Lisa Wilkinson this week proved that knowing what you’re worth – and acting on it – can be a powerful thing.
Of course, not all of us are able to walk away from contract negotiations with one media company and go across to another for a reported $2 million pay packet. But whether or not your wage stacks up against your colleagues in your industry is a valuable piece of information to have in your arsenal. Especially at your next annual remuneration meeting.
So how do you find out exactly what you’re worth? Is it as simple as secretly comparing notes with your workmates?
Listen: Jessie, Mia and Holly talk about getting paid what you’re worth on Mamamia Out Loud:
Well, no, that’s not the best method, according to Inabox Group chief financial officer Deb Zimmer – who has been on both sides of many pay and contract negotiations.
Zimmer says that while your best mate at work may tell you what salary she’s on, it’s not actually going to be very useful information.
“Most companies have policies about staff not discussing their salaries. So if you find out that the person next to you earns more than you, you can’t really use that information with the company.”
“Yeah, ask your buddies at work, but don’t use that as a source of proof with your employer.”
She adds that there could also be good reasons why your co-worker may be doing the same role as you but getting paid more. For instance, they may have been at the company for 20 years and recently moved into a lower position, but are still being rewarded for their loyalty.
Zimmer says the best way to find out your worth is to speak to an experienced recruitment consultant.