Are you under-earning?
One of the reasons we work is for the financial reward. For some it's the amount we earn that gives satisfaction, for others it's the freedom the money gives to pursue personal hobbies or a particular lifestyle. But how do you know if you are under-earning and if you are, what can you do about it?

How do you know if you are under-earning?
Of course, there are no absolutes here, but identifying if this is a problem for you will come from two distinct areas.
1. Research
Firstly you'll need to research the employment marketplace to find out how much you currently earn stacks up against similar jobs in your industry sector. A direct competitor will often be the best benchmark for this or you can look at an online salary checker such as the one here. However, take note that even within the same industry there will be variations as companies often position themselves differently in terms of the salary they pay. As an example, this is often described in HR terms as "upper quartile remuneration" which means that the organisation will always try to pay salaries in the top 25% of the industry range for the job to be done. Reasons for this can include company policy on remuneration, cost controls and how easy it is to find the right staff in a particular geographical location. Also, remember that companies focus on the value of the total job package (salary plus bonus, commission, healthcare, car, pension etc) not just the value of the basic salary. So, how does your salary package stack up against your competitors?

2. How much is enough?
Secondly you'll need to understand from a personal perspective how much is enough for you. By definition you aren't under-earning if you are satisfied with what you earn. Alternatively you may consider that you're under-earning even if you have a salary at the top-end of the range for what you do. So, are you under-earning?

What can you do about it?
Here are four possible solutions if you feel you are under-earning.
1. Ask for a salary increase.
This is the obvious solution and it's well worth asking your boss (usually at appraisal time) for a salary increase. But remember that unless you are earning less than other work colleagues for the same job (you shouldn't as your employer could be discriminating against you) you'll need to provide a compelling reason why you should earn more money. This could be that you have (or could develop) unique or not-easily-replaceable skills or talents, you are doing your job outstandingly well, that you bring in more business to your company than others or you demonstrate strong leadership potential. But please remember not to overestimate how valuable you are to your company by having an inflated ego or being inaccurate with your facts as you might then need to employ solution number two below!
2. Change employer.
Sadly, salaries of people who stay with one employer tend to be lower than the salaries of people who change organisations. This is mostly due to the fact that the best and pretty much only time you are in a strong negotiating position with your employer is just before you start working for them. Organisations will often pay a premium to get the right person "on board" and they will also be prepared to negotiate on salary and job benefits to secure the right person. But remember, changing employer will be about more than just the money. The culture, ways of working, colleagues and geographical location will all be different and you'll need to satisfy yourself that the changes will be worth the extra money you'll receive.
3. Change role.
Rather than change employer, you could try to change the job that you do within your existing employer. Support functions will inevitably pay less money than roles that are crucial to the growth of the business (sales, marketing etc). It is certainly easier to change the role you do within your current employer rather than trying to persuade a new employer to take you on in a job you have no experience of doing.
4. Re-think what is enough.
Of course, you could just change the way you think about what you earn. If you can accept that you get paid what is roughly the going rate for what you do, you can then stop wasting energy in wishing you were paid more, focus more on doing your job better (which will give you a good chance of earning more) and enjoy using the money you earn to fund a happy and enjoyable lifestyle!

So, what will you do to stop under-earning?
If you're still not sure, get in touch with me for a free (yes, I did say free!) consultation...

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