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Last Updated on January 9, 2025
Are you underpaid? Do you know if you’re earning what you’re truly worth based on your experience and qualifications? Many professionals grapple with this question, often suspecting that their compensation doesn’t fully reflect their value. If you share this sentiment, you’re not alone. But the bigger question is, how do you determine your true worth?
While periodic raises, bonuses, and promotions are common ways to boost your earnings, the most significant opportunity to increase your salary often arises when transitioning to a new company. However, even in such cases, there is typically a cap on how much a prospective employer is willing to offer above your current salary. So when that big day arrives, and you receive a job offer, how can you be confident that the salary reflects your worth?
Understanding your market value and mastering salary negotiation is critical to ensuring you’re paid fairly. Research industry standards, assess your skills and experience objectively, and leverage tools like salary comparison websites. Preparation and negotiation skills can make all the difference in securing a compensation package that matches your value.
Are you earning what you truly deserve? Discover how to research, prepare, and negotiate like a pro to secure the salary and benefits you’re worth. Start taking control of your career today #SalaryNegotiationClick To TweetWhat This Article Covers
- How to determine if you’re underpaid and identify your true worth
- Understanding the best opportunities to increase your salary
- Researching industry salary benchmarks using tools like Salary.com, Glassdoor, and Indeed
- Key steps to prepare for salary negotiations and maximize your job offers
- Negotiation strategies to secure better compensation, benefits, and perks
- Evaluating and understanding job offers, including benefits and hidden value
- Additional factors like profit-sharing, 401k matching, and work flexibility
- Tips for finding the right company and role to align with your career goals
Salary Guides and Sites
Robert Half Salary Guide – This guide will help answer most of your salary and compensation questions if you are in the accounting and finance fields. There is also a salary calculator on the page. While you are on this site, take advantage of the job seekers section.
Salary.com – Stands to reason that this is a good place to start. This site has two views, one for employers and one for personal use. You can register on the site or just use their tools without registering. Add your job title and location and then click on “What am I worth”. Narrow your search to the next page and even compare other job titles.
Indeed.com – Salary Search – This is a great little search tool for salaries. You can get personalized information on job titles and locations.
Glassdoor Salary Calculator – Glassdoor also has a salary calculator to help you figure out how much you are worth. There are also tools to help you explore ways to increase your compensation.
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Negotiate Your Job Offer
While your salary isn’t everything, it is important. But other parts of a job offer can be just as important. You can also negotiate your job offer, including such things as vacation and title. Knowing what you and the job are worth from the section above is key before attempting to negotiate your job offer. Remember, you can negotiate most aspects of your job offer (not just your salary).
Another consideration is whether or not you are employed when negotiating a new job offer. If you are unemployed and you have a cushion of money from severance, maybe you can be more selective. But, if you are like most of us, your ability to absorb long-term unemployment is minimal (or less).
Job Offer Negotiation Skills – You successfully answered the questions in a phone interview, a live interview (or several) and the company just called to make you a job offer! Now what? Getting an offer is exciting – so how do you know if it’s a ‘good’ offer?
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Easily get higher salary outcomes by using the book’s scripted email and phone templates for over 60 negotiation scenarios. Unlike other negotiation books, you will never be left guessing how to apply a negotiation theory or principle.
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Try to gain an understanding of the potential for advancement. This should have been one of the questions you asked during the interview process. The size of the company, your role, your performance, and the size of your department all play a key part when evaluating future growth (both in career and compensation).
Understanding Your Job Offer
It sounds basic, but make sure you fully understand your offer, including your benefits. While not directly “compensation”, the value of benefits provided (or any shortfalls to what you currently have) can have a huge impact on your overall “net gain” over your current role/company.
- Medical and dental
- Vacation, sick days, and personal days
- Pensions, 401k plans, matching
savings plans (see below)
Other Job Offer Items to Consider
Profit-sharing and 401k – 401k plans (and matching) can significantly increase the overall value of the job offer. Make sure you understand what the company offers and how you can participate.
Day-care or child-care reimbursement – Even if you don’t yet have a family, it’s important to understand if there is on-site daycare or if there is some reimbursement for daycare.
Flexible work hours and work-from-home benefits – Another important benefit that could make all the difference for you depending on your personal circumstances.
The Right Company and Job for You:
Getting an offer is wonderful, getting the compensation you want is even better. The most important is not making a mistake in the company you chose (and sometimes the hardest to achieve). Remember, the interview is not just about getting the job, it is also about you getting the right company (as in, is this a place where you would like to work).
Seven Points To Evaluate In Your Next Job Interview – What about your questions during an interview? Are you asking the right questions and are you getting the right answers? So often we forget that we are interviewing the company as well. This article can be found on Glassdoor.com and offers some advice on evaluating companies where you are interviewing.
Summary
Some of history’s best negotiators, like Mandela, Kissinger, and Roosevelt, honed their skills through rigorous practice and education. While you may not aspire to their political achievements, developing negotiation expertise is invaluable for advancing your career and securing the salary you deserve. Building a strong foundation in these skills can start with enrolling in negotiation programs at prestigious institutions, helping you master the art of salary negotiation and achieve your professional goals.
