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Are you underpaid? Do you think you are paid what you are worth, given your experience and compared to others you work with? If you are like most of us, the answer is probably that you think you are underpaid. Taking that to the next level (and being realistic), how much do you really think you’re worth?
Most of us get raises, bonuses, and promotions from time to time, but the best opportunity to increase your compensation is when you are moving from one company to the next. Even then, there is a limit as to what a new company will pay you above and beyond what you currently earn. But when that big day comes, and you get that job offer, how do you know they are offering you what you are worth?
Are you underpaid? Do you think you are paid what you are worth? If you are like most of us, the answer is probably that you think you are underpaid. Taking that to the next level (and being realistic), how much do you really think you're worth?Tweet This
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 on 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.
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?
Negotiating Your Salary: How To Make $1000 a Minute – Negotiating Your Salary: How to Make $1000 a Minute has sold more than 250,000 copies. The latest edition makes it easier than ever to put thousands of extra dollars into one’s pocket because of the many key concepts that have been added to the “bible” of salary negotiations.
How to Negotiate A Killer Job Offer – If you want to learn the job offer negotiation secrets that top executives know and use to power your own career and financial future-forward, then this is the book for you.
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 day-care or if there is some reimbursement for day-care.
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. 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 on 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.