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In This
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Sherri Thomas, Publisher
Oct 1, 2007
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Featured article: Salary Negotiating Tips - Get
What You're Worth
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Featured
Article
Salary Negotiating
Tips - Getting What You're Worth
by Sherri Thomas
Let’s face it, your paycheck has a
direct impact on your quality of life.
Yes, having a good boss, challenging
work, and clients who pay on time are
critical factors in your overall job
satisfaction, but your salary, health
benefits, 401k plan, and bonuses can tip
your overall job satisfaction scale from
being “very satisfied” in your current
work situation to “I really got to get a
new job RIGHT NOW!!”
So how can you know if you’re getting
paid what you are worth, and how can you
negotiate a better salary?
Your salary is determined by three
factors.
First, the company you work for.
There are some companies who are known
for paying their employees a beefy
salary and benefits package.
Fortune Magazine recently compiled a
list of top paying companies which
compared “the most common salaried
jobs.” The following list is stated in
terms of annual total compensation.
And the winners include:
-
Nixon
Peabody– Associate attorney’s take
home an average of $181,099.
-
Bringham
McCutchen - Associate attorney’s
take home an average of $180,050.
-
Alston &
Bird - Associate attorney’s take
home an average of $166,300.
-
Adobe
Systems - senior computer scientists
take home an average of $161,127.
-
Arnold &
Porter– Associate attorney’s take
home an average of $155,929.
-
EOG
Resources - engineers take home an
average of $145,750.
-
Perkins
Coie– Associate attorney’s take home
an average of $142,027.
-
SRA
International– project managers take
home an average of $129,642.
-
Boston
Consulting Group - consultants take
home an average of $129,071.
-
Network
Appliance– software engineers take
home an average of $129,000.
-
Goldman
Sachs – Analysts, program analysts
and associates take home an average
of $129,000.
-
Yahoo –
Technical Yahoo Seniors take home an
average of $126,000.
-
Cisco
Systems – Software engineer level 4
take home an average of $123,021.
-
Microsoft – Software developers take
home an average of $118,500.
-
Jones
Lang LaSalle – Vice Presidents take
home an average of $116,566.
-
Robert
W. Baird – Financial analysts take
home an average of $116,000.
-
Kimley-Horn & Associates – Project
managers take home an average of
$115,938.
-
Mitre –
Lead Information Systems Engineers
take home an average of $112,656.
-
Texas
Instruments – Electrical design
engineers take home an average of
$109,223.
-
American
Century Investments –
Programmer/analyst specialists take
home an average of $105,000.
-
S.C.
Johnson & Son – Sr. research
scientists take home an average of
$104,192.
-
Publix
Super Markets – Store managers take
home an average of $103,981.
-
Dow
Corning – Supply chain specialists
take home an average of $102,093.
-
Alcon
Laboratories – Sales representatives
take home an average of $100,998.
-
Booz
Allen Hamilton – Associates take
home an average of $100,800.
Is the company you work for not on the
list? If not, don’t worry.
You might still be making a healthy
salary based on your peers within the
company, and even the industry. I
recently spoke with Fred Cooper,
compensation expert for a Fortune 100
company who gave some great strategies
for determining your value in today’s
marketplace. So the question is --
How do you know if you’re on the
high end or low end of the market’s
going rate?
Cooper said that there are two key
factors that determine your salary.
One is what the market is currently
paying for your skills, experience and
areas of expertise. The other is
the company’s internal salary policies
and practices.
“Research is key,” says Cooper.
“You must determine the value of the job
that you currently have or want. There
are a number of salary surveys where
jobs are priced that can give you a
salary range for the work as identified
in the job summary or job description.
Make sure that when you start your
salary survey that you have a good job
description and understanding of the job
you are comparing. Do not use job
titles for comparisons but get in to the
duties and responsibilities of the work
being performed.”
“For example,” Cooper explained, “an
‘accountant’ for one company may be a
true accountant while for another, the
title may be applied to accounting
clerks, financial assistants or others
performing ‘accounting support’ work.
Combining salary ranges in this instance
would not provide a true sense of the
market value.”
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,
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:
-
http://www.salary.com
(also look at link to Cost of Living
comparisons if moving)
-
http://www.realrates.com/rate_sur.htm
-
http://www.rileyguide.com/salguides.html
-
http://www.payscale.com/?src=G33x
-
http://jobmarket.nytimes.com/pages/jobs/?excamp=GGJMsalarycalculator
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.
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About Sherri ~
Career success coach Sherri Thomas
is President of Career Coaching 360, an
international speaker, and author of "Career Smart -
5 Steps to a Powerful Personal Brand."
She has successfully transitioned into
the radio, television, finance, retail, and high
tech industries, and now teaches others how to do
the same.
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