Wouldn’t it be nice if everyone’s salary fairly reflected their skills and experience? Sadly, that’s just not how the world works. Whether it’s simply been overlooked, or your employer is being deliberately stingy, sometimes salaries fall behind where they should be. There’s nothing worse than feeling undervalued. It’s demotivating, and over time it can leave you resenting your employer and job. So, what are you going to do? Carry on miserably or speak up? Successful salary negotiations revolve around knowing your worth. If you’ve benchmarked your role accurately, you’ll know exactly how much you should be earning and if your employer isn’t willing to match it, someone else will be (just give us a call 😉). In this guide, we’ll explain how to benchmark your salary.
What is Salary Benchmarking?
Salary benchmarking is a way to determine what your salary should be by comparing your role with other similar roles. Whether you’re looking for a new job or preparing for salary negotiations with your current employer, knowing how much you’re worth is essential. Now, let's discuss how you can benchmark your salary, what resources are available to you, and things you should consider to make sure you get an accurate result.
Assess Your Current Job
Before you can start benchmarking your role, you have to be completely clear about what it is. Imagine it like a job description. What responsibilities do you have? What skills are needed? Does it require any qualifications or a certain level of experience? Your job title may not accurately reflect the job you’re doing or your skills and experience. It’s easy to undervalue yourself if you base your research on just your job title. If you find you tick all the boxes for most equivalent roles and some more senior ones, you might be due a promotion as well as a pay rise.
Research Salaries for Your Role
There are lots of great resources you can use to find out what the average salary is for your role, including salary guides and websites like Glassdoor. We've combined data from thousands of commercial, HR, finance, and technology roles across the Southwest in our 2023 Salary Guide to give you a clear picture of the regional job market.
Think About Location
When benchmarking your salary, it's vital to take location into account. Comparing salaries in London to salaries in Cornwall is like comparing apples to oranges. Look for resources that provide a regional perspective on the job market. If you’re in the Southwest, our 2023 Salary Guide is a great place to start.
Consider Who You Work For
Some businesses pay less because of their size or what they do, for example, non-profits. If you work for a small business or a charity, keep this in mind during your benchmarking. While salaries may be lower, these jobs often have other benefits that make up for the lower pay, whether that’s a great company culture, more flexibility, or the feeling of making a positive impact on the world.
Benchmarking isn’t just about your salary. It’s also important to factor in benefits. When it comes to job satisfaction, money really isn’t everything. If you have children, you might need flexibility. If you love to travel, a job with generous paid leave might be worth its weight in gold. Or, if you think you're working at the next Google, stock options might be more appealing than a higher salary. There’s an almost endless list of reasons you might be willing to accept slightly lower pay – you just need to work out what matters to you. However, if you discover your salary and benefit package isn't stacking up to similar roles, it’s worth raising it with your employer.
Benchmarking puts you in a strong position when it comes to negotiations. However, if your employer won’t budge, it’s time to look for a job where your skills and experience will be truly appreciated. At White Horse, getting our clients what they deserve isn't just our aim, it's our commitment. Don't settle for less. Start your journey with us today. Contact us now, and let's work together to land the role you deserve and secure the salary that accurately reflects your worth.