SOLUTION:

Market Research

PURPOSE: Thoroughly research and benchmark your current salary against market standards to understand your compensation’s competitiveness and take steps to align it with industry norms.

Print or Download Solution
SOLUTION:

Market Research

PURPOSE: Thoroughly research and benchmark your current salary against market standards to understand your compensation’s competitiveness and take steps to align it with industry norms.

Print or Download Solution

Time: > 1 - 2 hours

STEP 1Research salary benchmarks for your role or desired role using reliable sources. Create a spreadsheet to log data, noting the median salary, range (e.g., 25th–75th percentile), and factors like experience level or company size.

Examples include:

  • Online platforms like Glassdoor, PayScale, or LinkedIn Salary to find salary ranges for your job title, industry, and location.
  • Industry reports from professional organizations or government data (e.g., U.S. Bureau of Labor Statistics for U.S.-based roles). 


STEP 2:
Analyze how your current salary compares to the collected data. Calculate:

  • The percentage difference between your salary and the market median.
  • Key skills or certifications that higher-paid professionals in my role possess. 


STEP 3:
 List skills or qualifications that could justify a higher salary based on research. 

  • Technical skills (proficiency in Salesforce for a sales role).
  • Leadership or soft skills (project management, stakeholder communication).
  • Certifications or advanced training tied to higher pay. 


STEP 4:
 Determine 2–3 skills to develop to boost your market competitiveness.


STEP 5: 
Schedule a 30-minute meeting with your manager to discuss your salary and career growth. Prepare by:

  • Summarize your research findings.
  • Highlight your contributions to build a case.
  • Draft questions like: “What skills or achievements would position me for a salary increase to align with market rates?” 


STEP 6: 
Create a plan to take action on steps leading you towards your desired salary and/or career path.