Why Should you Research Salary?
Whether or not the salary is listed, researching salaries for specific industries, companies, and positions is crucial. Being well-informed helps you answer salary-related questions confidently and ensures you choose the right position with appropriate compensation for your needs.
- Informed Negotiation: Knowing the typical salary range for the position allows you to negotiate effectively and appropriately, avoid underpayment, and boosts your confidence during salary discussions.
- Realistic Expectations: Helps set realistic expectations, avoid disappointment, and determine if the role is a good fit for your needs and goals.
- Market Value: Allows you to assess your market value based on your skills, experience, education, and location ensuring you are being compensated fairly.
- Financial Planning: Assists in planning your budget appropriately, making sure the position meets your financial needs now and in the future.
- Professionalism: Demonstrates to the employer you are serious and prepared, allowing you to engage in an informed dialogue about compensation and an offer.
- Competitive Edge: Allows you to compare offers and salary from different employers and ensures you are making well-informed decisions about accepting and declining job offers.
How to Research Salary Information:
Conduct thorough research on the company, position, industry, and comparable roles at similar-sized companies. Consider your experience, skills, education, and geographic location(s) in your evaluation.
- Online Salary Databases & Websites: Start with websites including: Glassdoor, Vault.com Indeed, Payscale, LinkedIn Salary, Salary.com, Levels.fyi and Blind.
- Government & Public Data Sources: Bureau of Labor Statistics: Data on wages, employment statistics and occupational outlooks.
- Occupational Employment and Wage Statistics: Annual data on employment and wages.
- Professional Associations & Industry Reports: Many industry groups publish salary surveys and reports for their members.
- Networking: Set up informational interviews with professionals in your field or attend networking events to gain industry insights on compensation.
- Company Websites & Annual Reports: Some companies publish salary and benefits information on their website or through public reports.
- Job Listings: Research comparable job listings at similar sized companies, which may have salary ranges posted.
How to Answer the Expected Salary Question on Job Applications
After doing thorough research you can provide a range of the salary you are expecting. Make sure your range is reasonable and based off your skills, experience, education, location, industry standards, etc. If the application does not allow a range, include a number allowing enough room for negotiation if you were to receive an offer.
Negotiation Scripts
What are your salary expectations? The range for this position is $55,000-$65,000, would that be a range you are comfortable with?
“Based on my experience, I would expect to be in the middle of your range. Can you share what your range is?”
“According to my research and understanding of industry standards, I expect to be making around $XXX – $XXX. However, I am open to negotiation depending on the specifics of the role and the overall compensation package.”
“Based on my research, experience, and skills, I would expect a salary in the range of $XXX – $XXX. Of course, I am flexible and open to discussing this further to find a mutually agreeable number.”
You have been offered the position and would like time to review the offer and salary. Do not decide immediately and make sure to express gratitude, restate your interest and request a deadline.
“Thank you for letting me know about the salary for X position. I really appreciate you taking the time to connect with me and speaking with me. I’m confident I will have a positive impact in this position and bring value to your team. Could you tell me by when you’d like my answer? I’d also like to review the benefits offered along with the salary. Could you please share some links and resources for me to review to consider the whole offer?”
You have been offered the position and would like to negotiate the salary. Depending on your situation you can use the following prompts.
“Thank you so much for the job offer. I am very excited about the opportunity to join [Company Name] and contribute to the [specific team or project]. After reviewing the offer, I would really like to explore a salary closer to $____. Is there any way we can make it work? I know I will bring immense value to the team by XXX skills and with my experience at XXX, I can immediately start making meaningful contributions to the team and need little training in this area.”
“I have another offer that is significantly larger than yours, but I’m leaning toward your company because I like the opportunities and cultural fit better. My main concern though, is that it is hard to pass up the monetary benefits of the other offer. I would really like to discuss a way to make your offer stronger, to make it easier for me to turn down the competition.”
“After a thorough evaluation of the offer package, I have a concern I would like to discuss before I make my decision to accept. I am really leaning toward your company, but I have another offer that is significantly larger than yours. If you can increase your salary offer by 5% I will be able to make my decision within 48 hours.”
