You want to make more money in your current job, but unfortunately, it's not as easy as you thought it would be. Your company's compensation policies are based on a number of factors, including the market, your role, the company's budget, and philosophy. While there's no magic fix, there are ways to increase your earning potential. Talk to your boss about your goals and see if there are any opportunities for you to take on additional responsibilities or get a raise. You can also look for a new job that pays more. No matter what you do, keep in mind that compensation is an important factor when it comes to job satisfaction.
If asking your boss for a raise or career growth does not work, and you have other reasons to not stay put in your current job, you may consider taking the "Step Outside" from your current situation and finding out what else is out there!
Do You Know What You're Worth?
The first step is finding out how much you are worth. But how? Ask around? Google it? Luckily, there are plenty of online resources that can help you find out what salaries and compensation levels are typically like for your role across different industries. Some of these sources are :
The PayScale Salary Survey – The survey is free but does require that you register.
Salary. com – one that is considered to be fairly accurate.
Glassdoor. com – requires registration, but is also considered to be one of the more accurate resources.
As you can see, there are many different ways to find out what others in your field are earning. So why not give it a try? It may help you figure out what your market value is.
What are the potential consequences of remaining in your current position?
Unless you have compelling reasons to stay in your current company, you should be aware that falling behind on market salaries can cost you dearly. In some cases, people can lose tens of thousands of dollars a year by not staying current with salary trends and sticking with their current organizations. There may be factors outside of your company's control dictating their wage policies. A company's financial state and the pressure on its leadership to reduce costs can determine whether layoffs are part of its strategy. If that is in the air, you may also have to deal with the concern of losing your job, in addition to not getting a raise. Replacing laid-off employees with new hires at a lower cost could also be a tactic used in order to save money.
When it comes to making the decision of whether to stay or go, being mindful of these factors can help you choose the best course of action.
When should you change your Job?
Before you consider leaving, make sure to factor in other key variables such as your relationship with your boss, other benefits, company culture, type of work, future growth opportunities, work-life balance, your comfort level, etc. all of which may be more important for you in the long run even though your compensation may be lower compared to the market.
If you choose to leave, make sure you do so quickly. Every day you delay is like leaving money on the table.
What could be the impact of the delay?
If your efforts are not being recognized properly and you do not see a path forward, you may like to consider leaving quickly. Delaying it will not only impact you financially but also lead to frustration impacting your performance.
So how do you find another job that pays better?
Be proactive. Start with research. Identify industries where there is more demand for your skills and the pay is higher. Then work on creating a list of target companies within those industries and the key individuals you can network with. Create your branding that demonstrates your unique value proposition and figure out ways to promote that. Resumes, Linkedin Profile, and more importantly creating profiles on other online forums and platforms where recruiters are searching for talent are some of the ways to increase the visibility of your brand. Next, create an engagement strategy to find and connect with the recruiters and hiring managers directly so that you do not compete with hundreds of other applicants. Spend less time on traditional job platforms and more time on networking creating a targeted outreach campaign for decision-makers.
Conclusion
There is no one-size-fits-all answer when it comes to deciding whether or not to stay in your current company. Your decision will depend on a variety of factors, even if you don't feel you're being paid market rates. And research has shown that compensation is not usually the main factor people consider when leaving a job, even though it's an important one. When making an important decision, it's always a good idea to do your research first. If, after careful consideration, you decide that leaving your job is the best option, don't delay your departure for too long. Make a plan for your job search and execute it swiftly.
An expert job search and career coach can sometimes be a great person to seek advice and guidance from.