Dive Brief:
- Glassdoor has launched Know Your Worth, an online calculator that gives you a "free, personalized salary estimate based on today's job market," per Glassdoor's website.
- The measurement takes into account the user's basic information, like title, company, location and experience, while analyzing similar job offerings as well as current market trends to show if users are paid fairly. It also suggests ways users can increase their pay. The tool is private and only the user can see their estimate.
- A report from Forbes says Know Your Worth differs from similar applications, like PayScale, because its current version does not account for variables like gender and educational attainment. However, Know Your Worth does tell users what they might be paid if they changed locations or gained more experience.
Dive Insight:
One Payscale survey found that 60% of employees who felt they were underpaid considered leaving, while the same was true for only 39% of overpaid employees. Moreover, there's a clear gap between employees and employers when it comes to the perception of fair pay. This same dynamic has affected communication about payment between both sides.
A separate Payscale survey of employees showed 82% would accept below-market pay in exchange for better transparency around the subject. There's a ton of useful information here for HR leaders to consider, and it shows pay shouldn't be considered something so secretive as to prevent dialogue with employees.
The launch of programs like PayScale and Know Your Worth reflects both a growing review-based job candidate experience and an even larger consumer review culture. Such trends have lead to younger candidates (especially millennials) being labeled the "Glassdoor generation."
