Let’s face it. We all want to be paid fairly. But, what “fair” means can be hard to tell.
After all, we were all taught not to talk about a few key things with others: politics, religion, and money. So, how can you know how much you’re worth on such a taboo topic?
As you can imagine, determining whether or not you’re being paid fairly can be tricky. But, fortunately, the internet is making it a little easier.
Research is where it’s at. You need data to help you determine what’s truly fair. Here are a few ideas for helping you to determine your fair market value.
Salary.com – Salary.com provides salary data by zip code and title. This can be useful information, especially if you’re searching at a small company.
Glassdoor.com – Glassdoor compiles anonymous, self-reported salary data. It’s reported by title, location, and company. They also rolled out a new tool earlier this year that can be very helpful called the “Know Your Worth Tool.” And, best of all, Glassdoor periodically sends you updates to let you know if your market value is increasing or decreasing.
Your University – One area that many job seekers overlook is called a post-graduation report. Most universities put these reports out, sharing how much their graduates make 1-2 years after graduation. Some also include data about the specific companies their graduates are working for. Although this report is the most helpful when you’re a young professional, it can help to provide another data point in your search for information.
Last, the good old fashioned way of salary research can help here too. Talking with friends a little more openly about money can shed quite a bit of light. And, if all else fails, a few competitive job offers from other companies will definitely give you a better idea of what your current going rate is.
I hope these tips have helped you. Visit CopelandCoaching.com to find more tips to improve your job search. If I can be of assistance to you, don’t hesitate to reach out to me here.
Also, be sure to subscribe to my Copeland Coaching Podcast on Apple Podcasts or Stitcher where I discuss career advice every Tuesday! If you’ve already heard the podcast and enjoy it, please consider leaving a review in Apple Podcasts or Stitcher.
Episode 111 is live! This week, we talk with Rich Jones in San Francisco, CA.
Rich is a Technical Recruiter at a large dot com company. He’s a certified professional in Human Resources with over seven years of recruiter and HR experience. Rich also co-hosts the Paychecks & Balances podcast. Paychecks & Balances is a fun-formative podcast covering work and money for the rising professional.
On today’s episode, Rich shares the biggest financial issue faced today by professionals, how to ask your current boss for a raise, and secrets to effective negotiation at a new job.
Listen and learn more! You can play the podcast here, or download it on Apple Podcasts or Stitcher.
To learn more about Rich’s podcast, Paychecks & Balances, visit his website at PaychecksAndBalances.com.
Thanks to everyone for listening! if you have questions, you can e-mail me at Angela(at)CopelandCoaching(dot)com. If you’ve enjoyed the program today, please be sure to subscribe on Apple Podcasts and leave me a review!
How often have you talked to a friend who hasn’t received a real raise in years and is feeling frustrated? Perhaps you are that person. You’ve been at your company for years, receiving two to three percent raises each time you have a performance review. You know you’re falling behind financially as compared to your peers, but you’re not sure what to do.
Often, employees in this situation will recommit themselves to their work. They decide that if they work hard enough and show their boss how great they are, they’ll be rewarded in a few more years. It feels very personal and somewhat emotional. Hard work means more money.
Unfortunately, this is rarely the case. Unless you are in sales, the issue of money has far less to do with your own performance than you might imagine. Once you’re hired at a company, you become part of a system. The system typically only offers pay raises during review time. And, managers are restricted on how much they’re able to give.
So, what can you do? Some employees threaten to leave. Others argue their value. And, a few present competitive job offers. Threatening to leave or presenting competitive offers is rarely the answer and companies know this. Even if they agree to your demands, there’s still a good chance you’ll leave later – and you may damage the relationship with your company in the process.
If you want to stay at your current organization, your best bet is to make a case for your value during your annual performance review. Even then, you’re unlikely to get the huge raise you’re dreaming of.
In order to truly impact your salary, you have to consider switching companies completely. Big salary increases not only impact how much you make now, but also how much you will make over the lifetime of your career. In fact, Forbes makes the case that employees who stay at a job more than two years make fifty percent less over the lifetime of their career than those who don’t.
Once you’ve decided to change jobs, do your homework. Find out what the going rate is for the work you do. It’s important to know your worth before you begin.
When you interview, you’ll quickly find that one of the first questions a company will ask is, “How much do you make?” If you answer this question, you can bet that your new salary will be based upon how much you’re currently making. To maximize your salary bump, try to avoid answering this as long as possible. One technique is to ask the recruiter if they would be willing to share the salary range with you. This can give you a sense of the pay without disclosing your own number.
And, start your search before you’re so unhappy at your job that you’re ready to run out of the building. The longer your timetable is, the more choices you’ll have and the longer you can wait for the highest paying offer.
Angela Copeland is CEO and founder of Copeland Coaching and can be reached at CopelandCoaching.com or on Twitter at @CopelandCoach
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