No one wants to leave money on the table when accepting a job or asking for a raise. But what is the best way to know your worth when salaries vary by role, industry, experience and location?
Thankfully, salary transparency is gaining momentum. From employees sharing salaries online to industry studies, it’s easier than ever to see what others are making.
Here are a few steps to help you uncover the right salary to ask for:
The salary you go after should take into account your cost of living. That includes monthly expenses, student loan payments and savings goals. If you are moving to a new city, this cost of living calculator will compare where you live now to the new city to see how much you will need to make to maintain your current lifestyle.
There are several great tools to help you look at salary benchmarks for your role, industry, experience and location.
Benefits can include vacation time, flexible work schedules, maternity and family leave, medical plans, 401K benefits, stock options and more. It can be easier to negotiate more benefits than a higher salary, so it’s important to know your bare minimum requirements and also your dream benefits.
Once you have data in these areas, look at your income needs compared with the industry average for the role in your location, with your level of expertise. If your needs are greater than the average, don’t be afraid to ask for a higher number. Remember, averages are averages. There is only one you! Prove your value to the company, and you can feel confident asking for what you are worth.