Know Your Worth
“You is smart. You is kind. You is important.” We all know our worth is so much more than a number. We are our experiences, thoughts, and wonderful personalities. However, today we’re going to discuss the number – because the others don’t pay the bills. With the rising cost of inflation, it’s more important than ever that we’re paid a fair wage for the work we do.
It is our job to ensure that not only is the company building a stable business but also that they’re doing so with a quality, sustainable, team. That means happy, appreciated and fairly paid employees that are in it for the long-haul. According to the Society of Human Resource Management, hiring new employees costs more than $4,000 per new hire, versus an average of just over $1,000 to train annually. So not only is it profitable to hire only the best – it’s profitable to keep them. While everyone is replaceable, it isn’t without its cost.
With this in mind, we’ve laid out a handful of resources to help you establish what you’re worth from a salary standpoint. These will help you with developing a realistic number for yourself based on your position, experience and tasks performed while helping to facilitate a conversation with your advisor – well before you ever feel a need to walk.
- U.S. Bureau of Labor Statistics (BLS)
The Occupational Outlook Handbook from the government-run Bureau of Labor Statistics (BLS) provides salary data for thousands of jobs, by field. It also provides information regarding industry norms and rarity of your position within the industry. If you ever had to look up fields of interest in high school when picking a college major, this is most likely the website you used. https://www.bls.gov
- PayScale
PayScale provides a (free) salary report based on education, experience and tasks completed within the position – or expected tasks, if you’re not yet in the position. PayScale provides regional insights, insight for new grads and resources for individuals navigating the complexities of a compensation conversation. PayScale runs on employee reported data, HR compensation data and survey data in order to provide an accurate reflection of the position at hand. https://www.payscale.com
- Glassdoor
Most people know Glassdoor as the place to read employee reviews on individual companies but are unaware of the salary information also found within the site. Since Glassdoor is such a popular, well-known resource, there is a massive amount of data relating to individual positions and relative experience. Glassdoor.com provides data for jobs at specific companies rather than an estimate. Glassdoor is based entirely on employee reporting and feedback. https://www.glassdoor.com
When researching this information, be sure to keep your title, the industry, location, applicable insurance, education, and any special skills in mind. Don’t research New York City positions when you live in Indiana with no plans of relocating. Be realistic about your contributions to your position and the company, and go into any conversation with a range in mind rather than a set number. Leave yourself open to some negotiation and be professional when entering into the discussion.
Best of luck!