Several questions trouble you during your career, such as, “Are You Getting Paid Fairly?” or “Is the Offer Competitive?” Knowing your worth is the first step to negotiating your salary in the current position or during the job search process. Learn the 5+ best tools to calculate your salaries. Now, being well prepared for the conversation can be beneficial for you. In this blog, find 5 + Best Tools to Calculate Your Salaries and Know Your Worth.
Keep an Eye on Your Current and Recent Salary
The first step in calculating your salary is determining how much your experience, knowledge, and skill set are worth in today’s job market. Most raises or counteroffers are based on your current or recent salary. Always informing what you should be earning can help you during salary negotiations. You can use the 5+ best tools to calculate your salaries first.
Aside from the actual role, there are many factors to consider when determining your desired salary, including your experience, skill set, cost of living, company size, and company culture (think start-up or corporate). Also, you might need an income tax calculator to estimate how much you will get in hand after all the tax deductions.
Your Salary Calculator: 5+ Tools
Here is a list of tools to help you know your worth and how much you should be getting paid before starting your negotiations.
1. Salary Calculator Software
Salary calculators generate a free salary report based on your personal information. The software may collect data from website visitors who enter their salaries and roles and employers from over 40 industries. Their data pool is vast and constantly expanding. First, this salary calculator conducts a brief survey about your job title, education, skills, location, and experience. Then you’ll get a pay snapshot that compares your total pay (including bonuses and overtime pay) to people in the same job at a similar company with a similar background and cost of living.
Do the research and check with industry mentors about what someone with your experience in a specific industry could be earning. This does not have to be a particular number but more of a range, as companies may vary in compensation packages. However, asking people you know and trust about your worth is a good start.
3. Job Postings
Examine current job postings for comparable positions in comparable areas and companies to determine the salary range for that position. This can be tricky because positions can have wide ranges, but it will give you an idea if you are on the right track. Check the job requirements and be honest with yourself about where you stand in terms of qualifications.
4. Salary Insights
Some sites or pay calculator reveal salary insights and pay ranges for a particular job based on what the people in the industry are currently earning. These sites assist professionals in maximizing earning potential by highlighting steps they can take to increase their perceived worth. As a result, the tool may show that earning an MBA or taking a similar role in different industry results in the highest salary increases. Some of these sites also allow you to look at salary ranges of a particular job role by experience, region and specific company.
5. Simple Overview of Average Salary
Some job portals may give a simple overview of average salaries. It considers your location and role when calculating the pay range and average. To help you propel forward your career, it shows you skills that can increase your earning potential and other similar roles you can advance to. Furthermore, you can find average salaries by major rather than a job. For example, you can see how much a Computer Science Graduate makes, as the portal may display averages for entry-level and general jobs.
6. Income Tax Calculator
The income tax calculator gives employees quick and easy access to basic tax calculations. Knowing this will provide them with an idea of how much they will get in hand on an estimated salary, and they will be able to answer better the questions on how much salary they expect to get from a company.
With the help of all these tools, you can finally get an idea of your worth and how much you should be paid. Research can help you better understand how your salary compares to other professionals, so you can ask for a raise or negotiate your job offer confidently. Viewing job market data and learning about average salaries is easy using these online tools. By knowing your value and being paid fairly, you will be able to get the compensation you deserve.
1. How to negotiate for expected salary?
Keep these points in mind while negotiating salaries:
- Do your homework
- Consider your living expenses
- Consider your education and experience
- Pay close attention to the employer’s instructions
- Please provide a salary range
- Wait until you’re ready
- Back up your response
- Factor in Negotiations
2. How do you answer the” What is Your Desired Salary”, Question?
If your job interview did not ask for your desired salary, there is no need to provide one. However, most interviewers ask, then keep it simple: “salary is negotiable” or “salary may be discussed during the interview process.”
3. What is your value in the job market?
Your market value estimates how much you should be earning based on your job title, years of experience, skills, and location. Before entering a salary negotiation, do some research to determine your worth. This will help you get the outcome — and the income — you want.