In a job market where new hires attract sign-on bonuses, how can you tell if your salary is lagging behind? You might find yourself questioning your worth, especially if you've dedicated years to your organization.

This August, over four million individuals left their jobs during what’s been termed “The Great Resignation.” Many have moved on to positions offering better pay, flexible remote work options, and appealing benefits. There are plenty of stories about enticing sign-on bonuses and attractive packages that companies are using to secure top talent.

If you're staying put in a role you've held for a while, you may wonder if newcomers are earning more than you. How can you find out, and what should you do once you discover the truth?

We consulted various experts to get their insights.

ARE NEW HIRES EARNING MORE THAN I AM?

Brittany Kline, a Personal Finance Expert, indicates that if you’ve been in your role for several years, there’s a significant chance you’re making less than new employees.

Ashley Quinto Powell, a Self Advocacy Expert, concurs, noting that this situation is increasingly common due to the current job landscape. According to Kline, companies must raise salaries to attract the right candidates.

HOW CAN I DISCOVER NEW HIRE SALARIES?

Now that you know new hires may receive higher salaries, what’s the next step?

One straightforward approach is to directly ask a new employee about their salary, as Kline suggests. She encourages transparency, stating that sharing your salary can foster open discussions. However, be prepared for the possibility of needing to confront your manager about the pay gap.

APPROACHING YOUR MANAGER

Quinto Powell emphasizes the importance of having a constructive dialogue with your manager. She advises approaching the conversation without assuming you have all the answers.

She points out that employers often don’t know what you need unless you communicate it. She recommends against demanding a raise outright. A good way to start the discussion could be, “I’ve heard some discussions about salary differences for new hires, and I’d like to understand the current situation better.”

It’s best to have this conversation in person rather than over email, as it allows you to gauge the tone of the discussion. Regardless of the outcome, remember to advocate for yourself.

Kline suggests that if you’re aware of new hire salaries being higher, inform your manager that you wish to remain with the company while being compensated fairly.

RESEARCHING SALARY INFORMATION

Having solid data when you ask for a raise can ease your nerves. Kline recommends utilizing resources like salary comparison sites to gather information before your meeting.

Be direct with your boss about your intention to request a salary increase. If they can't meet your salary expectations, it might be time to consider other job opportunities.

ADVOCATING FOR YOURSELF IN THE WORKPLACE

You don’t need to be uncertain about salary disparities among new hires. Whether you choose to compare salaries directly with a new employee or consult your manager after conducting research, standing up for yourself is essential. Remember, you deserve to be compensated fairly.