23.05.2022
HOW TO INCREASE OUR WORK REMUNERATION?
The salary can be considered from many points of view, because it is influenced by many different factors, but of particular importance is the specific work we do. The international platform Paylab.com, which operates in Bulgaria through its joint website with JobTiger - Zaplatomer.bg, has been collecting information on salaries for more than 10 years. The company has set up local pay comparison platforms in more than 20 countries. Paylab has made a list of nine key factors that can explain why you get more or less from market levels. It is worth keeping them in mind the next time you analyze your salary or consider changing jobs.
Companies operating in economically strong sectors offer higher wages at all levels because they have better remuneration systems that include financial bonuses. Sectors that have proven to be economically strong in the long run include information technology, energy, telecommunications, banks and others, incl. electronics and automotive industry. It is not uncommon for an office manager in an energy company to earn up to 30% more than an office manager in a tourism company.
The amount we receive also depends on the size of the company we work for. Most large corporations offer their employees more generous financial terms and benefits than small employers. According to Paylab's analysis, average salaries in companies with more than 250 employees are up to 14% higher than salaries in small companies with up to 50 employees.
Work in large corporations is more structured, allowing employees to profile and specialize to a greater extent. Decision-making is limited by many levels of government. The way of working in smaller companies is less formalized. It is common practice for employees to take positions with more accumulated responsibilities and to be more flexible. This means that tasks inherent in many work activities can be combined in one position.
Average wages in the private sector are usually higher than in the public sector. While the public sector is able to compete with local private companies in some countries, it is generally unable to compete with foreign-owned private companies.
Paylab's analysis shows that average wages in foreign companies are 12 to 50% higher than average wages in the private sector in individual countries. In the first place, foreign companies have more capital, an attractive corporate culture and different standards of care for employees in emerging markets. Remuneration of public sector employees is subject to legal restrictions.
In general, salaries increase with years of experience. According to Paylab, people with many years of experience, ie people with more than 6 years of experience in a position, receive up to one fifth more than new employees. If the employer is looking for an experienced candidate, he must keep in mind that this employee will be more expensive than an inexperienced new employee.
The experiment is not free. Each employee has invested a lot of energy, training and time to acquire their knowledge and skills to their current level. Paradoxically, the next employer often rewards employees for their previous experience. Wages often change more dynamically for people who change jobs more often.
Experience is a key argument in the interview when negotiating the final salary. Experience abroad, interesting projects or working with various online tools, people, team management and the like are of particular importance. HR professionals and your future executives are happy to hear about your previous experience, as they perceive it as added value for their company.
Paylab's analysis shows that higher education graduates have seen accelerated wage growth throughout their careers. Employees with higher education usually earn on average up to 50% more than an employee who has completed secondary education. The pay gap increases with age, given that employees with higher education have accelerated career growth in their careers. With regard to lifelong income, the pay gap in favor of higher education graduates means that high school graduates are usually unable to make up for this difference.
The choice of education and field of training has a fundamental impact on the future income of each employee.
The fact that a person works for a long time is not constantly reflected in higher wages. According to Paylab, the peak of the pay potential or the age at which people usually receive the highest incomes is 37-40 years. In fact, pay is growing much more dynamically for young employees. When we reach the age of fifty, our pay generally increases at a slower rate than people under the age of forty. Employee preferences change and stability becomes more important with age. Older employees are more loyal and do not change their jobs as often as their younger colleagues.
Paylab's analysis shows that the average pay gap between men and women in the same position is 9% to the detriment of women. Often the pay gap in favor of men is the result of delays in women's careers when they have children. As women focus on the family, men's careers continue to advance. The need to balance family and work responsibilities often causes women to accept work that takes less time. They aspire less to managerial positions than men.
The length of each break in women's careers, family support and assistance, and working conditions provided by their employer have a significant impact on their income. Companies are currently working to support greater diversity in the workplace and to create an environment for women in which they have the same opportunities as men.
According to Paylab, large cities, and especially capitals, offer better payment terms than smaller cities and regions far from the capital. This is mainly due to the fact that the central offices are usually concentrated there and the jobs offered are more competitive.
Paylab's analysis shows that an accountant in the capital can earn up to 24% more than an accountant in a region outside the capital. Differences in the cost of living should be seen as a complement to location, as they are usually higher in cities. There are, for example, such significant differences in pay in the field of trade. For example, employees in this sector in Prague in the Czech Republic receive salaries that are up to 43 percent higher than employees in other regions.
Assertiveness regarding the remuneration for the work done pays off. Employees who take the initiative and raise the issue of their salaries to their supervisors using the right arguments usually achieve some improvement. Your income and working conditions depend to a large extent on your personal commitment.
If your employer is happy with your job, it is in their best interest to be happy. It is worth raising the issue of salary adjustments as soon as you have achieved significant success, made an important contribution to the company's progress, improved processes or saved costs. You can also discuss your salary with your employer if your basic salary has not changed for a long time or is below the current market value for your position.
