How much should you get paid?

What motivates you at work? You might say “money.” Successive studies show that salary is one of the most significant factors affecting employee performance, as well as the impact of feeling that you are being paid fairly on your productivity, job satisfaction, and intention to stay in the job.

Why should you research salaries?

Conducting salary research before starting your job search or negotiating a raise ensures that your request aligns with the market. You won’t get this by asking your friends about their salaries or relying on your current salary. The risk of not knowing your true salary value is that you may ask for too much or too little. This means you could miss out on job opportunities or lock yourself into a lower salary, possibly for years to come.

How to use salary surveys

Start your individual salary research project by reviewing salary data. One excellent place to begin is the Bureau of Labor Statistics. The Occupational Outlook Handbook includes national and state wage projections, as well as data for seven major occupational divisions. These divisions encompass hundreds of jobs. Additionally, you can also find a list of the fastest-growing jobs and another list of jobs expected to have new openings.

Salary surveys and other free salary tools include:

• Indeed: Search for salaries by job, skill, title, or other keywords and get results for your metropolitan area.
• LinkedIn Salary: View salaries for jobs and employers in various locations or browse popular jobs for comparison.
• Payscale: Get a free salary report based on your job title, skills, education, and location.
• Salary.com: Offers another free salary report and allows you to browse jobs by industry, income, and other factors.
• Glassdoor: Use this calculator to see potential salary ranges by job title, location, and employer.

Should you negotiate a salary offer?

More than half of professionals fail to negotiate job offers, according to a CareerBuilder survey. The main reason for not making a counteroffer? Fear. 51% of those who do not ask for more money say they do not feel comfortable asking for it, while 47% say they fear that employers won’t accept them if they attempt to negotiate.

However, since raises are calculated as a percentage of your current salary, not negotiating a salary offer can cost you more than a million dollars in lost wages throughout your career. Moreover, you may have less than you think. More than half of employers told CareerBuilder that they offered candidates less than they were willing to pay – and 26% said their initial offer was $5,000 less than their maximum offer.

When should you negotiate a raise?

It can often be difficult to know when is the best time to negotiate a raise. But you can benefit from the following guidelines:

• In most cases, it’s best to wait until you’ve been with the company for at least a year before asking for a raise.
• The best time to negotiate is after achieving a goal, such as completing a major project ahead of schedule and under budget or landing a big client.
• Make your request ahead of your performance review. This will give your manager time to speak with higher-ups and make a case for you.

Frequently asked questions

When should you not negotiate the first salary? While most employers expect candidates to negotiate initial salaries, there are times when it might be appropriate to accept the offer. You might decide not to ask for a higher salary if your research indicates that your industry or company culture doesn’t favor negotiation, for example. If you are seeking a temporary job until you find a long-term career plan, you may also choose to accept the first offer from an employer.

Do you…

Can I negotiate benefits in addition to the salary? Often, you can negotiate some benefits alongside a higher salary. Generally, it is easier to negotiate benefits that are not collectively bargained, meaning you may not be able to demand a better health insurance package. However, benefits like a flexible schedule, additional paid time off, or an earlier performance review may be easier to achieve.

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Sources:

• ASPE. “Predictors of Job Satisfaction and Intent to Leave among Home Health Workers: An Analysis of the National Home Health Aide Survey.”
• Paychex. “Measuring Productivity in the Workplace.”
• Cision PR Newswire. “More Than Half of Workers Do Not Negotiate Job Offers, According to New CareerBuilder Survey.”
• Harvard Business Review. “The Costs of Not Negotiating.”

Source: https://www.thebalancemoney.com/how-much-are-you-worth-2058755