To determine if you're paid competitively, you need to know what comparable employers pay their employees with jobs like yours – this is called market pricing your job. Once you've priced your job, you should assess how your pay stacks up to the market. Depending on where you are in relation to the market median, you can take certain steps to ensure you continue to move up within your salary range and eventually receive a promotion.
Market Pricing Your Job
Using the Salary Wizard, enter a search based on your job title and location. This next part is the most important step. Match your job responsibilities to a benchmark job description. Please note that the benchmark job description doesn't always match your title. It is important to ensure that you find a benchmark job title with the job description that most closely matches your actual roles and responsibilities.
When matching your job responsibilities to a benchmark job description, the compensation professionals at Salary.com recommend a match between 75 percent and 125 percent of the job responsibilities – this will ensure that your comparison is valid.
Once you have identified a benchmark job title, click 'Base Salary Range.' This next screen reflects the salary range for your job description at all companies in your geographic area.
It's now time to personalize your salary analysis. Start by entering your most relevant education. On the next screen, input additional details about your education, company, job role, pay and performance. This data is important because it identifies what employers are paying employees like you in similar companies with similar responsibilities.
After completing this information, you will have a good sense of the market value of your job and how your pay compares to what other people in similar situations are earning. This is the "You vs. Market" comparison in the Salary Wizard.
Based on the market median for the benchmark job description and your current pay, you will fall into one of the following categories: bottom quartile, market mid range and top quartile.
Regardless of where you fall within the pay range, there are a number of things you can do to increase your pay.
Based on your position to the market, read analysis and tips using the links below: