If you’re working in the software-as-a-service (SaaS) industry, you may be wondering if you’re being paid what you’re worth. A recent survey finds that 47% of American adults believe they are underemployed and underpaid. This is despite the fact that SaaS is among the fastest-growing and most profitable industries in the world.
Thankfully, there are some things you can do to make sure you’re getting paid what you’re worth. Here are some things to consider to help you get the salary you deserve.
Are You Really Sure You’re Being Paid Fairly?
As much as we all want a higher salary (more money never hurts, right?), expecting or demanding a wage beyond your credentials and skillset could jeopardize your SaaS career in the long term. Recognizing what makes a salary fair is important.
What Exactly is a Fair Wage?
Western workers have historically clung to the notion of a “dignified salary”, a concept originally encouraged by the Catholic Church and has since spread to other forms of Christianity like Anglicanism and Protestantism.
It is the belief that a just wage is a moral issue, and depriving an employee of proper wages is akin to murder.
Nowadays, people perceive a fair wage as relating to equality and fairness.
The modern-day fair salary allows the employee to live with dignity, meet their basic needs, and should essentially increase in line with inflation.
Sounds simple enough, but the problem is it’s tricky to find a balanced and fair wage.
In today’s competitive job market, the reality is you might not be worth more than someone else competing for the same ecommerce job.
Salary doesn’t always correlate with experience and personal output. Finally, and most importantly, the market almost always determines what we’ll be paid.
Still, the majority of workers disregard this fact and overestimate their monetary worth, according to a study by Reabur. For example, 61% of workers wrongly think they’re underpaid, and 29% believe they should be paid an extra £3,000 (equivalent to US$ 3,532).
That doesn’t mean you shouldn’t be able to earn more money, but the best approach to convince your employer to increase your pay is to understand how your compensation stacks up against others.
Know Your Worth: How to Determine if You’re Being Paid Fairly
There are a few factors to consider when determining if you’re being paid fairly at your SaaS job.
First, think about the cost of living in your area. If you live in a city with a high cost of living, you’ll likely need to make more money to maintain the same standard of living as someone who lives in a less expensive area.
Second, consider your experience, skill set, and the value you bring to the company. Are you worth more than someone just starting in the same field? If so, you should be paid accordingly.
The third step is to research the average salary for your SaaS position in your region.
You can use websites like Glassdoor, PayScale, or Salary.com to get an idea of what others in your area with your SaaS job title are making.
Once you have an idea of the average salary, you can compare it to your own pay. There could be room for negotiation if you’re being paid significantly less than the average,
Another way to tell if you’re being paid fairly is to look at the company’s overall financial health.
If the company is doing well and making a profit, there’s a good chance that employees are being compensated fairly. However, if the company is struggling financially, employees will likely be asked to do more with less compensation.
Also, don’t forget to consider the benefits that come with your SaaS job. Even if it isn’t money, you should take perks like extra vacation time and the company’s reputation into account.
What Should You Do to Fix It?
You can do a few things if you think you aren’t being paid enough at your SaaS job.
First, try to have a conversation with your boss about your concerns. It’s possible they may not be aware that you feel like you’re underpaid.
We know how awkward and unsettling it can be to talk about money with your boss. So check out our post, “How To Ask For A Pay Raise Within Your SaaS Job,” for our top tips to help you approach this situation in the best way possible.
You can also look into negotiating for other benefits, like more vacation days or flexible hours.
If your boss is unwilling to budge on salary after multiple conversations, it may be time to move on and look elsewhere for a better-paying SaaS job.
If you feel like you are not being paid enough at your SaaS job, do some research to see what the average salary is for your position in your region. Then, have a conversation with your boss about a raise if you find that you are indeed being underpaid.
Keep in mind that you have options and don’t need to stay in a job that doesn’t appreciate your worth.
Partner with a recruiter you can trust and will have your best interest in mind by working with Jarvis Elliott.
Jarvis are global leaders in SaaS jobs recruiting and SaaS recruitment services. We’ll help you find the best roles that meet your salary requirements and guide you through every step of the job interview process.
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