Do you know if your salary matches industry averages? There are many variables to take into account to determine if you’re being compensated on par with other workers in the same role.
To earn a competitive wage, you need to be capable of evaluating your performance and professional attributes (skills, education, relevant training, previous experience, etc.) accurately. You must also be able to evaluate where your employer stands in your industry, and how the salary they offered you compares to other companies. If you want an effective strategy to find out if you’re being paid on average for your industry, check out five ways to compare your salary below.
1. Match Your Job Description to a Benchmark Job
Since job titles aren’t always referring to the same positions at various companies, even within your industry, you should be comparing job descriptions. Matching your job description to a benchmark job in your industry will help you determine if you’re performing at the same level or above average.
You should be able to match most of your job responsibilities and required skills to the descriptions of the benchmark jobs you research.
2. Research Employer-Reported Data
The great thing about being an employee in the internet age is that you have access to a number of sites that can provide employer-reported data. When you want reliable facts about the salary averages for your industry, you should specifically research employer-reported data. Companies have a vested interest in developing their employer brands these days, and one of the ways they do this is by being transparent about their competitive salaries.
Check out sites like LinkedIn, Payscale, Indeed, Salary.com, and Monster (just to name a few) to browse employer-reported data. Digging into this kind of data is key for up-to-date salary comparisons.
3. Use Salary Comparison Tools
Many of the sites mentioned above have what are called salary comparison tools. Indeed, which coincidentally is the biggest job posting site globally, has a free salary comparison tool. Since it’s pulling from such a robust database, including employer-reported, employee-reported, and the site’s millions of postings, you’ll get a great industry overview.
These tools will give you a clear ballpark of how the company’s (that you are working for) rates should range. Salary comparison tools help you gauge what a competitive salary looks like in your industry. Salary bench marking is a process that employers use as well to create a competitive position for similar reasons.
4. Assess Individual Employer Factors
There are many other variables that could be affecting whether your salary is average at your company. Your salary might be affected by the size of your company, where your position fits in with other positions in the company, and what industry your company is in.
If you work at a small to medium sized company, for instance, there may be more limitations on resources than at a larger company. You should also account for both tangible and intangible benefits your company affords you, like health insurance or flexible scheduling.
5. Engage Niche Staffing Agency Recruiters
Niche staffing agency recruiters have decades of experience in dealing with specific industries and are experts on what the competitive salaries are for those industries. Engaging with them is a good idea if you want to learn where your current salary stands. They can also help you find the job you really want if your current position turns out to be less than favourable.
We hope you found these tips helpful for salary comparisons. If you’re looking for a job or want to test other positions in your industry, apply to Liberty Staffing today!
