“What is my value?” And “What value addition am I doing?” these are the two questions which are important for all employees. The good thing is that most of the sensible employees know the correct answer to it. It is good to know your worth. But have you ever felt that “Am I getting a lesser salary?
Most of the employees would feel that they are getting a lesser salary than they deserve or than the market rate. How much they deserve may be a matter of discussion, but the market rate is having records and facts.
What survey say?
PayScale.com, a salary structure analysis company, is differing on this point. According to the survey done by them, more than 90% of the employees who feel underpaid are getting the salary at or near to market rate. In most cases, the employees have a wrong idea of the market rate.
In the survey conducted over more than 5 Lakhs employees, it is noticed that Employees are more concerned about the transparency and fairness of employer. Those confident in the fairness and transparency of their employers’ pay processes, the survey found, were 5.4 times more likely than people paid a market rate to be highly satisfied with their jobs.
“Companies are determining pay in this kind of behind-the-curtain way,” said Chris Martin, the lead data analyst at PayScale. “Employees are forming opinions and think they are getting a raw deal.”
Many companies have made the Salary data of individuals confidential to avoid any feeling of inequality among the employees. Employees are not expected to reveal their salary data to their colleagues.
The salary of an individual is decided on many factors. Major factors are the role, relevant experience, past salary etc. Companies try to keep the figures near the market rate, but it is not possible always. So, it is always recommended to keep a watch on the market rate and not to overvalue yourself.
