Wednesday, December 6, 2023

How to find out what a job really pays, even if there are salary ranges

  • While salary transparency laws are becoming more common it is difficult to determine what a job actually pays.
  • Experts recommend doing as much research as possible on your own and being patient.
  • Once the hiring manager determines that you are the best candidate, the power dynamic shifts in your favor.

A growing number cities and states are utilizing this technology. pay-transparency lawsWhile it’s easy to see what a job is worth, it can be difficult to determine how much it actually pays. 

New YorkNevada, Colorado, Connecticut, and Connecticut already have laws that require employers to post a range of pay for open positions upfront. California’s law will be in effect next year. Yet Bloomberg reportingThese laws are often ineffective, according to Bloomberg. Bloomberg reports that some organizations have artificially low pay scales to keep wages steady and to avoid employees finding out they aren’t being paid enough.

Insider spoke with Linda VanDeventer, Segal’s VP of the Compensation and Career-Strategis Practice. VanDeventer is a specialist in HR and employee benefits. There are many pay options for a given job. It all depends on the compensation philosophy of the company, the type of job, and the supply and demand of labor in that market.

How can job seekers find out what companies pay? Experts say the key is to do your research about the company’s benefits and pay, and then wait patiently for a job offer. Once the hiring manager has determined that you are the best candidate, the power dynamic changes significantly.

Talk to the recruiter 

Recruiters and headhunters often screen job candidates over the phone before making a first impression. official interviewMost companies share a pay range so that the employer and the applicant can agree on a salary range. Applicants should be aware that HR representatives from companies often offer the same service.

Erin Andersen, a New York City career-transition coach, suggested that if the subject is not brought up, it’s worth asking the rep. The HR rep might respond with something like “That’s information that we don’t disclose,” but at least you can try to get a rough figure.

Andersen suggested the following: “I want the salary for that position to be aligned with both my experience, and my qualifications.” Could you please provide the salary range for this position?

Do your homework online, and network.

It is important to do your research., Payscale and Payscale offer salary ranges and breakdowns based on job titles and geographic locations.

Erin Andersen

Erin Andersen, a career-transition coach, is located in New York City.

Erin Andersen

Andersen advised conducting informational interviewsYou can also meet with other employees of the company. Scour your network to identify people with whom you have a connection — a school or former colleague in common, for instance. Explain that you are interested in interviewing at the company. 

Be subtle. “Don’t message someone asking, “What is the vacation policy at this company?” She agreed. “Instead, ask them about their careers and get them to share. Ask them about the company culture, benefits, and they will give you their honest opinion. 

Take their comments about pay with a grain. Andersen stated that there is a big difference between what companies offer new talent and what they pay employees who have been there for a while.

According to LaborIQ, a compensation-data providerThe average salary for new hires is 7% higher than the median wage for those already working in similar jobs. The discrepancy can be seen in the double digits in many in-demand positions in the tech and finance industries. 

Don’t wait until you get an opportunity

Finally, be patient. Don’t ask your boss about money, no matter what you do. Only then will you be able to tell if the company is interested in hiring you. 

Anthony Nyberg

Anthony Nyberg is a professor at University of South Carolina’s Darla Moore School of Business.

Academy of Management

ResearchResearch shows that hiring managers are less likely ask about salary and perks when interviewing candidates. Researchers believe that managers want to hire people who are motivated by the job. However, not all workers can afford to neglect things like pay.

However, the lesson is still valid, Anthony Nyberg, a professor in the Darla Moore School of Business at the University of South Carolina, told Insider. After all, there’s plenty of time for negotiating later. He stated that you should not ask about pay until the company has invested money in you as a potential worker.

This usually doesn’t happen. until your third or fourth interview. “The first one?” They are looking to get rid of you.

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