Posted in Career Best Practices
"Is my pay rate competitive – or insulting?"
"What's the average salary for someone with my job, in my industry, with my level of experience?"
"Is it time to ask for a raise?"
Determining if you're earning what you're worth can be tough. In today's job market, factors like geography, minimum wage increases and low unemployment make fair compensation a moving target. And while an industry may have set amounts that someone in a job position makes, employers typically have some "wiggle room" when it comes to setting pay rates.
How can you find out what you're worth – and maximize your earning potential?
Below, PrideStaff shares practical tips for assessing your salary and getting a raise if you deserve one:
- Do some research online. Find out the going rate for your position within your industry by searching on sites like Payscale, Getraised and Glassdoor.
- Prepare to re-sell your value. Create a one-page "brag sheet" that highlights: the measurable results you've achieved; the new skills you've acquired that have increased your value; additional work you've taken on; and success stories, testimonials and/or recommendations. Use these points plus, the results of your salary research, to build a case for why you deserve more money.
- Get the timing right. Schedule a meeting with your boss during a period of low workflow and stress. Let them know that you'd like to discuss your salary, so that they don't feel "ambushed."
- Go into the meeting with a clear number in mind. Choose a pay rate at the top end of the range, so you have room to compromise if necessary. The good news is, if you've done your homework you can easily justify the reason behind the figure you settle on. Insider Tip: Ask for a specific number (e.g., $14.75/hr. instead of $15.00/hr.). Why? Research from Columbia Business School shows that, when employees use a more precise number in an initial request, they're more likely to get a final offer closer to what they propose – because the employer assumes they've done more research to arrive at that specific number.
Need more assistance?
PrideStaff's Compensation Portal can provide you with accurate, real-time salary data. Combining our own national pay data with 3rd party information representing 90% of the labor market, our Portal allows you to:
- Compare your compensation to others in your position
- Find out what jobs pay the most in your industry
- Earn what you're worth
- Make the best choices for your career
For the insights and opportunities you need, contact your local PrideStaff recruiter today.