Once per year, we’ll review your pay to ensure that you’re getting the raises, benefits and overall quality of life from your employer that your skills are worth.
1. Access salary and wage surveys
The first step is to get access to wage surveys. Getting information is the first step in understanding how your compensation compares to others.
2. Collect data
The second step is to collect data on you. Most companies offer a formal pay structure that changes compensation depending on a variety of factors including experience, education, performance, job location (etc). This is typically where companies fall short and make mistakes that can hurt your future and where adjustment is necessary.
Here are several other considerations companies use in understanding how they compensate different individuals:
- Level of education and area of degrees
- Work experience
- Time in role and with company
- Employee location if significantly variable
- Performance reviews
- Race and ethnicity
- Exempt or non-exempt status
As we help consider your compensation, we’ll consider all of these factors prior to providing a compensation analysis and a recommendation of whether we should negotiate for more or not.
3. Perform analysis
The third step is to analyze your compensation against the averages within your role in your industry. You may benefit from using different metrics for different job categories. For instance, your company may easily fill one category of job (think customer success manager) and therefore want to pay close to the median for that position. Other roles may be difficult to fill with quality candidates or critical to your business model which leaves more room for negotiation. We’ll help you to understand if you should negotiate closer to the median for the role you’re in or on the high side.
Why does this matter?
For many, earning an extra $3,000 a year after taxes doesn’t sound like much and for some, that may be right. For most of America, an extra $3,000 a year could mean saving for retirement, making progress on debt, more easily affording to support their children getting a better education or so many other things.
We help you analyze your compensation and aim to get you on the high side of what’s fair so you know that you’re getting the absolute most of your career and in doing so, giving yourself the best chance at affording your future.