Are you underpaid, overpaid, or paid just, right? Sounds a bit like the children’s story of The Three Bears. The most common theme I see about compensation is that most people feel they are underpaid. In addition to being less satisfied at work, depressed, anxious, and resentful – being underpaid impacts your long-term earning potential—and therefore your overall wealth—and your confidence. Who the heck wants all of that?
A good sign that you are underpaid is recruiters regularly contacting you to tell you about other opportunities with similar responsibilities that pay several thousand dollars more than you’re earning now. High turnover is frequently another sign that your company is not paying wages that are consistent with the market as a whole. Although salary surveys from various internet sources like salary.com are good, recruiters are some of the best sources of information about market compensation, especially if they specialize in your industry.
For instance, Top Talent specializes in Logistics, Transportation, and Supply Chain, with a heavy focus on sales and business development. Since we are working with companies all across the United States we know exactly what price range companies can offer and the skills they’re looking for to command higher than market compensation plans.
An article in the Canadian publication The Globe and Mail spoke about being underpaid this way: “Two monkeys situated in adjacent cages perform the same task equally well, but one gets a mediocre piece of cucumber and the other a delicious grape. The monkey that gets less than they think they deserve – the cucumber – goes “bananas” (pun intended), banging on the floor, shaking its cage, and throwing the cucumber back at the scientist. What this experiment tells us is that it’s natural to react to unequal “pay” with anger and protest.
In order to rectify the feeling of being underpaid, across all industries, executives are going to their bosses asking for more money. It’s often difficult to get large percentage increases in your current role, so that’s driving executives to seek other opportunities. So, does this mean you have to change jobs to make more money? Most likely, YES.
It really does pay to change jobs. According to a Pew Research Center analysis, during the second year of the recent pandemic, half of the workers who changed jobs saw their pay increase by nearly 10%. The median worker who stayed put saw an inflation-adjusted loss of almost 2%. Even if you got a raise for your good performance, industry-standard raises aren’t anything to write home about, often only keeping up with inflation. What that means is that most people who stayed at their job through the pandemic either saw their pay decrease, keep up with inflation, or in minor cases raised. Unfortunately, the trend of being “underpaid” continues today.
Is Pay Really the Issue?
Most people think that being “underpaid” is only a financial problem, but they forget about the less tangible things that can impact someone’s feelings of being “underpaid.” Some people can feel “underpaid” because the personal cost incurred during their job is just too much. What people really need is to have a shorter commute, flexible hours, a less-stressful company, different job responsibilities, or a different boss.
Then there’s the passion aspect. If you aren’t passionate about what you are doing for 40 hours a week, no matter how much you are paid, you will never feel completely fulfilled. My suggestion is to find out what you are passionate about and find a way to get paid for it. For those of you who are in the Logistics industry, some of you could have better commission plans, more upward mobility, a better split as an Agent, or the ability to work a hybrid/remote schedule.
96% of people are open to opportunities should the right one come up. Whatever that “right” opportunity is for you in Logistics, we want to help you find that perfect fit. We have experts on standby ready to help you figure out what a “perfect” fit looks like for you. Just contact us today (www.toptalentllc.net/contact-us) and we will get you in touch with one of our talented Recruiters for a short initial screening call on your background, the rest will take care of itself.
We look forward to finding that “goldilocks” fit for you soon! – Mike
About Top Talent
With over 90 years of Logistics experience, Top Talent is a recognized leader in Talent Acquisition for Logistics, Transportation, and Supply Chain., Let us put our team to work for you. To learn more about successful strategies for getting those impact players and game-changers on your team, reach out to us today.
– Michael Monson
President and CEO
Top Talent LLC
Email: michael@toptalentllc.net