One of the toughest things to do when looking for or after receiving a job offer is determining a compensation range as most people have a hard time assigning a monetary value to themselves. We felt that we should provide some recruiting tips in this area in order to offer you some guidance on how to proceed.
The best way to determine what compensation to expect is to do your part and research it. It might sound like a hassle, but letís face it, itís necessary. There are a number of ways you can do this research from home and get a good estimate of what your monetary worth in a particular job role or function should be.
Use the Internet
The World Wide Web is a great place to start your research. There are various resources on the web that allow you to sift through compensation information and compare the different rates for different jobs for free. I personally benchmark positions using payscale.com, indeed.com, and simplyhired.com. You can also search the job boards for postings similar to your desired position. Many of these postings will list compensation ranges.
These Internet services are not always the most accurate since they are typically very general, but will give you a great range to start with. You can obtain more industry specific information at minimal cost if you wish. However, do not limit yourself to just conducting Internet searches; donít be afraid to approach this task the old-fashioned way because newspapers and local listings are also great ways to find information about compensation.
Ask the People Around You
Personal input from former and current employees within the industry of a potential job may be a great way to measure the worth of your desired position. I would state that while I have added this as one of our recruiting tips, tread easily as others are not always honest in their true compensation. However, by talking with those around you, you are easily able to compare and contrast your responsibilities with your peers and obtain a basic idea of what to expect. Another option is to seek out a job placement recruiter because they are experts in every element of finding and accepting a job offer. Recruiters can also provide a plethora of resources and information that you may not have thought of or have access to.
Consider the Benefits
When you are determining your worth, make sure that you are taking your entire compensation package into account. Often times, a high paying job is balanced with a benefits package that isnít as attractive. Many companies offer a 401(k) contribution plan, and typically the size of the company is directly related to the size of their contribution levels.
Investing in a Lifetime of Success,