My mom always taught me not to talk about money.
It was frowned upon, impolite.
So you can imagine my horror when I learned I have to broach the subject of salary every day, multiple times a day.
The truth is, salary is a big part of your job, and as such, it needs to be talked about.
It’s actually such a big deal that it’s one of those things you need to thoroughly researched BEFORE an interview.
Why You Need to Research Salary
You need to research the salaries in your industry before the interview because you will be asked about it.
And it looks really bad if you haven’t done the research.
Why?
Because serious candidates know what they’re worth. They show up knowing the market value for their position in their area and are prepared to have the dreaded salary discussion.
Salary Expectation How-To: Know Your Worth BEFORE the Interview
I know researching your salary feels like the last thing you want to do, especially when you’re already nervous about a big job interview, but it’s a lot easier than you might think.
Start with Your Position
A simple Google search using the job title is a great place to start. Search for the exact title and similar titles to get a general idea of the salary range.
Sites like Indeed and Glassdoor are great options to find a general salary range. They have paid versions that’ll give you more in-depth information, but this isn’t necessary.
Caution: some visible salaries on these sites are based on a single wage manually entered by an employee. Its accuracy is skewed and is not a reliable resource.
Always make sure your information is coming from a larger volume of objective data.
Factor in Location and Company
When you’re researching salaries, it can be easy to get swept up in the numbers, especially if they don’t match what you’re currently making. Don’t forget: job title was just the starting point. Other factors (like location and company size) affect salary!
Where You Are Matters
Salaries will be different depending on where you’re located. The general rule of thumb is: the higher the cost of living, the higher the pay.
For example: Toronto and Kitchener-Waterloo are both cities, but you can expect to make a lot more money for similar positions in Toronto.
Something to think about: more money isn’t always worth it. Toronto is great and all, but it also comes with massive living expenses or ridiculous commutes. Just something to keep in mind.
The Company Matters Too
The company type and size can have a significant impact on salary as well. A larger company usually pays more than a small company, and a for-profit company usually pays more than a non-profit organization. There will always be exceptions to the rule, but this lets you know what to expect in a very general sense.
Another example: Google will pay more for an HR Manager than a small company with just a few employees – but bigger doesn’t always mean more money. Universities are large employers but often pay less for upper management style positions. However, they also offer other perks and unique lifestyle benefits that you may not get at other companies.
Where to Look
Indeed is a great resource and provides a lot of information in a nice, easy-to-read format. It’s one of the faster sites to get all the necessary stats.
I prefer Indeed, but Glassdoor is another good resource. My only issue with Glassdoor is that you have to sign up for an account. It’s free, so not a big deal, but still an extra step that you don’t need to take with Indeed!
LinkedIn is a great resource, but they require you to enter all your information in exchange for the ability to search for salaries. Your information remains private and is not visible to anyone, but it’s still a process.
Remember… It’s More Than Salary
It’s easy to look at salaries and think we can decide based on that number alone. It’s important to remember that there is a lot more to a job than salary alone.
When considering a position, you want to look at compensation as a WHOLE. Salary is a big part of that, but things like commissions, bonuses, benefits, vacation time, etc., also play a role.
Beyond compensation, there are also other intangible perks like core work hours, flex hours, work-from-home opportunities…
If a company offers a lower salary, then you can negotiate!
Caution: Be careful when it comes to negotiation. You want to make sure you don’t come off as too demanding or unrealistic. Always try to be fair and reasonable with what you ask for.
Examples of How to Negotiate Salary Based on Your Research
Once you’ve done your research, the negotiation process is A LOT easier. I’ve included some examples below to help you in your next job interview!
Question: “What are your salary expectations?”
Sample Answer: After researching the local market, I’ve determined that 40-50K would be an acceptable range considering the tasks listed in the job posting. I would ideally like to be closer to the top end of that range, considering I have 5+ years of experience in a similar role.
Question: “How much are were you making in your last position?”
Sample Answer: My salary was within the 45-50K range in my last position. At this point, I am looking to grow in my career, and my ideal range is 48-55K depending on other factors like benefits, vacation, and work hours. I’ve based my salary expectations on industry averages in this area, the tasks listed in the job posting, and my unique skill set combined with my years of experience.
For more answers to tough job interview questions, click here.
Final Thoughts on Researching Salary
Researching salary is an essential part of the job interview process, and many people overlook it because it makes them feel uncomfortable. Big mistake.
Always research salary by:
- Review similar positions
- Think about industry sector and company size
- Consider the job market in your location
Always take the time to look at your local job market to get a good benchmark. By doing this, you come off as a well-informed candidate and empower yourself to negotiate smartly!
Do you feel confident having the infamous salary expectation conversation? Let me know in the comments!