You’re right. You are underpaid
If you think you don’t get paid enough for what you do, you’re not alone. And research suggests you might be right.
A recent survey conducted by Workopolis found, perhaps unsurprisingly, that of 16,600 respondents, more than half say that they are not paid enough.
We asked, “Are you fairly compensated for the skills you have and the work you do?” 54% said “No, I am underpaid,” while 29% said yes, they were fairly compensated and 17% weren’t sure.
Are we just complainers, or is there something to it? It’s hard to say, but if you live in Toronto, there’s evidence that our paycheques don’t match the high cost of living. While we are the 12th most expensive out of 71 looked at on the latest Prices & Earnings Report from Swiss Banks, our earnings only come in at No.15.
We do know that employers are always complaining about a lack of qualified candidates – or skills shortage – which begs the question of whether they would get more qualified applicants if they just paid more money.
Perhaps. When you consider the fact that the average Silicon Valley intern makes more than the average Canadian at any stage in their career – approx $72,000 vs $49,000 – it seems no wonder many of the best and brightest are fleeing to the land of venture capital funding.
Poor employers. They’re being lied to. Those HR type publications and “thought leaders” are always trumpeting at them the ridiculous notion that money isn’t the most important factor people consider when weighing a job offer. It is, of course.
A new survey conducted by Express Employment Professionals asked 872 workers why they reject job offers and quit jobs. The No. 1 reason? You guessed it. Dollars.
872 respondents were asked “What hurdles stop you from accepting a job?”
Respondents were told to choose all that applied from a given list.
According to a press release, the No. 1 answer was pay (61%), followed by schedule (42%), and hours (41%). Advancement/opportunity (28%) and transportation (19%) rounded out the top five. Unemployment benefits (3%), worker’s compensation (3%), and food stamps (1%) were at the bottom of the list.
Further, when asked “What hurdles stop you from staying on a job?” pay was again the top choice (53%), followed by hours (37%), and schedule (36%) made the top three. Advancement/opportunity (32%) and boss (29%) rounded out the top five.
And a 2014 survey of recruiters by Management Recruiters International found that 26% of candidates who turned down offers do so because they compensation isn’t enough.
They say we’re in a candidate-driven market, now more than ever.
What this means? Employers might do well to stop kidding themselves about a “skills shortage” and realize they’re just cheap. Maybe. At the very least, maybe we should all be asking for raises.
What do you think? Are you underpaid or fairly compensated?