This tool tells you if you’re making what you’re worth
New York: It just got easier to find out if you’re being paid fairly.
Career website Glassdoor Inc. is releasing a new tool aiming to help employees find out if what they are earning is fair based on their location, employer, job title, years of experience, and education.
“What you are worth is something that everyone is curious about,” said Dawn Lyon, vice president for corporate affairs at the company. “Salary data is one of the most popular things on Glassdoor.”
It’s also something most people find a bit uncomfortable to talk about, so Glasssdoor’s new tool offers a bit of anonymity. Instead of exposing what a specific co-worker earns, it gives an average of what people with a specific title and experience make at your company, as well as at other companies, in different cities, and at different levels of expertise.
The tool will also take into account the supply and demand of your role—based on the job listings on Glassdoor’s website—to determine fair pay. When demand is higher for a role, the market value will move higher.
It’s still a bit rough around the edges. Glassdoor estimates that roughly 55% to 60% of the US workforce will be able to get results, but there isn’t yet enough data to cover the entire population. If a user is unable to get a result, he or she can sign up to receive an alert when one is available. And while aspects such as gender are not currently accounted for, Glasssdoor plans to add to the tool in the future. “As time goes on and we collect more and more data, this tool is only going to get smarter,” Lyon added.
Glassdoor thinks the tool will be most valuable to job seekers, since studies have shown that salary is the top consideration when people consider moving to a different company.
If you’re mentally prepared to find out your fair market value, here’s your chance. Bloomberg