I am a master degree student and I have been working in a company for about 8 months. I recently found out that the pay for bachelor's degree and mine are same. It's my fault that I didn't negotiate during my interview. Now how should I write a letter to my manager to increase my pay? Could anyone help in this?
In general, the remuneration for a position is determined by:
- The responsibilities of the position.
- The financial impact of the position.
- The number of people being supervised by the role.
- The criticality of the business function being executed or supervised by the role.
- The exposure of the position.
- Reporting hierarchy (rare, but it some organizations this matters)
- Market factors
Degree does not determine salary. It is just a requirement for the minimum requisite knowledge for the person to be successful at that position. In many job postings, you will see "Masters Degree or equivalent experience"; and in rare cases some job roles (especially in regulated industries) require the position holder have a minimum level of formal education and experience.
As far as your current situation - there is not much you can do about this now but during your next review/appraisal you can highlight the work you have done, your responsibilities, execution (ie, didn't miss deadlines) in order to negotiate an increment in your pay.
Don't under any circumstances - tell your direct supervisor/HR that you found out that Bachelor degree position holders are getting paid more than you, for a number of reasons but the few that jump immediately to mind are:
You are not supposed to know other's salaries (its confidential information in almost every organization).
You do not know the circumstances against which the other person is hired (he/she may have more relevant experience, or was specifically headhunted for the position, etc.)
Your overall impression with the organization may be affected negatively - as someone who believes they are entitled.
How should you write a letter? You shouldn't.
A graduate degree may help you get a job. It may help you get a better job, which may mean a higher paying job. But the time to negotiate starting pay was before you started. Having accepted what they offered, they have no reason to give you a raise until you earn one.
Put that additional knowledge to use, do things better/faster/more robustly than other employees, and show the company you're worth more than what they're giving you now. There is no entitlement here.
You are free to put the dice back in the box and start another job hunt. But you don't exactly have a good story to tell when they ask why you want to leave so quickly.
Personal opinion: This sounds like a combination of not understanding the system and "buyer's remorse". I'd suggest you stop worrying about what anyone else is being paid; it really is almost completely irrelevant right now. Instead put your attention on getting a high performance rating so they can justify giving you a raise when the next review cycle occurs.
I do not know where you are from and in which profession you work / which masters degree you have. In Germany where I come from, Most if not all companys in the electronics industry will totally disregard your masters degree when it comes to salary.
You may have a easier game when it comes to promotion, but initially you will earn the same. If that bothers you, you should have informed yourself prior to applying for masters degree.
That said, The salary of anyone else must not be of your concern. You even are not supposed to know about it (in my contract I am required to keep my salary secret). If you feel underpaid, you can approach your manager and demand a raise. But you should have a good reason for it, as you have accepted your current salary already. And the manager has no obligation to follow your reasoning.