Understanding Your Worth: Researching Salary Benchmarks

Oct 9
2 min read

Negotiating salary and benefits starts with knowing your worth. Without proper research, you risk undervaluing yourself or asking for an unrealistic amount. Understanding industry benchmarks helps you confidently discuss salary expectations. Here’s how to research effectively and use the data to your advantage.

Step 1: Use Salary Comparison Websites

Several online tools provide salary insights based on job title, industry, location, and experience level. Use multiple sources to get a comprehensive view.

Glassdoor - Offers company-specific salaries to employees.
LinkedIn Salary - Provides salary estimates based on your network.
PayScale - Custom salary reports based on experience and skills.
Indeed Salaries - Gathers data from job postings and employee reports.

Step 2: Check Industry Reports & Surveys

Professional organizations and consulting firms often publish salary reports. Some reliable sources include:

Robert Half Salary Guide – Covers multiple industries and job roles.
Bureau of Labor Statistics (BLS) – Provides detailed data by occupation.
Hays Salary Guide – Offers global salary trends.

Step 3: Leverage Your Network

Speaking with industry professionals can give you real-world insights. Ways to do this:

Join LinkedIn groups – Connect with professionals in your field.
Attend industry events – Meet people who can share salary expectations.
Talk to recruiters – They have inside knowledge of salary ranges for your skills.

Step 4: Determine Your Salary Range

Once you have enough data, establish a realistic salary range:

Set a minimum – The lowest salary you’d accept based on living expenses and market value.
Target salary – The ideal amount based on your experience and industry.
Stretch goal – A slightly higher number in case negotiation allows for extra compensation.

How to Use This Research in Negotiation

Mention data sources to support your request.
Highlight unique skills that justify the higher end of the range.
Be flexible and open to discussing benefits beyond salary.

Final Thoughts

Doing thorough salary research before negotiating ensures that you enter discussions well-informed and confident. Knowing your worth not only helps you secure better compensation but also demonstrates professionalism and preparation.

If you need help finding it, Wright's Resumes and Connections is here to guide you every step of the way. You’ve got this!