How to know what you should be paid

As you’re conducting your job search, it’s usually a given that the ‘what are your comp expectations?’ question will come up. So, clearly, it’s important to have a good idea of where the market is for someone in your role and responsibilities. So, how can you do that?

Colleagues and network contacts

Your network is a great tool to leverage if you’re unsure of what you should be paid. Speak to trusted contacts in your field and those at a similar level, in a similar role, or at a close competitor. This can give you a realistic insight if they’re willing to share, without exaggerating.

Recruiters specialised in your field - and where appropriate, HR professionals

Any recruiter worth their salt should have a very good idea of what the comp numbers are. It may be worth building a relationship with a knowledgeable recruiter with whom you can exchange market intelligence, not just for this. Comp will be one of a number of subjects to discuss.

Furthermore, should you be interviewed by a recruiter who is conducting a search, you’ll have the opportunity to ask what sort of compensation the hiring firm has in mind. Recruiters sometime do salary surveys which, if you can find one that relates to your area, will also be very useful.?

By the same token, some HR professionals will have a clear understanding of pay levels but are likely to guard that information closely.

Interviewers in a job interview

When you’re asked for your salary expectations, it seems reasonable to ask the interviewer to exchange information by asking about the range for the role that they’re recruiting for.?

LinkedIn and online ads

You can scour LinkedIn and other job platforms, looking up the sorts of jobs that might be close to your current role and see what’s being offered.?Similarly, LinkedIn Salary Insights is a tool that you can access from the work tab at the top or your profile.Other sights like GlassDoor can also be very helpful.

A job offer

In many ways, perhaps the most reliable way to know is by getting an actual? job offer. However, the drawback of is this that it may be unrepresentative of the market. The number is for you, for this job, at this firm at this time. You may be being sold short. Multiple offers is likely to give you a better steer.?

Finally - know your own bottom line

Having a clear idea of how much it costs to keep your household rolling each month/year and still have enough to save and invest will provide you with some sort of baseline acceptable number. Anything beneath this point, you’re going to have to have a major re-think about lifestyle and/or career.

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To conclude, knowing your market worth before going into salary conversations in a job search is critical if you’re not going to sell yourself short. Other factors such as how long they’ve been looking for just the right person, their own internal salary rules, supply and demand and trends like ‘juniorisation’ will all be in play. Last, it’s probably worth keeping your finger on this pulse throughout your career, so you’re never caught unawares if you do end up job searching.