What are you worth?
In the job market, that's not always an easy question to answer, but a new product from job-search site Glassdoor aims to help you get a better idea.
Glassdoor is launching Know Your Worth, a free tool that uses machine-learning algorithms to analyze factors like experience, job title, company and location, and spits out your job market worth, the company said Tuesday. Basically, considering all those factors, here's approximately what you should be getting paid.
Users' market values and pay ranges are updated every week and tracked. The tool provides a chart that shows the user's value in context of local labor market trends, as well as the typical salary in the area.
There are a couple reasons this could be useful, said Scott Dobroski, Glassdoor's community expert.
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.
A survey conducted by Glassdoor found that 65 percent of employees wish they better understood what was fair market pay for their location. Dobroski also said 73 percent of those surveyed said they'd look for another job if they found out their market value was higher than their current pay.
"That's an indicator there's not enough information out there," he said.
Another reason is the push for equal pay. Glassdoor thinks that if employees know what they're worth, that will help ensure they get fair pay.
Take the gender pay gap, for example, which refers to the disparity in pay between men and women for equal work. An earlier research report from Glassdoor found that women earn about 76 cents for every dollar men earn. That's actually about 2 cents less than what the White House projects. The Census Bureau said in September that the gap had narrowed to 80 cents. In the past few months, tech companies like Apple, PayPal, Microsoft, and Facebook nearly or completely closed their pay gaps. The bottom line is it's still a problem.
And for employers, this salary transparency can translate into higher retention rates.
"When you know what you're walking into and you understand and believe you're getting paid fairly, employees tend to stick around longer," Dobroski said.
And if it turns out you're getting a raw deal, Know Your Worth even pulls job listings you may be suited for.
Glassdoor has about 33 million monthly users.