Know Your Worth, Salaries

“I Tried the Know Your Worth Tool—Now What?”

As the popular slogan says, “Knowledge is power.” Now that you have used Know Your Worth, you have a new power, the power of insight into your estimated market value, what others in your field are being paid, as well as the open jobs available.

You may be wondering, “Now what?”

Print out your results page, and review it. Take some time to dig into what it means and what you’d like to do with the information. To help guide you, Glassdoor has crafted an employee guide to help. Consider your unique situation, your job, and your needs.

If you are generally satisfied at work day in and day out, then you may want to stay in your current job and with your company for the time being. However, there are some things you should consider if you are not satisfied at work.

  • Consider the full picture: Evaluate your full compensation and rewards program, remembering that base pay is only part of the equation. You should also think about your overall employment experience, including your company’s culture and values, career opportunities, work-life balance and more. If you don’t have a constant itch to leave, then it may be a sign to stay where you are, at least for now.
  • Remember, salary is an important part of anyone’s job, but it’s not everything. Determine what is important to you at work and let that help guide your decision on whether to stay or to search for new opportunities. Also, if you are fulfilled in your job and company, but aren’t so satisfied with your pay, then one solution may be a candid salary conversation with your boss.

[Related: Salary Is More Than Just A Number—Here’s Why]

If you discover your market value is above your current base pay, you may want to have a conversation with your boss. But there are a few important steps and considerations you should take into account before having that conversation.

  • No matter where you work, it is important to understand your market value and how it relates to your employer. For instance, do you work at a younger company in which the base pay may be less than the average market pay in your area? When evaluating if now is time for a pay increase, consider what may impact your success.
  • Consider your overall compensation package. Know Your Worth provides an estimated market value for base salary. However, there are many forms of variable compensation from cash bonuses to tips to commissions to equity that could influence your base. In addition, some companies offer comprehensive benefits, including medical and dental benefits, paid time off, commuter subsidies and more. Expect that your boss will talk to you about your overall package versus just base pay.
  • Practice and prepare for your conversation with your boss. In addition to your market value, look at Glassdoor salary reports for your role at your company, and other companies. Organize your research to help guide your discussion to explain the reasons you feel a pay increase is warranted. Be open to feedback and be prepared to listen to an explanation. Your request might not be fulfilled, but hopefully, you can leave the conversation with a better understanding of where you fit and what it will take to advance to the next level and earn more money.

[Related: 6 Questions You Should *Absolutely* Ask During A Salary Negotiation]

After having a conversation with your manager now that you have used Know Your Worth, you may be thinking about searching for a new job. If you do choose to see what’s out there, the key is to always look before you leap.

  • Evaluate open jobs. When you receive your market value by using Know Your Worth, scroll down the page to see open jobs and the estimated salaries you could earn.
  • Research companies hiring. Evaluate companies you’re interested in before you interview to determine if they might be a fit for you. Keep in mind that salary is not everything when it comes to long-term satisfaction on the job. You should evaluate company culture and values, career growth opportunities, work-life balance, and any other factors that could impact your personal satisfaction on the job.
  • Consider if now is the right time. Know Your Worth also provides insight into how compensation for your role has varied over time. If compensation is peaking at this time, it may not be the right time to make a move. Bottom line is always do your research to try and understand what is happening and why.
  • Remember that market values presented by Know Your Worth are reflective of base pay only. When evaluating your current job with other jobs open, take the time to evaluate the entire compensation and rewards package before making a move.

 

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