Fortunately, there are a number of good tools that exist to help you understand your real market value. Use these sources and methods to get a reasonable range:
How To Determine Your Market Value:
- Salary.com: Salary.com is a good simple indicator, especially for staff level roles. Salary.com gives comparative salary information by job title and location.
- Payscale.com: Payscale.com does a more detailed analysis, taking into account title, major responsibilities, industry, years of experience, education, and relevant certifications.
- Bureau of Labor Statistics data: The bls.gov website has a wealth of information, from salary info to employment outlook for industries and job functions.
- Adjustments: A good guideline for adjustments include:
- Unemployment: -5% to -10%
- Industry losses: -3% to -10%
- Length of most recent job: -3% to -5%
- Industry change: 0% to -3%
- Function change: 0% to -5%
- Age: 0% to 10%
- Geography - Geographic multipliers and information can be found on Salary.com, Payscale.com and bls.gov
- Note: These are ranges used to create estimates. When you hear stories of someone taking a 30% pay cut, there are likely multiple adjustments affecting the offer.
How do you stack up?
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