Salary Range for Employers and Job Applicants

Salary Range for Employers and Job ApplicantsSalary Range for Employers and Job ApplicantsWhats a salary sortiment?For an individual, a salary range includes the parameters of the compensation the person wants to earn. For a company, its the amount that the organization has available to pay a new employee, and what current employees can expect to earn in a specific position. Whats Included in a Salary Range A salary range includes a low, mid-point, and maximum salary. For example $30,000 (bottom of the range)$35,000 (median)$40,000 (maximum)Range$30,000 - $40,000 Job Applicant Salary Ranges From a job seeker perspective, a salary range is the amount of compensation a candidate would accept for a position. A salary range, rather than a flat amount, is often provided when a company asks forsalary requirements. For example, if a job posting asks for salary requirements, a candidate could say in the $25,000 - $35,000 range. Giving a range provides for flexibility both in being co nsidered for the job and innegotiating salary. When you set a salary range, be sure that the lowest end of the spectrum will cover all your expenses. You dont want to accept a job at the very low end of your salary range only to discover that you cant pay your bills. Also be sure that the salary is a match for the type of job youre seeking. You dont want to price yourself out of the job market or undersell yourself and get paid too little. Know What You are Worth To evaluate salary offers and to decide if an organizations salary ranges are appropriate for your experience, it is important to research salary in your field thoroughly Utilize salary calculators like Payscale.com, Salary.com, and Indeed Salary Searchto gain further insight.Ask colleagues in your field what salary range they think is suitable for your background.Review government publications like theOccupational Outlook Handbookwhich contains salary figures for various areas of employment.College students should chec k in with their schools career office, which can furnish information provided by the National Association of Colleges and Employers regarding entry-level salaries for college graduates. Consult your professional organizationto inquire about salary surveys conducted in your field. Also, consider regional differences in base salary and thecost of livingas you determine an appropriate salary range for your location. Employer Salary Ranges From an employer perspective, the salary range is the amount of compensation paid for a specific position. For example, if the starting pay for a job is $20,000 and the maximum salary for the position, after merit increases and tenure on the job, is $30,000, the salary range for the job is $20,000 to $30,000. Employers typically have some flexibility in hiring. A super qualified candidate can expect a job offer thats at the higher end of the salary range for the job than a candidate with the minimum qualifications for the job. Factors Impacting Where You Fit Into a Salary Range The length of time which you have worked in a related functional area and industry will normally influence whether an employer will make an offer at the lower, middle, or higher end of a salary range. Candidates who can document a high value-added at previous employers will often be given higher offers. Identify the bottom line in your previous employment situations. Was it sales, quality control, safety, cost control, customer satisfaction, the volume of work, etc.? Be prepared to reference how you have impacted the bottom line in your previous jobs above and beyond normal expectations. If there is a relative scarcity of qualified workers in your field, you are mora likely to receive offers in the upper level of a salary range. Passive job seekers who are wooed by recruiters and are seemingly satisfied with their current job situation often have more leverage and are more likely to be placed higher in a salary range. Some sectors like government and education may have strict salary ladders or steps based on previous teaching or administrative experience that supersede other factors. Candidates who come highly recommended by previous employers are often viewed as more worthy of placement into the upper end of a salary range. Job seekers with cutting-edge skills or certifications will often be in higher demand and receive offers higher up in the salary range. Larger organizations with more formal Human Resources policies are more likely to have set salary ranges while small organizations might have more flexibility in making salary offers outside normal ranges.