Market Pay Rates

What is the Market Pay Range?

If you're like most people you expect to get paid at least as much as you made in your last position. If you're currently working and looking to make a change more than likely you want to get paid more than you're making right now. This is perfectly natural.

The question of pay rate doesn't rest solely on what you want or need; it rests also on what the hiring company is willing to pay.

What companies are willing to pay is influenced by the going market range in your area.

Determining Market Pay Rates

If you are new to an employment market the only way to know the going rate is to do your research. Do not engage in a job search until you've gotten a handle on the going market rate.

Here are a few ways to conduct salary comparison research.

• Search on-line job postings and classified ads to see what pay rates are being advertised for different levels of experience.

  Monster.com or one of the niche boards are good places to start.

• Go to a web site like Salary.com. These sites not only help you determine the rate for a particular functional level. They also take geographic location into consideration.

• Contact a local staffing firm that specializes in your area of expertise and ask them for insight into the market pay rates at your level of experience.

• Talk with people you know who work in your industry or functional area.

Think about what pay range you're willing to accept with this information in mind. Make sure you take into consideration the level of experience and required education in your salary comparison. Compare apples to apples.

If you have a history of accomplishment but want to apply your skills to a new function or in a new way, expect to take a step (or two, or three) back in regards to pay. This is very often necessary to get your foot in the door when changing career focus.

I've seen many a great candidate struggle to find work because her pay requirements were higher than the local market pay rates. These individuals were usually new to the local employment market. They had either relocated or recently graduated from college (and sometimes both).

Don't let this happen to you. Do you homework!

Think of your pay requirements in terms of a range rather than a hard figure. And know this: If you price yourself out of the market you have less than a 10% chance of finding a job you want.