A new poll by the UK’s fastest growing HR consultancy asked adults if they think they are underpaid by their employer and what they think they are financially worth to the company they work for. The data was analysed and has revealed that 93% believe they are under paid, 61% of which wrongly overestimate their worth.
The UK’s fastest growing HR consultancy asked 1,293 adults across the UK what salary they believe they are ‘worth’ according to their own opinion, as well the amount that they actually earn, their job title, qualifications and years of experience.
The data supplied by the participants was analysed to discover if they over or under estimate their monetary worth to their employer.
Using supplied job titles, sectors and regional average wages, the study by www.Reabur.com discovered that 61% of the respondents overestimate their financial worth.
18% of respondents wrongly think they are under paid by £5,000 each year and a further 29% believe they should be paid an extra £3,000.
According to the results 93% believe they are under paid by their employer and only 4% cited that they are happy with their salary.
Only 8% of those asked under estimate their financial worth to their company when compared to the market and sector that they work within.
When asked ‘do you enjoy your job?’ 54% answered ‘no’, yet 73% of the respondents admitted to liking the company that they work for and two thirds, 67%, claim to not want to leave their employment.
Kirsty Burgess, co-founder of Reabur.com, commented on the findings;
“This research did surprise me! Not so much that people believe that they under paid – because I think we would all like a little extra money each month – more so by the fact that respondents believe they are worth an extra £5,000 each year- which shows that they are out of touch with the market rate for their role .”
She continued,
“Salaries can be a very difficult subject to approach, they are very emotive and companies have to be especially careful when employees working in the same team are earning different amounts to their colleagues, they have to ensure the differences are justified and will stand up to equality legislation. It is always good to undertake benchmarking exercises to ensure you are paying market rates, and your HR department or HR consultant should provide that service.”
