Market Data that Can Skyrocket Your Negotiating Confidence
In my previous blog, I hinted at how important it is to have competitive market data, so let’s dig into that more. What you want to aim for are data that will provide concrete facts that increase your credibility and confidence. There are really fabulous resources out there, and to test them out, I did a little research using my own specialty as a career counselor. I consider myself a senior career counselor ’cause I’ve done it a long time. Here’s what I found out:
LinkedIn Salary: First I got on LinkedIn and clicked the Work tab at the top to access the Salary tool. There I put in my title ( it will produce information based on your geography, wherever your geography is designated to be within the LinkedIn system –you have the option to change that, by the way) and it showed a survey of salary information based on actual LinkedIn members. When I did mine there were only three career counselors within my geography who had provided information, so it was a pretty small sample. I just took that as one data point.
CareerOneStop.org: This is a government career information site and they also have a salary finder option, right there on the landing page. I used this tool, also. Click on that, type in a title (the system only has specified titles and you may need mess around with the key words a little ‘til you can find something that fits for you) and enter your target geography. This is a broader scope report of salary information. By the way, what I found there was very closely in line with what I found on LinkedIn.
Indeed and Glassdoor: I didn’t do a search on my title, but from what I hear from clients, they provide a similar service to what I’ve already described with LinkedIn and careeronestop.org. As far as I understand, they don’t specify by geography so you would need to factor in cost of living adjustments.
Your professional association may also be a great resource for salary info also. Often they publish salary surveys that will give you something really specific to your expertise.
All this to say, when I went through my quick little survey, it seemed on target and it was nice to have a variety of inputs to measure. That goes back to what I was talking about with your data: if you’re informed with market data, you’ll be more confident and less emotional.
Another factor to consider related to your market worth are industry differences. Tech, pharma, oil and gas–they pay higher, generally. And, in many cases, they’re high stress, high volatility, with market changes affecting them more than say public sector jobs. Manufacturing and business services typically pay mid-range, and the public sector (city, county, universities, and non-profits) may pay even lower.
Interesting story about market worth: We’re working with a gentleman who is employed as a teacher and he is interested in making a move out of that specialty so we’re doing a little career exploration. I’ve connected him with about 10 specialists in different fields to interview them about their work. He made the comment in our last meeting that, “You know, I’m paid pretty well and I didn’t realize that.” So, it can be helpful to know what others are making, either in your own specialty or in an area that you’re thinking about moving into, so that you have the realistic perspective. It can give you peace about what’s going on for your professionally.
And next time I’m going to talk about worth versus need…a concept that can make a huge impact on how you negotiate. Please be on the lookout!