When you love your job, work harder, help generate profits for your organization, and contribute to your country’s economic growth, you expect to get paid fairly, if not rewarded with any extra pay for it. However, it has become the norm for the working class to be underpaid. Since most of the employees are unsure of their market value and what their talent and experience are worth to their employers, they take whatever salary they are offered.
While it’s often difficult to understand if you’re being paid fairly, there are online tools designed to help you understand your potential earnings. PayScale is one such tool that compares average salaries and suggests an exact pay range for your job. However, recently Glassdoor released a new tool — Know Your Worth — which performs the same functions as PayScale but takes a different approach to helping you find out how much money you really should be making. Robert Hohman, co-founder and CEO of Glassdoor, states:
“We wanted to make salary data more personal and combining with advanced technology. And for the first time, you can get a really precise prediction of what you can command in the market. Most people think that salary changes every couple years, but the truth is that salary can change every single day, demand for jobs changes every single day all of which we are in a position to see with Know Your Worth.”
To gauge your worth, as well as determine if you are getting paid what you are worth, Know Your Worth uses machine-learning algorithms to analyze factors like experience, job title, employer name, location, salary reports and market trends. After considering these factors, Know Your Worth tells you your job market worth and what you should be getting paid. It also factors in real-time localized information about job market demands to make the calculations, writes CNN. Glassdoor elaborates:
“Know Your Worth by Glassdoor is a new, free tool that uses patent-pending technology to calculate the estimated market value, or earning potential, of an individual, right now, based on characteristics of his or her current job, work experience and the local job market. Know Your Worth by Glassdoor, currently in beta, is designed to not only help you determine if you are being paid fairly, but also whether you should attempt to negotiate their current salary and/or explore better-paying jobs.”
Expecting Know Your Worth to initially calculate market value for 55% to 60% of the U.S. workforce, Glassdoor predicts the tool can help employees ensure they get fair pay. A survey conducted in March by Glassdoor found that 73% of employees accept they’d look for another job if they found out their market value was higher than their current pay. Hohman says:
“It’s still incredibly hard to know if you’re being paid fairly as company pay practices are still largely opaque and talking about pay remains taboo. We believe knowledge is power and we’ve built Know Your Worth to help people better understand their earnings potential and worth in the ever-changing job market.”
— AIB (@AIBeducation) June 13, 2016
Do you think Know Your Truth’s individualized findings could incite people to ask for a raise or look for a better paying job? Do you think the tool can bring us a step closer to closing the gender pay gap? Do you think salary transparency can translate into higher retention rates? Please leave us your comments in the section below.
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