How To Determine Your Market Value:
Fortunately, there are a number of good tools that exist to help you understand your real market value. Use these sources and methods to get a reasonable range:
- Salary.com: Salary.com is a good simple indicator, especially for staff level roles. Salary.com gives comparative salary information by job title and location.
- Payscale.com: Payscale.com does a more detailed analysis, taking into account title, major responsibilities, industry, years of experience, education, and relevant certifications.
- Bureau of Labor Statistics data: The bls.gov website has a wealth of information, from salary info to employment outlook for industries and job functions.
- Adjustments: A good guideline for adjustments include:
- Unemployment: -5% to -10%
- Industry losses: -3% to -10%
- Length of most recent job: -3% to -5%
- Industry change: 0% to -3%
- Function change: 0% to -5%
- Age: 0% to 10%
- Geography – Geographic multipliers and information can be found on Salary.com, Payscale.com and bls.gov
- Note: These are ranges used to create estimates. When you hear stories of someone taking a 30% pay cut, there are likely multiple adjustments affecting the offer.
These tools and adjustments should allow you to calculate a range that estimates your market value. These estimates can help job seekers decide whether to stay in their same industry, or if it’s worth it to try something new.
How do you stack up?
For access to more information:
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