Are You Getting Paid What You’re Worth?

Being underpaid is a common issue in the workplace. Unfortunately, I continue to see it in the industries I work in/for as well. Doctors don’t know exactly how to measure what an employee’s value is and the employee is intimidated to ask for a raise. What it leads to is burnt out staff and sometimes a Doctor who doesn’t necessarily have the most valuable employees on the team.

Nationally in 2013 even women with their MBA are still being paid on average 7% less than their male counterparts.  So let me speak directly to the ladies: What can we do to negotiate better salaries for ourselves? For our current job or a new one?

It is usually an uncomfortable conversation to ask for a raise, but it doesn’t have to be! I look at it as an opportunity to be empowered. Business consultants recommend that you as for a compensation package in lieu of strictly a monetary raise.  Potential items would be a car allowance, adding staff to your team, equipment updates, more budget or department funding for marketing or sales incentives…and a raise!  You are likely to get part of it and maybe all of it.

Most importantly you must focus on the purpose of the raise or budget increase with the goal to perform your job more effectively or to broaden your responsibilities.  How can this help the company’s directives and goals? You need to be able to answer this question! This needs to be your focus.  What’s in it for them, not you!

Finally, have your number in mind.  Do your research.  Know what you are worth.  If you are asked directly what you want you must be able to answer confidently and quickly.  The internet is a wealth of information for determining worth and additional ways to make yourself more valuable to your company.  Use it and prosper!