Help My Career: What can I do to improve my salary? Am I being paid fairly? In a strong jobs market, here’s how to push for a pay raise.

by | Nov 4, 2022 | Stock Market

How much are you worth? On Friday, the economy added a surprisingly robust 261,000 new jobs in October, underpinning the strength of a labor market that the Federal Reserve worries will still stoke high inflation. The unemployment rate rose to 3.7% from 3.5%, the government said Friday, as more people lost jobs and the size of the labor force shrank slightly. The cost of living rose 8.2% in September, while wages rose just 5.1%.

As of Tuesday, New York City requires most employers to disclose salary ranges on job postings. Employers with four or more employees must provide the minimum and maximum wage they are willing to pay for the role. The new law is an important first step toward fair pay, creates an opportunity for a shift in hiring practices and culture, and is critical for closing the pay gap for women and people of color, analysts say. 

“The new law creates an opportunity for a shift in hiring practices, and may help address the pay gap for women and people of color.”

A handful of states, including Colorado and Connecticut, already require wage information on job postings. Many major companies, including JPMorgan Chase
JPM,
+2.31%
and Citigroup
C,
+2.08%,
have begun implementing the new law. Women’s median weekly earnings are just 83% of what men earn, according to a 2022 analysis by the Institute for Women’s Policy Research, a nonprofit in Washington, D.C.  Asian men earn more than all other groups, including white men. The pay gap between ethnic groups and genders is stark. Hispanic women’s full-time earnings were just 58% of white men; Black women earned 63% and white women earned almost 80% compared to white men, the institute said. Some of these racial and gender wage gaps can be due to the fact that fewer Black and Hispanic workers have a college education. However, a separate report by the Pew Research Center says those gaps persist among college-educated workers. Ask these employer, whether or not you live in New York:What can I do to improve my salary? The new rules allow workers to start a conversation with their manager, said Beverly Neufeld, president of PowHer New York, a statewide nonprofit network that focuses on promoting economic gender equality. If you are at the low end of the advertised salary range, “that’s a place for discussion,” Neufeld said. “This can actually open up conversations with your employer of, ‘Why am I in this position? Why am I at the bottom of the range?’”

“A twice-yearly salary check is one way to see if your performance and responsibilities are reflected in your annual salary.”

— Scott Dobroski, career trends expert at Indeed

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