As a subscriber and regular reader of Fortune magazine, one of my favorite columns is the career advice piece written by Anne Fisher. Her readers always seem to ask interesting questions (I'm sure they're screened for which will attract the most readers, but still, they are always good) and her answers, while not always on target, are well thought out and reasonable. I really enjoy the column.
So when someone wrote in saying he thought he was underpaid, I just had to share it. Here's Annie's response:
It shouldn't be hard to get a fairly accurate sense of your market value. First, websites like Salary.com can give you guidelines on what people are making in various jobs and geographic locations.
That answered his question, but then she goes on to give him some good advice on what to do with the information once he gets it:
If it turns out that you are indeed at the low end of the pay range, you can certainly mention that when you ask for a raise. (Your boss probably already knows it, but may not be aware that you do.)
But don't make that the main part of your pitch. Instead, spend most of the conversation pointing out how good your numbers are, what great new clients you've brought on board, and so on. Gather all the facts about your terrific performance and write them down so you don't overlook any. Emphasize that you are asking for a raise, not because other people make more than you do (someone probably always will), but because you're worth more to the company than you're currently making.
Good advice. There's a right and wrong way to ask for a raise and she's hit the highlights here. For more information (and details) see my posts on this issue including Jumpstart Your Career, 5 Steps to Getting that Raise, and Want a Pay Raise Next Year? Start at It Now.
However, Annie goes on to say that perhaps the executive isn't really overpaid. Her thoughts:
Don't be too surprised, though, if your research reveals that you're already earning just about what you should be. Consider some fascinating findings from a new poll, wherein Salary.com collected pay data from about 14,000 employees and 400 human-resources managers nationwide. Among the 1,600 people surveyed who said they think they're underpaid, the researchers' analysis says that over 80% are not only already earning their real market value, but -- surprise! -- some are actually paid more than their job description warrants.
I told you she always wrote about interesting topics!
Your career (and the income potential it represents) is the biggest asset you own. You need to manage it actively to maximize both job satisfaction and income. Part of this managing of your career is looking objectively at what you do, how much it's worth, and taking appropriate action. It's often a difficult balance, but one that will make a tremendous impact on your net worth for good or ill depending on how well or how poorly you manage it.
For more information on how to make the most of your career, see these links:
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