{"id":44173,"date":"2024-08-23T17:15:49","date_gmt":"2024-08-23T09:15:49","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=44173"},"modified":"2024-08-23T17:54:53","modified_gmt":"2024-08-23T09:54:53","slug":"are-you-being-paid-a-fair-salary","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/are-you-being-paid-a-fair-salary","title":{"rendered":"How Do You Know If You Are Being Paid A Fair Salary?"},"content":{"rendered":"

Are you earning a fair wage?<\/em><\/p>\n

We know that salary can be a touchy subject. It\u2019s often used as a measure of personal success, and people are often judged by how much they make at a job. Which is why many of us would rather not discuss it for fear of showing off – or not measuring up to others.<\/p>\n

However, not having a clear understanding of your worth can lead you to be severely underpaid. A Bank Negara Malaysia report<\/a> showed that the majority of Malaysians were underpaid for their value and skill level of work compared to other developed countries such as Australia or our neighbours, Singapore.<\/p>\n

The main point we need to look at is the \u201cpay-per-productivity<\/strong>\u201d metric, which is basically how they compare the standard amount of value produced and how much an employee is paid for the output. In the report, BNM shows how Malaysia trails far behind other developed countries when it comes to paying workers fairly.<\/p>\n

Here\u2019s a quick example:<\/p>\n

In Malaysia, you get paid $340 to produce an output valued at $1000. Compared to other benchmark countries, workers get paid $510 to produce the same output valued at $1000.<\/p>\n

That\u2019s over 30% difference in wages!<\/em><\/p>\n

While there could be many factors that might affect it, such as currency, purchasing power, and so forth, it\u2019s still a stark difference that highlights how severely underpaid many Malaysians are.<\/p>\n

But, how do you know if your salary is calculated fairly and what do you do if you\u2019re being underpaid? Well, in this article, we\u2019ll take a look at what you can do to figure out whether you\u2019re being paid fairly and how to approach management for a pay raise if you\u2019re not.<\/p>\n

<\/span>Figuring out your salary level<\/span><\/h2>\n

Reports from trustworthy sites such as BNM<\/a> or Hays<\/a> can be a great source of information for a general idea of the average market salary trends.<\/p>\n

However, this information may be too broad to apply to your situation. Which is why we suggest that you do the following to figure out how your salary compares to the rest of the market.<\/p>\n

<\/span>Using online data<\/span><\/h3>\n

Salary information is now more easily accessible through the internet\u2013often for free.<\/p>\n

Glassdoor\u2019s salary checker<\/a> offers a search function that gives you a general overview of the salary range based on their internal data.<\/p>\n

Here\u2019s a quick overview based on Glassdoor salary checker, just to give you an idea of what\u2019s the average salary for several jobs in the market:<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Job Title<\/th>Average Salary (Per Year)<\/th>\n<\/tr>\n<\/thead>\n
Marketing Manager<\/td>RM90,000<\/td>\n<\/tr>\n
Marketing Executive<\/td>RM34,000<\/td>\n<\/tr>\n
Human Resources Manager<\/td>RM96,000<\/td>\n<\/tr>\n
Human Resources Executive<\/td>RM40,000<\/td>\n<\/tr>\n
Sales Manager<\/td>RM100,000<\/td>\n<\/tr>\n
Sales Executive<\/td>RM44,000<\/td>\n<\/tr>\n
Accounts Manager<\/td>RM80,000<\/td>\n<\/tr>\n
Accounting Executive<\/td>RM38,000<\/td>\n<\/tr>\n
Social Media Manager<\/td>RM60,000<\/td>\n<\/tr>\n
Social Media Executive<\/td>RM36,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

Another method is to look at job sites and compare your salary to what\u2019s being offered for job openings that are similar to yours. Use sites such as Jobstreet<\/a> or Linkedin<\/a> to get an idea of what the average salary is for your job and figure out whether you\u2019re below or above the market rate.<\/p>\n

Keep in mind that you\u2019ll need to do a little bit of research to find what you\u2019re looking for. What we recommend you do is to go to the \u201csearch job\u201d function, put in your current position (or something similar), compare your current salary to what the results are and that should give you a good idea of your salary level in the market.<\/p>\n

<\/span>Talking to colleagues and peers<\/span><\/h3>\n

If you suspect that you\u2019re being underpaid and are looking for immediate data to confirm your suspicion, then you should consider talking to colleagues and peers within your industry.<\/p>\n

We know that talking about salary can be a sensitive subject, especially if it\u2019s with the people that you work with.<\/p>\n

A study was done by Harvard Business School\u2019s Zo\u00eb Cullen and UCLA\u2019s Ricardo Perez-Truglia which showed that the majority of employees would only pay $13 for salary information<\/a> if given the opportunity. The same report also mentions that many employees would pay for an opportunity to avoid being asked about their salary by a co-worker.<\/p>\n

However, if you approach the topic carefully, it would give you a greater understanding of how your current employer values you.<\/p>\n

Some tips for this would be to find someone who you know well and feels comfortable talking sensitive topics with you. Another tip is to find former coworkers to talk to, as they are more likely to discuss their pay since it\u2019s no longer an issue. If talking about direct numbers is still too intimidating, Vicki Salemi from Monster.com suggests citing percentages to kickstart the conversation<\/a>.<\/p>\n

One thing to remember when it comes to talking to your friends about their salaries is the fact that there could be a variety of reasons why your pay might be different compared to theirs. Things such as different markets, qualifications, experience, and company performances can be a factor in determining one\u2019s salary.<\/p>\n

<\/span>Asking for a raise if you\u2019re underpaid<\/span><\/h2>\n

So you\u2019ve done your research and you found out that you\u2019re underpaid. What do you do next? Of course, you need to ask for a raise. But to improve your chances of getting that raise, we recommend you follow the tips below:<\/p>\n

Build your case.<\/strong> Walking in and saying that you want a raise with no data to back you up is a surefire way to get rejected by management. You need to give proof and data to support your claim for higher pay. Compile all the data and research you\u2019ve done in a document (with sources) and have it with you when you talk to your boss.<\/p>\n

One of the more effective ways of convincing management to give you a raise is by highlighting your contributions to the company. Mention all the big projects that you\u2019re undertaking and how it\u2019s improving their business. Also, try to be as detailed as possible with your metrics (ex. \u201cMy project has resulted in an increase in sales by 30%).<\/p>\n

Set up a meeting with your boss<\/strong>. Asking for a raise is a big topic and one that we wouldn\u2019t recommend bringing up during team meetings. Instead, schedule a one-on-one meeting with your manager so that you can discuss your problems effectively and make your case for increasing your pay.<\/p>\n

Hopefully, by the end of the meeting, you and your manager will come to a favourable conclusion. If not, ask them if it\u2019s possible to revisit the topic down the line instead of quitting your job<\/a> as current economic situations might not guarantee you getting a raise in a new position.<\/p>\n

Whatever the outcome may be, figuring out whether you\u2019re being paid a fair salary or not will ultimately help you make better and more informed career decisions in the future.<\/p>\n

This article has been updated on August 23, 2024.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

Do you know if you\u2019re being underpaid at your job?<\/p>\n","protected":false},"author":47,"featured_media":44177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[293,256],"tags":[521,1794,549,485],"class_list":["post-44173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","category-lifestyle","tag-bank-negara-malaysia","tag-glassdoor","tag-hays","tag-salary"],"acf":[],"yoast_head":"\nHow Do You Know If You Are Being Paid A Fair Salary<\/title>\n<meta name=\"description\" content=\"Do you know if you\u2019re being paid a fair salary in Malaysia? 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