Salary negotiation research tools

November 30, 2009 by · 4 Comments 

In my previous post I started discussing how to know if you’re getting paid what you are worth. Today I will give you some tools to use in your research and some tips to help in your salary negotiations.

 

Find out what the position is currently paying for similar work in similar environments (including positions inside and outside the company) through —

    * On-line job search engines (e.g. Monster.com, CareerBuilder.com, TheLadders.com, etc.)

    * Company websites (your company and others in the same industry)

    * Business Journals

    * Specialized Trade Publications

    * Personal networking contacts

    * Newspapers/Classified ads

    * Published salary surveys

Below are five excellent reference websites that offer salary calculators and reference guides. You may be required to subscribe to the service in order to obtain accurate, high quality information:

Once you have the salary data, the best indicator of the market place is to combine a number of different salary ranges set for the same job by at least a half-dozen employers rather than just relying on one company’s salary range. Ideally, the more salary ranges for the same job in the same geographical area that you can compare, the better.

 

Then, add all the minimums together and divide by the number of salaries you’re comparing. Do the same for the midpoints (the average of the minimum and maximum), and maximums. This will give you the range of the job’s the market value.

 

Now you can determine where in the range your current salary is. The norm is that the midpoint (the average dollars of the minimum and maximum of the range) is ideally where you should be after 5 or so years in that position. This is not an absolute but more of a goal to assess your value.

 

And finally…

 

The second thing you need to understand (and this is more difficult) to determine whether you are at the high end or low end of the pay scale is that various companies may offer different salary ranges due to the company’s internal salary policies and practices. There may be hiring policies stating that no matter how much experience you have, the best starting salary offer would be no more than a small percentage above the minimum starting point.

 

Of course, this is to help avoid internal salary issues. Also, despite your position and responsibilities, if the company has not kept up with the market movement for its current employees then they are not very likely to pay more to a new hire than they do for current employees. So even though a company may recognize and value your experience and skill-set, the salary offer may be minimal to avoid any potential internal salary issues.

 

After you have done your research and are more educated about your worth in the marketplace, it may be a good time to schedule a meeting with your manager to inquire about a potential pay raise! Now, go forth and prosper… and know your worth in the marketplace.

About Career Coach Sherri Thomas
Sherri Thomas is a leading career coach who helps professionals transform and thrive in their career. She is a leading career coach, Huffington Post writer, globe trotting keynote speaker, and the 2013 Best Career Book author of “The Bounce Back – personal stories of bouncing back higher and faster after a layoff, re-org or career setback.” As a sought after media source, she has been featured in top news outlets including NBC-TV Phoenix, the Wall St. Journal, TIME, New York Daily News, Monster.com and many others. She loves traveling around the world and learning about other cultures, thrives in nature, and will always encourage you to go on what she calls a life changing Kenyan safari because the 30-hour flight journey “isn’t that bad.”

4 responses to “Salary negotiation research tools”

  1. Yu Reynaud says:

    Simply want to say your article is as tonishing. The clearness in your post is simply spectacular and i can assume you are an expert on this subject. Well with your permission allow me to grab your rss feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.

  2. Weezistur says:

    Thank you for this wonderfull blog, I have been lurking for some time, many thanks to the Admin here too.

    • admin says:

      Hi! Thanks for your comment! Delighted that you liked the blog post, and I look forward to “chatting” with you more on the blog.

      P.S. I’ll pass along your appreciation to my personal assistant, Sherra – who is the Admin for the blog 🙂

      Best to you~
      Sherri 🙂

    • admin says:

      Hi! It’s always great to meet a “lurker” 😉
      Thanks so much for your comment!

      Warmest~
      Sherri 🙂

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