The most Common Salary Myths
When it comes to salary, there are many myths and misconceptions. There are many employees that are quite uncertain on how much money they should be making, why do they make a certain amount of money and what to do if they feel they are underpaid. Below are most common salary myths that people have about their salary. Also, there are the real truths behind these myths that will help you to steer in the right direction and to understand the salary issue better.
Employees have certain expectations when it comes to the salary, based on job performance or on how long you have worked for a company. Usually, employees think that working hard and performing well in a position leads to a high salary. But, employers offer the salary based on the rate for your position and how the economy affects it. Many people are good in writing resume or giving interviews but when asked about salary, they start fumbling. Normally what happens is that they take what is offered to them because many believe that this is what they are going to get. This happens because of many reasons. Given below are the most common mistakes employees make while negotiating about the salary.
- Fail to understand what they or their job is worth
- Missing basic salary research
- Missing knowledge about employer and the company and its market value
- Lack of salary negotiation skills
Due to the recession, most employees think that are underpaid because they don't get the bonuses and the pay raises according on how much they have been working and how much time they spend working. As a result, in order to avoid the misconception that you are paid on your performances, you first have to wait so that the recession passes and then you might want to discuss your salary with your boss. However, when the economy will recover and your company will start hiring again, you must ensure that you get the salary you deserve and that it is above the salary of the new employees.
Few employees know this: when they ask for a raise or when they get a raise, the average raise has room for a little more. This means that some companies reserve a little extra or a bonus for the employees who work hard and are valuable for the company. So, if you don't work hard and if you are not dedicated to the company, you certainly won't receive a raise. As an advice: don't ask for an extravagant raise, but ask a raise higher than you might normally get. But you have to know that when you ask above the average salary percentage you have to be ready to demonstrate your employer why do you deserve it, what skills and qualifications you have and why you are irreplaceable, because otherwise he has no reason to give you the raise.
Another myth that goes around is that some employees think that the colleague who gets along with their boss, who shares the same hobbies and interests as him is paid more. This is certainly no true. You have to know that employers cannot hire or give raises to a "buddy employee" without having any proof that he really deserves it. In a company, it is always about the bottom line and the money for salaries has to be justified. So, if a colleague of yours gets along with your boss it doesn't mean that he has a higher salary then yours.
These are just some myths and misconceptions regarding the salary. Although you may think that there are many reasons to salary and benefits packages, you have to know that there are many factors that influence them. The salary inconsistency can be based on three factors: your job performance and the economical situation and the budget of the company that you work for.