Earn
How to find out how much you should be earning
You may have a high salary compared with your co-workers, but your pay could also be lower despite your workload and responsibilities when compared with your industry peers.
How to find out how much you should be earning
You may have a high salary compared with your co-workers, but your pay could also be lower despite your workload and responsibilities when compared with your industry peers.
If you want to know whether you’re earning the industry standard or it’s time to negotiate a pay rise, you need to find out your role’s value by researching what your peers make.
How to find out what your peers are earning
You need to know how much other people in a similar role actually make instead of making assumptions. Find out how much your peers make by researching the current market price.
You can do this in three ways:
- Ask your peers
Consider asking the salaries of people with the same role and level of experience. They don’t have to be your co-workers – in fact, you may get a better idea of the industry standard by asking peers from different companies.
If you don’t know enough people in the same role to come up with a precise salary range, consider asking other people in online professional forums. - Consult recruiters
You may ask headhunters or recruiters for information about the salary range that companies are willing to give for your role. - Research online
If you’re not comfortable with asking people directly, you may consider looking up the salary range of your role online.
Sites like Glassdoor and PayScale offer salary reports of various roles in different locations. You may simply look up comparisons or pay for a more detailed report.
You may also look through job boards and take note of the salary range companies offer.
What is your value based on your seniority?
You may have the same role as other people, but your salary may be higher or lower than others because of seniority.
Your salary should generally be higher compared with your colleagues if your relevant credentials are better than theirs or you have been working in the company longer than others.
For instance, you may be given a higher salary if you have a master’s degree or certifications that are relevant to your role. Having relevant experience in your field of work or leading a team of employees can result in a higher pay.
You may also gain seniority and higher pay over other employees if you have been working for the company longer than others.
However, seniority only increases in value if the employer considers it as a deciding factor in employment-related decisions.
If you work in a company or organisation that has a seniority-based pay scale and you have the credentials to be considered as a senior employee, you may expect to have a higher value. But if your employer uses a performance-based pay scale, your value will depend on your contributions.
About the author
About the author
Salary
Economists predict a further drop in unemployment
Economists are predicting further falls in the unemployment rate largely led by Victoria as it emerged from an extended lockdown, new research has revealed. ...Read more
Salary
Casual workers could lose $1k under new reforms
The opposition has claimed that the Morrison government’s plan to amend penalty rates could cost casual employees up to $1,100. ...Read more
Salary
Job vacancies surpass pre-COVID levels
The Australian economy is continuing to show signs of improvement, with job vacancies skyrocketing over the last quarter, official figures have revealed. ...Read more
Salary
Unions take Qantas to High Court over JobKeeper ‘misuse’
Aussie unions are taking their fight with Australia’s largest airline to the High Court following claims Qantas misused the JobKeeper payment to subsidise overtime payments, essentially robbing wor...Read more
Salary
JobSeekers urged to ‘turn off Netflix’ and work in regional Australia
The acting Prime Minister has urged unemployed Australians who are currently on JobSeeker benefits to "turn off Netflix" and look for regional work, as farmers struggle to find temporary foreign worke...Read more
Salary
Aussies rely on debt to get through pandemic
Australians are relying on personal credit to get through the COVID-19 pandemic according to survey results released by a financial institution. ...Read more
Salary
Stressed-out Aussies unlikely to receive pay rise
While Aussie workers are spending more time at work, and their stress levels are through the roof, they’re not receiving higher levels of pay, new research has found. ...Read more
Salary
Work in the gig economy could be costing you over $90k
Despite the growing popularity of the gig economy, workers in this space could face long-term financial disadvantages, a new research paper has found. ...Read more
Salary
Economists predict a further drop in unemployment
Economists are predicting further falls in the unemployment rate largely led by Victoria as it emerged from an extended lockdown, new research has revealed. ...Read more
Salary
Casual workers could lose $1k under new reforms
The opposition has claimed that the Morrison government’s plan to amend penalty rates could cost casual employees up to $1,100. ...Read more
Salary
Job vacancies surpass pre-COVID levels
The Australian economy is continuing to show signs of improvement, with job vacancies skyrocketing over the last quarter, official figures have revealed. ...Read more
Salary
Unions take Qantas to High Court over JobKeeper ‘misuse’
Aussie unions are taking their fight with Australia’s largest airline to the High Court following claims Qantas misused the JobKeeper payment to subsidise overtime payments, essentially robbing wor...Read more
Salary
JobSeekers urged to ‘turn off Netflix’ and work in regional Australia
The acting Prime Minister has urged unemployed Australians who are currently on JobSeeker benefits to "turn off Netflix" and look for regional work, as farmers struggle to find temporary foreign worke...Read more
Salary
Aussies rely on debt to get through pandemic
Australians are relying on personal credit to get through the COVID-19 pandemic according to survey results released by a financial institution. ...Read more
Salary
Stressed-out Aussies unlikely to receive pay rise
While Aussie workers are spending more time at work, and their stress levels are through the roof, they’re not receiving higher levels of pay, new research has found. ...Read more
Salary
Work in the gig economy could be costing you over $90k
Despite the growing popularity of the gig economy, workers in this space could face long-term financial disadvantages, a new research paper has found. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
