Money Conversations: How To Find Salary Ranges For Jobs
Along with working remotely and unlimited vacation, a role’s salary range is one of the most important aspects of a job. Walking into an interview with the correct information can mean the difference between feeling confident and feeling confused.
Similarly, checking in with the market is always a good idea if a promotion is on the horizon. Being with one company or in a particular industry can limit your view of what others in similar positions earn. Researching salary ranges can strengthen the case that your pay requirements align with market standards.
However, with so many online experts and a plethora of available resources, knowing where to look can be tricky. If you’re gearing up for an interview or preparing for negotiations, here are six ways to find salary ranges for jobs.
1. Start with the job listing.
With 82% of U.S. workers more likely to consider a job when the pay range is listed and 74% saying they are less interested when the salary is not listed, according to The Society for Human Resource Management (SHRM), it’s safe to say that pay transparency is a big deal. Currently, only 10 states have legislation requiring employers to display wage ranges for any job listings. That means if you’re considering a job in the other 40 states that don’t require pay transparency, it’s typically up to the company’s discretion. Some progressive companies are adopting pay transparency simply because it’s the right thing to do; however, that doesn’t apply everywhere. However, the job listing is usually the best place to find a salary range for a job you’re interested in.
2. Conduct research on a salary data website.
Websites like Salary.com, PayScale, and Glassdoor are great resources for starting your salary range research. Each website provides salary information while adjusting for various factors, including location and experience level. Indeed and Monster, although primarily used for job listings, also have their versions of salary data, which include a salary calculator and comparison tool.
3. Ask the hiring manager or recruiter directly.
In today’s fast-paced business world, employers and employees have little time to waste. Getting the information you seek is best solved by going directly to the source. If you are in the early stages of interviewing, asking the hiring manager or recruiter is a great option. Some may even go as far as to share key details that might help you in the hiring process.
4. Use the LinkedIn Salary tool.
LinkedIn has many resources that often go unused, but the salary insights tool isn’t one of them. The new transparency feature was introduced in 2018 to help job seekers explore the compensation details of positions posted on LinkedIn. Salary information is displayed on the website either by the employer or through LinkedIn’s Estimated Salary. When employers provide the salary range, you’ll know what to expect during the negotiation stage. When employers don’t provide a salary range, LinkedIn displays an estimate based on data submitted by platform members.
5. Utilize the U.S. Bureau of Labor Statistics.
The U.S. Bureau of Labor Statistics is a government agency that collects and analyzes data across the U.S. labor market. Through the agency’s website, users can find wage data for more than 800 occupations across 400 industries. You can also tailor your quest to look at specific regions, states, metro areas, and even by gender. Although searching through the site is a bit old school, it is one of the most reliable sources of information.
6. Ask during your interview.
Although it may seem overzealous to bring up salaries during an interview, in reality, it’s imperative. While it’s a good idea to leave the money talk for the latter part of your interview, knowing the salary range can save a lot of time. If the salary falls under what you’re willing to make, you can avoid endless rounds of interviews and trial assignments. If the position is above your desired salary range, you’ll have a better perspective on the increased responsibilities that may come with it.
Finding salary criteria early in your pursuit of a role is vital to knowing where to put your energy during the job hunt. It’s important to note that many of these sites provide estimates and averages that can change based on several factors. Consider utilizing multiple avenues to find salary ranges for jobs you’re pursuing so you’ll have an airtight case in negotiating your compensation. Although you’ll be negotiating for the best pay, wherever your salary lands does not indicate your value.
The author’s content and opinions have not been pre-reviewed, approved or endorsed by Discover.
