Salary Negotiations 102: Do your Research

When you’re buying any major item (house, car, big screen television), it’s important to do your homework and find out the value of the item. It’s also important to do your homework when negotiating a salary or a raise.

Research the salary — for your position, level of experience, and industry. In addition to online salary sites, you can get information from your professional or trade association.

Research the prospective employer and its salary structure. If possible, talk to current or former employees. Alumni of your college or university who hold similar positions or who are employed by the same company may provide you with useful information. (LinkedIn can be a good source of contacts for this.)

One of the easiest ways to find out salary information is online. There are websites that offer solid salary information, including:

Salary.com

http://salary.com/

Payscale.com

http://www.payscale.com/

Glassdoor.com

http://www.glassdoor.com/index.htm

The Riley Guide Salary Guides & Guidance

http://www.rileyguide.com/salguides.html

SalaryExpert.com

http://www.salaryexpert.com/

Bureau of Labor and Statistics (Wage Data by Area and Occupation)

http://www.bls.gov/bls/blswage.htm

Occupational Outlook Handbook (Earnings)

http://www.bls.gov/oco/

U.S. Office of Personnel Management Salaries & Wages

http://www.opm.gov/oca/12tables/index.asp

JobSmart Salary Surveys

http://jobstar.org/tools/salary/index.php

CareerOneStop Salary and Benefits Information

http://www.careeronestop.org/SalariesBenefits/SalariesBenefits.aspx

National Association of College and Employers

(Annual summary of employment outlook and starting salaries for new graduates)

http://www.naceweb.org/home.aspx

Robert Half International Salary Guides (accounting, finance, financial services, technology, legal, creative positions, administrative jobs)

http://www.rhi.com/salaryguides

You can also do a Google search for “average salary for (job title).” This can sometimes lead you to more specific salary data for a profession.

When using sites like Payscale.com and Salary.com, compare job responsibilities, not job titles. A job title can mean different things at different companies.

Prepare Supporting Documentation

Whether negotiating an initial salary or asking for a raise, provide written materials to back up your salary request. This can include salary data from websites, previous performance evaluations, letters of recommendation, and job postings for similar positions. If you haven’t been keeping a “brag file,” now is the time to start. Keep a journal of your work accomplishments, letters of commendation from your boss, testimonial letters from customers, and awards. Identify what makes you different and/or “irreplaceable” from other candidates or employees.

When asking for a raise, prepare a 1- to 5-page document outlining what you’ve accomplished (including testimonials, either from other employees or excerpted from performance reports or project status updates) and your salary research. When you negotiate with a busy person, make it easy for them. If you come in with a fully fleshed-out document supporting your raise, you make it easy for them to say yes.

If you are relocating, part of your research should include cost-of-living adjustments. You can use the CNN Money Calculator (http://cgi.money.cnn.com/tools/costofliving/costofliving.html) to assess differences between cities.

It can also help to understand what a prospective employer considers when offering a salary. The employer may evaluate:

·      the level of the job within the organization

·      the scarcity of the skills and experience needed for the job in the job market

·      the career progress and experience of the individual selected

·      the fair market value for the job you are filling

·      the salary range for the job within your organization

·      the salary range for the job within your geographic area

·      the existing economic conditions within your job market

·      the existing economic conditions within your industry, and

·      company-specific factors that might affect the given salary, such as comparative jobs, company culture, pay philosophy, and promotion practices.

Thus, it’s important to do your research so that you can make an educated decision when accepting an offer.

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