What You Should Know About Salary Increases
If you are an employee, you may feel that you are not being paid enough money for your work. If this is the case, you may be surprised to find that you are not alone. A survey which was taken for thousands of employees showed that over 60% felt they were being underpaid.
Many of these same people also revealed they would be looking for another job within a few months. The interesting thing about this study is that it also revealed that only 19% of those taking the survey were underpaid. A smaller percentage were overpaid, and over 30% received fair pay.
By reading this, you probably have a number of questions. You may be wandering why some employees receive increases in pay, while others do not. It is obvious that some people make more money than others even though they work in the same field. They tend to receive more raises, and their salaries increase at an exponential rate. There are four important factors which will determine the number of raises you will receive. These four factors are your industry, market pay, company pay policies, and your job performance. Statistics show that the salaries for 2006 are expected to increase at the same rates as they did in 2004. The salaries increased by approximately 3.7%.
For these statistics, over 500 companies were studied who had a grand total of about 200,000 employees. However, it should be noted that the salary increases for different industries may vary. For example, if you work in the chemical industry, the average salary increase is 4.3% instead of 3.7%. Supervisors who work in technical fields may see increases which are as high as 5%. However, other industries such as computer manufacturers may only see increases of 3%. Where you live can also play a role in how much you’re paid. Employees who work in the Mountain states could see salary increases of 4.2%, while managers working in Philadelphia will see increases of 4.8%.
If you are searching for a new job because you feel that you’re being underpaid, you will want to make sure you perform your market research. Doing this will allow you to determine how much you will make for each job you pursue based on your location. These statistics can easily be obtained online. Many people make the mistake of changing jobs without first doing their research. They often end up getting jobs which are just as bad as the ones they left. After you’ve done your research, you will greatly increase your chances of finding a better paying job. It is important to always remember that the choices you make with your career will determine the amount of wealth you attain.
Making bad decisions can lead to financial disaster, while making good decisions can lead to financial freedom. Because of this, you want to take the time to think over any career changes you might be considering. When most people change jobs, they allow their emotions to get the best of them. When you think with your emotions, you will often end up in trouble. If you want to change your job because you feel you are underpaid, it is important to make sure you think rationally. There are a number of employees which have the opposite problem. Instead of moving to a better paying job, they stick with a company that continues to underpay them.
If you accept this, you may never get ahead in life. If you are working hard, and your company doesn’t respect what you’ve done, this is a sign they don’t value their employees. These companies tend not to last very long. Therefore, it is not a good idea to continue working for them. You should want to work with a company which values you as a worker and rewards you for the tasks you accomplish. Many employees feel stuck with companies they hate because they’ve worked with them for a long time, and feel that it is risky trying to start over with a new firm. At the same time, working for a new firm can give you a new view on life which is positive, and this can allow you to excel.