Money is a difficult topic. But luckily, people are starting to be more and more open. Transparency is important. People need to talk about their paycheck, for others to be able to make comparisons. Nevertheless, research shows that women especially earn less money because they often do not ask for enough. In case you are still wondering if you are earning what you are worth, here are 4 signs that you are not earning enough.
1. You are exceeding expectations
If your performance is exceeding your company’s expectations, and you are even repeatedly congratulated on it, prepare to negotiate your pay. Exceeding expectations can mean working more independently or taking on responsibilities earlier than expected. Maybe you are even already taking over to-do’s from your seniors when they are too busy. Overall, your performance is outstanding and good work should be paid appropriately. It’s your first sign that you are not earning enough.
2. Data shows that people in similar positions earn more
The second sign is data showing you that you are not earning enough. To know your worth or the average pay for the job you are doing, you need to do your research. Make sure to check out the online data on wages in your position and talk to other people who are doing the same job. If you notice that you are earning way less than your colleagues, it is time for a change.
3. You can’t save any money at the end of the month
Of course, this can also depend on your spending habits but overall if your basic expenses like food, rent, maybe paying off your student debt and such are costing you more than half your paycheck, it’s a sign that you are not earning enough money. If you are performing well, but you can’t save for your future, you need to negotiate your pay, especially when your research shows that other people in similar positions earn more money.
4. You changed your job, but your paycheck didn’t
This is a red flag and the last sign. Your employer should raise your wage when you change your job or position. You wonder why? Because you most likely had less work experience during your last negotiation. You have developed since then, and you have learned more, so you deserve a raise. It doesn’t matter if you are changing the company or just the position in the company, the moment you have more work experience, more responsibilities or both you need to renegotiate.
Do you recognize one or all of the signs of not earning enough? Let us know in the comments below. Make sure to also check out my post about How to Overcome the Gender Pay Gap in 2021.
Be right back,
Ally
