“I’m Not Being Paid Enough.”
That’s a common phrase we hear from our clients, and it is often a valid concern. After all, our salary is one of the main reasons why we turn up at work every day!
However, we have seen that dissatisfaction with one’s salary can often lead to feelings of unfairness which may eventually lead to resentment and even burnout.
But what does it mean when a client comes to us saying “I’m not being paid enough”?
Often, it boils down to 3 possibilities and if you’re feeling dissatisfied with your current remuneration. Let us share with you what the root causes could be and how you can handle your unhappiness with your money situation:
From our experience, salary unhappiness could be caused by any (or all) of three different reasons.
1. You feel you are underpaid for the work you are doing.
Perhaps the work you do is very complicated but your boss thinks it is straightforward and simple so he has been reluctant to give you fair increments over the past few years.
Or maybe you just discovered that others doing similar work outside your company are paid more than you.
This happens often to individuals who stay with their companies for a long time and only get their measly 2% annual salary increments compared to their peers who move from company to company, enjoying 10% pay increases with each hop. (Sadly, employee loyalty isn’t rewarded these days).
If you have a nagging feeling that you could be better paid elsewhere, here are some ideas for you to consider:
Possible Actions:
a) Do your research. Ask your headhunter whether your current salary is correctly benchmarked to the market for similar roles.
You can also try going for job interviews at other companies to see if they offer a better package than what you are getting now.
b) Speak to your HR or Boss. Share your thoughts about your current salary situation with him and ask whether (or when) there could be a salary review for you. Some people have even been bold enough to mention that they were approached by headhunters (or had spoken to a peer) and was told their market value is much higher at other companies, however, do this cautiously as it might not be taken well.
c) Consider alternatives. If HR and/or your boss do not seem like they are able or willing to accommodate, then you might want to consider upgrading yourself for better paying roles or you could begin applying for roles outside your company.
2. You are given too much work for you to handle.
Sometimes, unhappiness with money isn’t a direct result of low or insufficient salary, but because of overwork or unrealistic expectations from bosses.
For instance, maybe your colleagues have resigned and you are asked to take over their jobs, with no backfill in sight so now you’re ‘double-hatting’ on a single salary and you start thinking, “I’m not paid enough for this job!”
In this situation, getting an increase in salary may not be a long term solution to your current ‘lack of bandwidth’ problem as it will inevitably lead to burnout (even if they increased your salary).
If this situation resonates with your current situation, you may need to realise that what you’re facing is a RESOURCE issue, not a MONEY issue, even though it genuinely feels like the latter.
ACTION:
We suggest you have a sincere conversation with your boss or HR about the current situation.
Explain to them that the current situation may not be sustainable and propose either an increase in salary to compensate for the enlarged portfolio, or perhaps getting someone else to take over certain tasks and responsibilities.
3. You feel you’re not being paid as much as your peers.
Sometimes, salary dissatisfaction arises because people look at their peers, former classmates or colleagues and feel these people are being paid better.
This could either be based on fact or perception and such ‘salary-envy’ can lead to significant career unhappiness.
A client once attended a class reunion party and saw his peers wearing expensive watches with unpronounceable brands and he felt that he was severely underpaid for his education and age. This led him to feel inadequate and unhappy, even though he was in a role that he enjoyed, doing the things that he loved.
“It made me bitter with my job.” He confessed.
ACTION:
If this is your current situation, pause and ask yourself – “are these observations based on solid facts or anecdotal data?”
If you do know that others are being paid better, then find out why.
Is it because they’re better qualified, have better skills, or are in companies that pay better? Or perhaps they are in industries with better margins.
Make the necessary moves to bridge any gaps, improve skills, or apply for better-paying jobs in those fields if you qualify.
Another alternative is to stop comparing yourself to others and realise that such pointless comparisons will never result in any positive outcomes.
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Whenever a client comes to us with a salary issue, we usually spend time dissecting this issue – what the root causes are and how do we strategically resolve their unhappiess. You should pause and reflect too…
Are you disatisfied with your salary? Come talk to us! You’d be surprised how much a simple conversation with us could shift your thinking (and your bank account!)