Business Law

How Can You Ensure Your Employer Pays You Fairly? 

Equal compensation for equal work: a straightforward principle that doesn’t seem to translate well into practice. Three factors are involved in making equal pay a more common occurrence than now: The law, companies, and employees all have a crucial but insufficient role in addressing this issue. For the answers to your questions, seek professional help from Hayber, McKenna, & Dinsmore

What the law can do 

Equal pay can be mandated by legislation. For example, President John F. Kennedy signed the Equal Pay Act into law in the United States in 1963, making equal pay for men and women legal. The law was intended to abolish gender pay disparities, yet the gender pay gap remains a reality more than 40 years later. Even with improved implementation and additional regulations to extend equality to those who face discrimination (due to race, sexual orientation, or disability), it is reasonable to believe that it will be some time before equal pay for all becomes a reality. 

What employers should do 

Employers, of course, wield considerable authority in this regard. They can establish stringent standards to promote fairness and operate enterprises that assure equality of treatment. However, society cannot rely on this. The apparent explanation is that companies often regard increasing salaries over the minimum they must pay someone to be against their economic self-interest, even if this is, at best, naive. 

Companies that have maximized profits by cutting wages are not only paying in terms of productivity, but they are also terrible for the economy – and hence, eventually, for themselves – since they stifle growth. 

Ways to tell if you are underpaid 

One of the most frequently asked topics about salary is determining if they are being underpaid. After all, asking coworkers about their salary for comparison can be awkward. Here are eight methods to tell if you’re being underpaid. 

  • Online research 

Luckily, some sources can give you the average salary for a certain position in your field, which can vary depending on the region. With a simple Google search, you can find numerous sources of salary and compensation information based on the industry for free. Try gathering information from a variety of sources. 

  • Your responsibilities have grown, yet you have not received a raise. 

An increase in responsibilities should always signify that it’s time for a raise, whether you’ve taken on a heavier job because a coworker departed or you were promoted. Suppose, however, that you were not compensated for your additional workload. In that instance, it’s a dead giveaway that you’re underpaid compared to others in your field with identical titles or responsibilities.