Help for Underpaid Job Seekers: How to Handle a Below-Market Salary History
The hospitality industry is a great profession for people looking to advance their career and move into a higher salary category as there's always chances for advancement and to move up, either with the same employer or at a new job. And, even if you've had low salaries in the past, there's no reason to remain stuck in a low-paying job when there are so many avenues to earn a higher salary.
There are many reasons people accept salaries below what they would prefer. Maybe you were less than fully qualified when you took your current position and you accepted a pay cut just to gain experience. Or perhaps the only company in your field that was hiring was a small mom ‘n’ pop shop whose pay rates fell far below the norm.
Making Up for Lost Time
No matter how you wound up in your current predicament, now’s the time to chart your course to a better salary. The quickest way to move from underpaid to well-compensated is to launch a new job search. The average raise is just 4%, so if you start out below market value, it’s unlikely that you’ll ever catch up in your current position.
But if you’re currently underpaid, is it possible to convince a new prospective employer to pony up extra pay? The answer is a definite yes. With a little research, preparation, and self-confidence, you should find yourself at the negotiating table with a new employer in no time at all. Here are a few guidelines to help you get started.
Immerse yourself in market research.
The first step in correcting your low pay is discovering the going rates for similarly experienced workers in your industry. The Internet is a great resource for market research, but make sure you’re using a salary survey that is specific to your region and your industry. Survey your peers at other companies to get a more comprehensive idea of market value in your area.
Understand your true value.
Make a list of each of your selling points as an employee – education, training, experience, special skills, and more. What are your strengths? In which areas do you excel? How does your skill set compare to others in your field? Have a clear understanding of all the value you bring to an employer.
Keep your salary to yourself unless pressed.
Once you embark on your job search, it’s best to keep mum on your salary history unless and until your prospective employer begins to ask specific questions. If there’s no way around it, preface the figure by saying that you know you’re getting paid under market value, and offer a brief explanation of the circumstances that resulted in your less-than-ideal pay.
Add value to your brand.
While you’re preparing for and conducting your job search, take every opportunity to increase your market value to prospective employers. Sign up for seminars, learn new skills, get additional certifications or training, and network like crazy – do anything that demonstrates your ambition and your willingness to learn. These factors will all come into play when you’re discussing salary with prospective employers.
Before you sit down to talk pay with a prospective employer, take inventory of your skills and accomplishments. Develop a concise "sales" pitch that encapsulates everything you can offer to the company, as well as a brief, honest explanation of your current pay situation and why it is not commensurate with your value. Be sure to adopt and maintain a confident tone, rather than an apologetic one.
Working your way out of an under-market-value salary can be challenging, but it can be done. Armed with market research, persistence, and an unshakable sense of your true value, you should be on the road to better pay in no time at all.