Thinking you know your market value and actually knowing your market value can be two very different propositions. If you have too high of an opinion of your worth, you will quickly price yourself out of opportunities. If you have too low of an opinion, you’ll be selling yourself short. The good news is that salary negotiations don’t have to be a guessing game. When you know your market value you will have a solid foundation for negotiating a salary that fairly rewards you for your skills and your talent.
Prepare Before You Interview
You don’t want to waste lots of time interviewing for a job that isn’t going to pay you what you’re worth. A little bit of advanced preparation can help you determine your value, and the company’s ability and willingness to pay that salary.
First, research average salaries based upon the job title for which you are interviewing. You can find fairly accurate regional and employer data on sites like Indeed, Glassdoor and Salary. Always double check to ensure that you’ve accurately entered your city and state information. Philadelphia, Pennsylvania salaries may vary significantly from Philadelphia, Alabama.
Next, try to locate jobs from your prospective new employer on those websites to see if salary ranges are listed. Larger companies can be found easily, but smaller companies may not be searchable. If you can’t find ranges on Indeed, Glassdoor or Salary, search for the company name in local business journals, keeping an eye out for important financial information. If the company is experiencing growth, is paying dividends to shareholders, or received a recent investment, it’s a good sign. Downsizing or other signs of trouble could be a red flag that they may not pay you what you’re looking for.
Measure the Benefits
If you’ve got an offer on the table and it isn’t quite what you expected, be sure to weigh the benefits into the compensation package. Does the employer pay 80 percent of your health insurance costs? Are you getting four weeks of vacation instead of two? Have they offered you flex time? Remember that compensation is about more than just salary. If you’re being offered top-shelf benefits, the total package may be worth more than the salary you were expecting.
On the flip side, if you’re offered a higher salary with less-than-desirable benefits, you have to weigh those costs as well. If you’re going to spend an additional $500 per month on your family health insurance plan, that is $6,000 per year straight out of your pocket. Capped commissions and complicated bonus structures can also mean less money in your pocket over time.
Get Yourself An Agent
Knowing your market value and evaluating compensation plans is never easy in sales. There are tradeoffs that occur when you seek out new opportunities and trying to determine whether or not you’re getting a fair deal can be a mind-numbing prospect. When you work with a professional recruiter, however, the process becomes streamlined and simplified. Your recruiter is your agent, which means she can determine your market value based upon your skills and experience, and she knows where to go to find you a job that will offer you a package that aligns with your worth. Working with a recruiter also excuses you from the negotiating process. There are no awkward conversations about salary and benefits, as your recruiter handles that process for you.
Strategic Search Solutions is a full-service recruiter that works to place enterprise software sales professionals with exciting opportunities. We work with some of the most dynamic organizations in the industry, and we’re actively looking to grow our network of candidates. Even if you aren’t ready to make a change today, if you’re interested in testing the waters, drop us a line. We’ll work with you to help you understand the current job landscape, get a handle on your market value, and possibly connect you with your next opportunity.