How Do You Determine Your Desired Compensation?
Searching for a new job in 2020? The only thing more daunting than the job search itself is the notorious line on the application, “Desired Compensation.”
We have all been there. You’re almost finished applying for that new job. That job, the one that is a step forward in your career, or the one that helps you to achieve a goal, move forward in your life. Maybe it is a job that offers you better benefits, more financial security. The one line you have left to fill out is your desired compensation. Shouldn’t be a hard question, but for some, it can really be a sticky spot.
Searching for a job in your current field often makes it more simple to fill in that line. As a job seeker, you want to be paid for your years of experience and compensated for the value of honing your craft. Obviously, you won’t want to ask for exactly what you are making now, especially since one of the motivating factors for searching for a new job is salary. The question then remains, how much more should you ask for based on your years of experience? What is the sweet spot so you do not overreach, but also don’t undervalue your self?
Often, the job poster puts a salary range on the job listing, which gives you a general range. But what do you do if there is no range listed? Thankfully, many job search engines have salary calculators based on experience, location, and job type which can be a great resource to help you determine your salary ballpark.
Glassdoor
One of the great job search- engines out there is Glassdoor. Glassdoor is a fantastic option for searching for jobs within your area of expertise. The site has multiple features to assist you in determining your worth, and the range your prospective position is paying in your local market making the site a great resource for determining your desired salary. A feature that is very helpful is the Salary Explorer.
The salary explorer allows you to input job title, location, years of experience, number of employees, and industry. Glassdoor uses that information to calculate the average pay for your desired role. In addition to the overall average salary, you can get a feel for the base pay of the role as well as the higher salary range.
In salaries, you have the option to search for a specific company and their location, which will give you the salary. Even without a company, you can search by job title, and still find a salary range.
However, Glassdoor’s salary information is limited to information input by its users. If your field is too specific there can be a lack of salary information. Glassdoor redeems themselves by giving you suggestions based on your geographic area. You adjust your search parameters and may still find the answer to your query.
Indeed
Indeed is, in fact, the parent company to Glassdoor. However, it has a great approach to job seeking and is straightforward and user-friendly. Right from the home screen, you can search for salaries to find the right fit.
In their “find salaries” tab, you can search again by job title or by the company name. They clearly announce their claim to salary fame. They have over 600 million salaries to draw from in their database.
The bonus is they automatically populate the most commonly searched job titles for you, and tell you what the average salary per week is. They also supply the overall range they drew this information from. With this data, you have more information to answer the dreaded, “the desired salary”, question.
Indeed is an all-around experience for the job seeker.
Most commonly searched job titles is a great place to see what other job seekers are looking for. Especially if you are not sure where you are going with the next step in your career.
On the job search page, they have relevant links to their Career Guide, which includes articles about salary and how to ask for a raise.
Fun fact from their article on average salary by age, the highest-earning age range is between 45–54. The 35–44 range is close by, which is helpful information when you are determining just how much you are worth to an employer.
Linkedin is becoming the full-fledged Facebook of the professional world. Here you can connect with professionals you know as well as others you know by reputation, and would like to be mentored by. It is a community of professionals gathering together to offer support, wisdom, and advice. Linkedin’s job search engine contains robust salary estimation tools that you have access to directly from their job search homepage.
Just like Indeed and Glassdoor, you can search by job title and location once you click onto Linkedin’s salary page. As a job seeker, you can see what the overall range is for your current position in your desired location, as well as the high and low. This page also shows how many people’s salaries contributed to this individual estimation.
The helpful part of Linkedin’s salary tool is the “see more insights” tab. When you click on this tab, you see the added perks to the jobs, information that is helpful when negotiating that job offer.
Perks, such as bonuses, stock options, and RSUS, are generally listed in the job posting, but rarely do you have access to the corresponding figures. Now, thanks to LinkedIn, you can see those numbers and the percentage of jobholders who received those specific perks.
Average salaries by category is another search LinkedIn offers to help in the hunt for the magic number to enter into the desired salary line on your job application.
As a job seeker, you see the education level and area of study in addition to the traditional job title and company name. In some industries, this information is very influential in determining the salary range, the higher the education level, the higher the salary range. Whereas in other industries, the level of education has very little effect on your compensation.
The earning potential for your desired position is out there, and hopefully, these three resources will give you the information to confidently secure the salary you want in a position that you love.
