Ask employees if they are satisfied with their pay. From Europe to Asia and Australia, the answer is almost always the same:
- I’m sure I deserve more
- The work is fine, if only the pay was a bit higher
- I think I’m underpaid
- …
“Our salaries are not fair!” Over two-thirds of Slovaks share this opinion of their earnings according to the STEM/MARK agency, which conducted a survey for Home Credit in July 2015. The same agency conducted a different survey in the Czech Republic in 2014 where it found that 20% of those with above-average salaries, i.e. those netting at least CZK 20,000 monthly, considered their own income as below average. The perception of salary amounts is very subjective. Objective data is needed to make a proper evaluation during an interview or in salary negotiations with a current employer.
Companies invest tremendous sums in comparing the salaries of their employees with other companies. Paying too much is an excessive drain on a budget, while paying too little results in dissatisfied employees who deliver diminished performance with the added risk of taking the first opportunity to find another position elsewhere. Can candidates and employees prepare themselves for an interview or salary negotiations without overvaluing or undervaluing themselves? Slovakia-based Profesia, part of the Finnish Alma Media Group, launched the good salary comparator www.paylab.com portal in September 2015. The portal was created using positive experience from ten localised websites across Europe. Thousands of employees from Finland to Hungary and Serbia use the portal on a daily basis to find out if their salaries are fair. The portal functions at the level of specific positions and regions.
Using of Paylab is simple:
- Fill out a short form entering your position, region and other demographic data, as well as your salary
- System will immediately inform you whether you earn less, more or the same as other employees in the same position
- Sophisticated methodology detects duplicate data and extreme values, so you only compare your salary with valid input data.
It’s important to note that the research conducted by Glassdoor indicates that salary is not the overriding factor in overall employee satisfaction or dissatisfaction. Far more employees appreciate corporate culture and company values, potential for career growth, good management/leadership, and work-life balance at work.
Source: https://www.glassdoor.com/research/does-money-buy-happiness-the-link-between-salary-and-employee-satisfaction/
Still think you are underpaid? Go to Paylab website to find out whether that’s really the case.
