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How much are you worth?
It's always nice to know the answer to the question, "How much am I worth?". It helps to negotiate a better salary and benefits deal in the job that you already have and to understand what to expect from a new job.
Although there's a lot of information around about pay much of it is commissioned by companies or Government bodies so it's hard to get to. However, sites like Pay Wizard and WorkSmart listed below are helping to make salary levels more transparent so by all means have a good look around. You will find that some of the websites on the job hunting sites pages also have salary checker features.
Want to know how to get a pay rise? One of our favourite articles on this subject can be found here.
Job hunter tips on salary etiquette
- Don't bring up salary in the interview process until they do - it's just not good form, and puts you on the offensive.
- Research market rates before you go to an interview. If you understand the going rate for similar roles for someone in your field, experience, qualifications, scale of remit (e.g. size of your potential team, budget or sales target), and your part of the country, you will have much more credibility with interviewers and feel more confident about your compensation expectations.
- See pay in context - some industries pay better than others, some geographical areas pay better than others. You might need extra qualifications to qualify for extra money and don't forget to add in the value of other compensation benefits such as pensions, subsidised canteens, holiday entitlements, share schemes, bonus schemes and so on.
- Know your bottom line - i.e. the minimum figure you can or will accept. If you're going to experience higher commuting costs for example, make sure the net increase will cover that additional expense.
- Calculate a range - if they ask you what your salary expectations are, don’t just offer up one figure offer a range. As a rule of thumb, take your last salary plus 10% as your bottom line as one end of the scale and then add £x,000 to it for the top end of your scale. The more senior the role, the higher the ‘x’ factor will be.
- Find out when your pay is likely to be reviewed - most companies will review compensation on an annual basis, so you need to find out when that review takes place. If they review in April and you join in May, you may have to wait almost a full year before your pay is reviewed. It’s not uncommon for new starters to have a six-month pay review factored into a contract that coincides with a probabtionery period. Make sure that you get reviews in writing, the person who promises it to you might not be around when the time comes.
- Body swerve - it seems to be more and more commonplkace that employers advertise jobs without a salary and then try to get you to divulge your details upfront. This is a deplorable practice, however, to avoid it gracefully gloss over the request to give your ‘salary expectations’ or ‘current salary’ either by not mentioning it or by saying the words ‘competitive’ or ‘negotiable’. This is a useful move if you’re trying to move sectors or jobs, and are prepared to take a pay cut, or if you are currently in a very underpaid job, and want to convince them of your suitability. If they’re genuinely interested in you, it shouldn't automatically stop them from inviting you in for an interview. If it does, you were probably better off not being invited anyway. If they ask in the interview why you didn’t include your salary, just say that you prefer to focus on the ‘fit’ and opportunity potential elements first, as that’s what matters most.
- Negotiation is a game - the interviewer will expect some give and take. If you start with your minimum you have nowhere else to go but down.
- Buy yourself some time - don't look too eager or feel obliged to give an answer on an offer there and then. It makes you look desperate and makes them look inconsiderate if they don't allow you to sleep on it.
- Work with recruiters - if you are working through a Headhunter, they want to get a good deal for their client but don't forget that they work on commission so they should help you to negotiate a fair compensation package.
Happy hunting
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