Chapter 3. How to research market-based salaries to prepare for negotiation?

To successfully negotiate a job offer and compensation package, it is critical that you research the job market standards and benchmark your deserved salary. How can you get trustable information about the market?

 

How to

You need to back up your expected range with trusted and up-to-date information. Internet research offers free of charge informational websites, applications, and cited articles, but it is crucial that you find trusted and accurate resources. Among such sites, is the Occupational Outlook Handbook produced by the U.S. Department of Labor Statistics Links to an external site.. This site provides online salary data for thousands of jobs that are searchable by field. Another popular site is Salary.com Links to an external site. as it provides a collection of data including the cost of living calculators, comparison tools, list of benefits, and tips for negotiating.

 

 

As you research, you need to focus on the job tasks, responsibilities, and expectations more so than on job titles. Items to watch are the career field, type and size of employer, geographic location, level of education, years of experience, special skills, certifications, licenses, and other required credentials.

Know that most standards are listed as a range of numbers, but not always. They may list by minimum, median, and maximum salary for each specified level. It is important to know your range based on your specific situation, in addition to deciding an acceptable floor, desired ceiling, and walk-away threshold based on your budget calculation. You can review the module on Budgeting to forecast a budget.

Whichever method you use to find your worth in the market and to figure out what you are willing to accept holistically, you need to double and triple check your calculations so that you will negotiate intelligently and successfully. Get all of the information you need prior to discussing earnings. Even though it may be an awkward or uncomfortable talk to have with your future employer, you will be happier, in the long run, to start out on an equitable base income.

 

Practice

Now that you know how to research market-based salaries to prepare for negotiation, think of paying it forward and discuss how to do so with a friend or a family member.

 

Congratulations! You can move on to Chapter 4. Salary negotiation techniques and strategies.

To review the full module on Salary negotiation, click here.