Determining an appropriate salary range is an important part of any job search or career transition. With the right research, you can feel confident that you are earning a fair wage based on your skills, experience, and location. Here are some tips on how to effectively research salary ranges.
Check Salary Surveys
Salary surveys and reports provide aggregated data on compensation levels across different industries, job titles, and geographic regions. They can give you a broad sense of market rates. Some well-known salary surveys include:
- Bureau of Labor Statistics (BLS) – The BLS publishes wage data as part of its Occupational Outlook Handbook. It provides median annual salaries for hundreds of occupations.
- PayScale – This site has an extensive salary database based on user-provided data. You can search by job title, company, location, experience level, and other factors.
- Glassdoor – Like PayScale, Glassdoor accumulates user-reported salaries. It also lets you compare salaries by factors like company size and ratings.
- Robert Half Salary Guides – These guides are released annually and contain salary ranges for accounting, finance, creative, legal, administrative, and tech professions.
- Dice Salary Survey – Dice’s yearly survey focuses specifically on tech salaries at all experience levels.
The advantage of salary surveys is that they draw on large sample sizes across diverse industries. However, reported salaries may differ significantly based on specific job responsibilities. Treat surveys as general guidelines and combine them with other research.
Search Online Job Listings
Another easy way to collect salary data is browsing current job openings that list salary ranges or exact amounts. This can provide a sense of what employers in your field are offering for similar positions. Some sites to search include:
- Indeed – This job aggregator allows keyword searches for full-time positions with salary information.
- LinkedIn – You can filter job searches by salary range on LinkedIn to see relevant postings.
- Monster – Use advanced search options to find full-time jobs with published salary details.
- ZipRecruiter – Search by job title and location, then filter by jobs that show compensation.
- Industry-specific sites – Check niche job boards in your field, which often have salary filters.
Pay attention to the specific job descriptions, responsibilities, and requirements when making comparisons. Entry-level and senior roles will vary significantly in their salary ranges.
Research Typical Salary Ranges for Your Role
For many positions, you can find reasonable salary ranges reported by analyzing job postings. But for some roles, published salary data is limited. In these cases, you need to triangulate data from multiple sources.
- Ask colleagues – Connect with people in similar roles and politely ask what salary range seems typical. Take notes on years of experience as well.
- Try recruiter calls – Recruiters frequently work on similar job searches. Explain you are researching the market and ask if they can share general salary info.
- Look for industry reports – Some professional associations and industry groups publish role-specific compensation reports annually or quarterly.
- Search profiles – Websites like LinkedIn sometimes include salary ranges in member profiles. Look at people with comparable backgrounds.
Combining this anecdotal data can give you a reasonable view of market rates even without posted job listings.
Consider Cost of Living Differences
Remember that regional differences in cost of living will impact salary ranges. $75,000 might go far in Cleveland but barely cover basics in San Francisco. When comparing locations:
- Use cost of living calculators – Sites like CNN Money and BankRate have tools to compare living costs between cities.
- Factor in tax rates – Income and property tax rates vary greatly between states and localities.
- Compare housing costs – Look at home values and rents in each area to see housing budget impact.
- Review typical budgets – Estimate differences in groceries, transportation, utilities, and other costs.
Adjust salary ranges appropriately to make accurate location comparisons. A $20,000 pay bump might amount to a lateral move after accounting for living expenses.
Consider Negotiation Range
Once you determine market salary ranges, you can strategize for negotiations. It’s common to negotiate a 10-20% increase above initial offers. Consider:
- Research typical offer increases – Speak to colleagues about successful negotiation bumps above initial offers.
- Factor in benefits – Adjust salary demands based on differences in bonus potential, equity offers, retirement contributions, insurance, and other benefits.
- Set target and stretch goals – Determine minimum salary needed and ideal scenario salary goal for negotiations.
- Practice negotiating – Role play negotiations with a friend using realistic company counters.
With preparation, you can negotiate confidently using salary range research. Just remember that salary is one part of your overall compensation and career growth prospects.
Use Online Salary Checkers
For quick checks, various online salary tools can provide estimated ranges. These ask you to enter information like job title, location, and experience to generate salary calculations. Some options include:
- Salary.com’s Salary Wizard
- PayScale’s Salary Calculator
- Glassdoor’s Know Your Worth Tool
- Indeed.com’s Salary Search
- LinkedIn Salary Insights
These easy scanners act as useful starting points. But combine them with deeper research using surveys, job listings, and first-hand reports for accuracy.
Document Your Skills and Achievements
When negotiating salary, you need data points to demonstrate your value. Be prepared to explain how your skills, achievements, and impact justify a higher salary. Track details like:
- Technical skills and professional certifications
- Software, systems, and tools you are proficient in
- Process efficiencies or cost reductions you’ve implemented
- Revenue growth, sales increases, accounts acquired, etc.
- Programs, products, or services you’ve created or managed
- Areas where you excel compared to peers
Quantifying your accomplishments and abilities strengthens the case for higher pay. Use them to target salaries at the top of the research-supported ranges.
Set Salary Ranges When Hiring
Salary research is also vital for employers setting pay rates. Consider these tips when defining salary ranges:
- Research industry standards – Review typical compensation levels at competitors to set a baseline.
- Consider internal equity – Ensure pay aligns appropriately with existing roles and employee seniority.
- Factor in budgets – Weigh salary spending against budgets and financial performance.
- Assess total rewards – Beyond salary, evaluate your full compensation package competitiveness.
- Allow room to negotiate – Set initial ranges 10-20% below desired salary caps to allow for negotiation.
Balancing market data, internal parity, budgets, and negotiation strategy helps attract and retain top talent cost-effectively.
Use Salary Tables to Compare Ranges
Job Title | Entry Level Salary | Mid-Career Salary | Experienced Salary |
---|---|---|---|
Software Engineer | $80,000 | $120,000 | $150,000 |
Product Manager | $75,000 | $100,000 | $140,000 |
UX Designer | $65,000 | $90,000 | $115,000 |
Data Analyst | $60,000 | $80,000 | $100,000 |
Tables help visualize salary differences across experience levels in your occupation. Make multiple tables to compare ranges by location as well.
Key Takeaways
Researching salary ranges takes work, but pays dividends in negotation power and peace of mind. Remember to:
- Consult diverse sources like surveys, job listings, colleagues, and recruiters
- Adjust for cost of living and benefits differences
- Document your skills and achievements to support negotiations
- Set target and stretch salary goals based on research
- Use online tools for quick checks, but combine them with other data
With smart preparation, you can find compensation that properly values your contributions. Understanding industry norms also makes you a more informed job seeker or hiring manager.