Career
What Are You Worth?by Candace Moody M.B.A.
Salary is one of the most difficult issues for most jobseekers. How do you decide what to ask for as a minimum salary? Is there a formula, or do you just pull a nice round number out of a hat? If you ask for too much money, you price yourself out of opportunities. But if you ask for too little, you look uninformed or may not appear qualified for the position. Here are the factors that go into determining what salary is offered for a position (according to Kelly Stone at myjobsearch.com):
Years of (relevant) experience: Only experience that relates to the job really counts for this purpose. It’s up to you to make other experience seem relevant. You might discover that even though your career spanned 20 years, it’s your mere two years of direct experience that can still peg you as “entry level.”
Education and credentials: The more relevant and current your education, the more it will boost a salary offer. If you’re close to finishing a degree or certificate, just do it! Recruiters look for key credentials, and seldom count education that doesn’t seem to be leading to a degree.
Your potential contribution to the company: An employer will make a top offer if you have something the company needs, or can fill a gap or solve a problem.
Your current position and salary: Most employers realize that you won’t consider an offer that is less than your current salary, so they’ll often meet that number. That’s good news if the new opportunity is comparable to your current job. But if your current job is at a much lower level, you may wind up receiving a low offer. The offer may even be below market level, since the employer knows it will still be a significant income increase for you.
So how can you prepare for naming a minimum salary? First, know your bottom line. You and your family should have a good idea of how much you need to make to stay solvent. You should avoid taking an offer below this number, no matter how tempting the job or how long you’ve been looking. You won’t be able to perform well on the job knowing you’re cutting into savings each month to pay the bills.
Second, research the current market for the type of position you’re interested in. That number will give you a mid point for what you should be making, since it represents the average worker.
The third step is to take inventory of your (relevant) experience and education. If your skills and experience in the industry are exceptional, add 10 – 15% to that average salary figure. That gives you your ideal high range figure. And if you have a skill or talent that you know the company needs, start thinking about your total compensation package. You may not be able to negotiate much more salary, but the company may be open to offering more vacation days or other perks just to get you on the team.
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Candace Moody is vice president, marketing & communications for WorkSource, a workforce development organization in Jacksonville, FL. She directs business outreach and corporate communications for six counties in Northeast Florida. She is also a speaker,
