With about 33 million monthly users, Glassdoor has been a market leader when it comes to online job search portals. But with this new feature, it looks to take its market competitors by the scruff of their necks.
It has now introduced a tool called Know Your Worth which uses machine-learning algorithms and your given data like job experience, title, company, location, etc. to churn out a job market worth number. In the job market, the question of your “worth” and the salary you should be getting is not an easy question to ask, hence making the tool all the more attractive.
Glassdoor’s algorithm will give a real time update on the market values and pay ranges, which will be updated and tracked every week. The tool is also capable of providing visual trends on user’s value with regards to local labour market trends and the typical salary in the area of expertise.
Scott Dobroski, Glassdoor’s community expert, said in an interview, “There are a couple of reasons this could be useful. Part of the idea behind the tool is that if you have information on what you’re worth, you can also do a better job of negotiating for a raise next time, or find another job that will pay you fairly.”
Glassdoor spotted the opportunity and needed for the app when during a survey they found out that 65 percent of employees were unsatisfied with their understanding of a fair market pay estimate, and 73 percent of the surveyed expressed desire to search for another job if they knew that they were inadequately paid.
The tool hopes to bridge the knowledge gap, and with the information of their worth, the employees hopefully will start demanding higher pays.
It will also help the gender pay gap, and the salary disparity on the basis of gender for equal work. In another research report from Glassdoor, women were found to be earning about 76 cents for every dollar the men earned. This estimate is about 2 cents less than the White House projections. Although many multinational companies such as Apple, PayPal, Microsoft, and Facebook have almost entirely closed their pay gaps, this still is a problem in rest of the job market.
Knowing that you are getting paid adequately and being free from economic problems can lead to greater job retention.
As Dobroski added, “When you know what you’re walking into and you understand and believe you’re getting paid fairly, employees tend to stick around longer.” And if you think you are being ripped off, the Know Your Worth tool even gives suggestions on a better-paid job listings.
Did you check out your salary and market estimate? How did the results go? Share them in the comments’ section below!