You’ve probably been hearing things about layoffs and job freezes, and while some companies are shedding staff, plenty more are hiring. Specialist staff such as developers and engineers are in high demand across the globe, and that’s driving up salaries.
In fact, according to a recent Job Seeker Nation Report, only 37% of us believe we are paid fairly, and nearly half believe we can earn more money by switching jobs. If you’ve been in your job for a while, you might even be paying what’s known as a loyalty tax for being such a good employee.
You're probably already familiar with the concept: you get a great offer from your TV or electricity company offering you a preferred rate on your package, but when you investigate, it turns out that it’s only available to new subscribers. You are effectively being rewarded for your loyalty by paying bigger premiums or monthly charges.
The same thing can happen at work; a new hire joins and they are making significantly more than you, for the same role. Things are being made worse by the current “battle for talent” where recruiters are offering ever increasing sums to in-demand employees. In companies where there are no formal salary scales – often true of tech start-up and scale-ups – this is leading to large disparities between what existing workers and new employees are being paid.
Here’s how you’ll know if you’re being underpaid – and what to do about it.
1 You’ve never had a raise
If you’re doing more work, or have taken on additional responsibilities – for example the tasks of someone who has left – then it’s time for a conversation about compensation. Don’t forget that the cost of living is rising too, and has been since 2021.
2 You make less than the industry average
Check in with colleagues or industry contacts and sense-check what the salary is for the same role at their company.
3 Visit review websites
Sites such as Glassdoor and Indeed’s Salary Calculator exist to allow you to check out real employee reviews and to discover compensation and salary information. By searching your job title and location you should be able to get a fairly accurate snapshot of what you could be earning.
If you discover you’re being paid under market rate, you should have a conversation with your manager about your expectations. If a new job seems more appealing to you, we have three to check out below.
Integration Engineer (Starlink), SpaceX
SpaceX was founded under the belief that a future where humanity is out exploring the stars is fundamentally more exciting than one where we are not. As an Integration Engineer in the integration and test team, you will play a critical role in integrating, testing and evaluating the functional performance, reliability and robustness of a complex satellite communication network. You will ensure that satellites and ground networks provide the best possible communications system performance while also ensuring compliance with operating licenses. You will need a Bachelor's degree in computer science, computer engineering or electrical engineering and a year of hands-on test and integration experience. Interested? Apply now.
Software Engineer (Full Stack), Tock, Squarespace
The Tock Engineering team is looking for a Senior Software Engineer (Full Stack) to help it to build the next generation restaurant ticketing system. You'll work with a mix of front and backend web development tools and will build next-generation web applications that are fast and responsive. You will be able to build a feature or enhancement, starting with engineering design and taking it all the way to production, while contributing to core team culture and contributing code to efforts across a fast-growing company. You’ll need at least three years’ of experience building software. Experience being a tech-lead is a plus, and you will understand all parts of a modern web-based application stack from frontend, backend to production. Apply now.
FP&A Manager, PayPal
As a FP&A Manager for the global leader in online payments, you will provide financial guidance and insight to business leaders to help unlock value for the enterprise and customers. You will work closely with engineering, product, and business operations leadership and their teams to develop an in-depth knowledge of respective cost structure, key value drivers and strategic priorities. You will have solid problem-solving and financial modelling skills, be intellectually curious with a knack for connecting the dots, and a proven track record of helping to facilitate value creation through next level business partnership. You will need a Bachelor’s degree in finance, accounting or economics as well as four-plus years’ of professional finance experience in a fast-paced dynamic environment. Apply now.
This article was written by Kirstie McDermott and is part of a collaboration between NextPit and Jobbio. Find out more about the partnership between NextPit and Jobbio here.