Underpayment can significantly impact your personal finance over your career.
For example, if you are underpaid by just $50 per week for 50 years, you lose out on $130,000. Assuming you placed that $50 in a savings account earning an average of 5% compounded monthly, you’re looking at $578,814. That is over half a million dollars poorer for $50 less per week.
Implementation and cost
- Job sites such as Jora or Seek will show you the current pay range in your industry for similar roles. Evaluate your skillset, productivity, and experience against the industry average.
- If your current pay doesn’t reflect what you are worth, speak to your employer about matching what you are worth in the industry.
- If you can’t negotiate your wage with your current employer, switch to an organisation that offers competitive remuneration.