In this episode, Andrew starts with a personal story of attempting to win a pay rise and how that went wrong.
Pay is only a crude way of keeping the score when it comes to success, says Andrew. How well you’re doing in pay terms seldom says much about how successful you are.
Nor does your working pay connect to how much you deserve to be paid. It's far more to do with market rates for the job. And how hard it would be to replace you.
Naturally, you think you need a pay rise. After all, prices are rising and seem destined to continue upwards for the foreseeable future.
Also, you work hard and consider that it’s time you were rewarded better for what you currently do. Yet none of this matters much to those who pay for your time at work.
Most employers are reluctant to offer pay rises. They may do so if you’re about to leave and you’re hard to replace. Or if your performance is essential to the work of a team, or your contribution can’t be replicated with internal candidates.
But pay seldom represents true success. For example, money may not be enough to compensate for a terrible commute, bad relations with work colleagues, an overdemanding boss, or stressful work conditions that threaten your health and wellbeing.
Still, at some point after you have started work, you may wonder if you're underpaid relative to your talent. So, what are the signs of you being underpaid and the signs that you are not?
Start by talking to recruitment agencies. If they tell you about other local jobs with similar responsibilities, paying a lot more than you’re currently earning then you may be underpaid.
But if those same agencies suggest jobs with pay, much like you're earning now with worse travel and hours or fewer benefits, then you are almost certainly not underpaid.
Next, check out the salary survey sites. Is the average pay for someone with your responsibilities and experience much higher than yours? If so, it’s time to negotiate for a pay rise.
You're underpaid, explains Andrew in this latest podcast, if you could easily find a new job with a better-paying one. But if others in your area do the same work for more money, you're not, or if there are seldom any new job openings.
Another sign you are not being underpaid is if you have practical knowledge, such as using statistics yet don't ever use this know-how in your job.
What would be your perfect pay increase in funding your vision of a “comfortable” life, asks Andrew.
In 2018, a UK study reported that most people’s
Can't wait for Series 2 to run its course? Then buy Andrew's new book, published on Amazon, and there's also an Audio version.
Further reading and videos: Andrew recommends some useful follow through material which you can find for each episode at50Ways.site/reading; and 50Ways.site/watch.
BOOK:
The 50 Ways to Succeed at Work book is a standalone companion to Andrew Leigh's weekly podcasts.
It's an essential resource for all job starters and those at work for a few years.
Dip in and out and take what seems helpful.
https://www.amazon.co.uk/dp/B0BRM569KY
