Do you know how much you should make according to your industry and title? What are you worth? Salary research is a crucial step in the job-seeking process that often gets overlooked as you start to apply for new roles. But understanding the appropriate compensation for your desired role not only helps you set realistic expectations but also equips you with valuable insights to prepare for the often-dreaded salary negotiations. Here are some things you should consider as you launch your job search, as well as some top websites to conduct thorough research into relevant salary ranges.
Why is Salary Research Essential?
Taking on a job search without first doing salary research is like heading out on a road trip without a map by your side. In both instances, you can end up in the wrong place. Knowing standards for your industry and job title enables you to:
Set Realistic Expectations
Without accurate salary information, you may give employers and recruiters a number that is too high or too low, positioning you to leave money on the table or miss a great opportunity. Salary research helps you understand the market value of your skills and experience and provide you with realistic salary goals.
Negotiate with Confidence
Once you have comprehensive salary data for your title, industry, and even location, you can confidently negotiate a great compensation package. Employers truly expect you as a candidate to negotiate, and to do that successfully, you must do your homework. Your preparation shows a future employer that you are proactive and informed.
Avoid Undervaluation
There’s not much worse than realizing you’ve left money on the table—especially when it’s a significant amount. But that’s exactly what many job seekers do when they don’t do their salary research. By understanding the standard compensation for your role, you can avoid undervaluing your skills and experience.
Top Websites for Salary Research
Understanding why you need to do this work is one thing but knowing where to do it is another. Let’s explore some suggestions for your research.
Glassdoor
Glassdoor provides a wealth of information for a thoughtful job search. In addition to salary information, you’ll also find company reviews and interview insights. Company employees can anonymously submit their salaries, which give you a comprehensive view of compensation across various industries and companies. The platform also offers company-specific salary reports and a breakdown of bonuses and benefits.
Payscale
Payscale detailed salary reports based on job title, location, experience, and education. The platform can even give you a personalized salary report, which will enable you to compare what you’re currently making with industry averages. Plus, since it’s updated regularly, you can be assured of relevant and accurate numbers.
Bureau of Labor Statistics
If you want to go right to the source, the government-backed BLS offers comprehensive data on employment, salary, and even types of jobs available. Here, you can research detailed reports on various professions, including median salaries, prognosis for the future viability of positions, and educational requirements. The BLS is an authoritative resource for understanding national and regional salary trends.
Indeed Salary Search
While you may think of Indeed as a place to look for your next job, what you might not know is that it also has a salary search feature. You can explore salary data based on job title, company, and location. Additionally, the site offers information about salary trends over time, which can help you stay informed about industry changes.
Salary.com
Most job seekers are familiar with Salary.com,where you can access a variety of tools for your salary research. These include a salary wizard that provides personalized salary reports. The site covers various industries and allows you to compare salaries based on different factors. Salary.com also has information on bonuses, benefits, and job-market trends.
Tips for an Effective Salary Range Search
Armed with a list of resources to conduct your research, here’s a step-by-step guide to do so effectively.
Define Your Criteria
No matter what you’re looking for, you need parameters. For salary research, these include your job title, preferred location, level of experience, and education level. The more specific you are, the more accurate the information you find will be.
Explore Multiple Sources
Don’t rely solely on one of our recommended sites. Instead, use a combination of sources to gain a comprehensive understanding of salary ranges. Cross-referencing data from different sites enhances the accuracy of your findings.
Consider Industry Factors
It’s important to remember that salaries can vary significantly based on the industry. A director of marketing, for example, can expect to make a different income in a small home services company as opposed to in a larger tech company. Take this knowledge into account, along with geography, when interpreting salary data.
Look Beyond Base Salary
While the money component is certainly an important consideration, there are other aspects of a compensation package, such as bonuses, benefits, and stock options. A holistic view ensures you’re evaluating the entire offer.
Stay Updated
Salary trends can change over time due to economic factors and industry shifts. Make it a habit to revisit salary research before each job search or negotiation to ensure you have the latest information.
Salary Research Is Vital for a Successful Salary Negotiation
Salary negotiations can be intimidating, but with the right information, you can approach them with confidence. Remember, knowledge is power, and conducting thorough salary research is the key to unlocking your earning potential.
Before starting your job search, invest time in understanding the salary landscape of your industry. Use the mentioned websites to gather valuable insights and don’t forget to explore additional resources specific to your field.
By doing your homework, you not only set realistic expectations for your compensation but also position yourself as a knowledgeable and strategic candidate during the interview process. Employers appreciate candidates who understand their worth and can articulate it effectively.
Another vital component of your job search is a resume, and Virtuoso Resumes prepares you with all the documents you need to find success. Learn more about how we can help at Virtuoso Resumes & Recruiting.
