In my previous blog post, I highlighted the significance of communicating a comprehensive individual development plan to your manager and HR department. In this article, I will focus on the critical aspect of understanding and comparing your salary with current marketplace standards. It is particularly important for individuals who have been with their organization for an extended period or are considering a new position to be aware of the salary benchmarks for their roles within the local market. In the blog, “Should I Stay, or Should I Go,” I discussed the potential drawbacks of long tenure with a single company and the substantial salary disparities that can arise. Ensuring that your compensation aligns with market standards is essential for maintaining career satisfaction and financial well-being.
With many states in the U.S. now requiring employers to disclose salary ranges in job descriptions, it has become easier than ever to compare your current position with similar roles in your area. Numerous online resources such as Salary.com and Glassdoor.com are available for this purpose. Additionally, a simple Google search of your current job title and city can yield local salary market details. Salaries can fluctuate one to two times a year based on skill demand. Typically, salaries are presented in ranges, with median averages indicating the most common compensation levels within a given area.
I understand that discussing salary can be uncomfortable, but it is a crucial conversation supported by concrete, fact-based details. When engaging in this discussion, you must consider your total years of experience, industry sector, and accomplishments to determine where you fall within the salary range. The goal is to ensure you are not below the median average, as it becomes increasingly challenging to catch up the further behind you are. In such scenarios, it may be more advantageous to seek opportunities with another organization that aligns with the marketplace salary range.
You may be surprised to learn about the substantial salary disparities I’ve witnessed between new hires and long-tenured employees. In my experience in the People and Talent space, presenting fact-based salary data has consistently yielded positive results. However, it is important to remember that no organization will voluntarily inform you that you could have negotiated an additional $10,000 to $30,000 in compensation. Self-advocacy is essential.
