“What is my value?” And “what value addition am I doing?” these are the two questions which are important for all employees. 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 like if you are getting a lesser salary?
Most of the employee would be feeling that they are getting lesser salary than they deserve or than the market rate. How much they deserve may be a matter of discussion, but market rate is having records and facts.
What survey says?
PayScale.com, a salary structure analysis company, is differing on this point. Referring to the survey done by them, more than 90% of the employees who feel to be underpaid are actually getting the salary at or near to market rate. In most of the cases, the employees are having 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.”
There are many companies who have made Salary data of individuals as a confidential to avoid any feeling of inequality among the employees. Employees are not expected to reveal their salary data to their colleagues.
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 market rate, but it is not possible always. So, it is always recommendable to keep the watch on market rate and not to make overvalue yourself.