find that your current pay is at odds with your Know Your Worth estimate, it’s time to initiate a salary discussion with your recruiter, manager, HR department or whoever else is in charge of compensation at your company. Who knows how much money you could be leaving on the table?
*Pay data based on the 1.3 million U.S. employees who submitted their current base pay to the Know Your Worth tool between October 18, 2016 and October 6, 2017. Learn more about the Know Your Worth methodology: https://www.glassdoor.com/knowyourworth/about.htm