Why Should You Compare Your Salary to Your Peers
In the past, people considered comparing salaries between peers a big taboo. Many think and agree that comparing salaries would lead to unnecessary conflict and tension among the employees. However, as more people are being open minded these days, they are slowly coming to the realization that knowing your salary in relation to your peers can actually be beneficial. Below are the reasons why you should compare your salary to your peers.
Give Yourself Some Motivation
What better way to motivate yourself than knowing that you need to step up your game in order to achieve the same salary range as your peers? If you begin to see the discrepancies between your salary and those of your peers, you will likely be motivated to work harder. By knowing that this level of salary can be achieved, you set yourself some attainable goals. Your goals will not be just vague, such as "I need to get a raise next year" You can now set a value to your goal, knowing that it is possible.
You'll Know Your Worth
Whether you plan to change jobs, or you are gunning for a promotion, knowing how you stand amongst your peers will give you an idea of what you are worth to your company. If you find out that your salary is at the top tier of a particular salary range, then you know that you are a valuable asset to the company, and as a result, you will be more confident in demanding for what is due you.
Your are Able to Determine if Your Company is Fair
Of course, since you now have enough data to make a thorough study, you can ask your Human Resources department on how your salaries are calculated. If your company is fair, they will be able to provide you with tangible criteria - objective and justifiable reasons for how they determine your salary. Your company should be able to provide you with valid data to gauge if their system for assigning salary is fair.
You Can Control Your Success
The best way to plan out your success story is by knowing where you stand first. Being aware of your full salary range, you have an idea of how much extra work needs to be done to improve your standing or get a pay raise. If you belong to the lower tier of that particular range, you will have a clearer idea on how much work is still expected from you. You will now have a more reliable barometer of how much work you should do to attain your goals. Once this has been established, you can work on more concrete efforts that will ensure that you are on the right track to achieving success in your career.
When you do set out to compare your salary to your peers, keep in mind that there are individuals who are not comfortable with sharing how much they make with others. Make sure that you respect their privacy, and that you don't force them to share what they don't want to share. By the same token, don't share your salary with just anyone. You can avoid conflict if you don't force the issue, and keep in mind that for some, sharing your salary, is also a form of arrogance and bragging. Make sure that you will only share the information if someone asks, and never force your peers to share theirs, no matter how sound you think your arguments are. Once you do gather enough data, use it to your advantage, but remember that those data are not yours to share. You can make generalizations, but never identify or name names.
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