Determining Your Worth for a Salary Negotiation

It’s a known fact that in today’s competitive job market that if you want a salary bump, you’re most likely going to have to ask for it.  Savvy candidates will likely have read one of our articles on preparing your background materials for promotions and raises, such as milestones achieved and sales or other goals met.  

While that’s all fine and good, most employers are still going to ask for industry trends for comparison in order to justify any nudge north when it comes to compensation.  If you find yourself in similar shoes, or simply want to be prepared for all possibilities, we’ve got a few useful suggestions for determining your worth for a salary negotiation.

  1. Research Through Online Salary Tools

Savvy job-seekers know that Simply Hired’s free salary calculator is one of the best-kept secrets in your raise negotiation arsenal.  With this handy (did we mention free) service you simply input keywords based on industry or job title in order to get the scoop on what others like you are currently earning.  You can also search by region to further fine tune the information you collect making your final numbers all the more relevant and powerful to your case.

  1. Assess Your Skill Set

Getting a handle on comparable salaries is only have the pay raise battle.  Employees should also gather information on their specific role at their company which can help demonstrate ability, worth and any areas where you may be going above and beyond.  If you’ve managed large teams of people, take note. Asked to take on large projects and department or company-wide rollouts? Also vital information.

Once you’ve collected your specific contributions, it’s time to start comparing.  Search for other jobs in your industry with similar titles to delve into common responsibilities.  If you’re being asked to perform at a higher level than your peers it could help make for a strong argument for promotion and/or a salary negotiation.  All else fails you’ll have the start of a great pitch for freshening up your resume or speaking with a recruiter.

  1. Ask Your Network

We saved the toughest, but most relevant, steps for last when it comes to determining your professional value.  While there is an unspoken rule when it comes to comparing salaries with your peers, this can often be relaxed with trusted networking contacts.  Reach out to prior coworkers or managers, recruiters or trusted HR professionals. Get their feedback on your skills if they’ve worked with you professionally and take advantage of their specialized knowledge of your position.  Use their recommendations and advice as part of your pitch during raise negotiations for maximum impact.

Have another useful suggestion when it comes to valuing your skills in order to negotiation for a raise?  Drop us a line in the comments and maybe your tips will make our next updated column on the topic.

Article Updated from the Original on April 29, 2018