A Salary Guide For Everyone: How Much Should You Be Making?
Everyone wants to be paid fairly. The best solution is to cross-reference your current experience, job description, and pay to a salary guide. An updated salary guide is the ultimate guidance you can use to argue for salary increases and/or position yourself within the industry.
Why should you care about your salary?
If you are an entry-level employee who has yet to get a raise or make a career change, keep in mind that salaries are different from job to job. Your experience, skills, and accomplishments will be a factor in your asking salary. If you are a contractor, then your employer is not paying for any taxes you owe, including income tax, employment insurance, and the Canadian pension plan. In that case, you can multiple your full-time employee job pay with 1.2 – 1.3 to get the contractor pay. Depending on your particular situation, you may be better off negotiating a higher salary with your current employer. If you’re in a negotiation or do not have strong knowledge about your compensation, see how you can make a salary guide work for you. A good salary guide will answer the question: How much can I make? How much do others make? What are the typical skill requirements for the position?
How to find a salary guide
There are many valuable sources for salary information, from skills tests, to PayScale and Glassdoor, to in-depth job descriptions from recruiters and recruiting agencies. Some organizations use publically available data, such as salary surveys, while others use industry analysts, past research, and previous employees to get salary insights. If you already have a job that pays, you can check PayScale for a salary range. We have also prepared a comprehensive Toronto Salary Guide in one table for you.
Salary ranges for various professions
Salary experts suggest that if your position requires expertise in a highly compensated industry, you might want to bring more money in. Companies and job hunters must be cognizant of discrepancies in salary ranges for a given profession. Someone with the same education and qualifications may have a lower starting salary and an even higher salary level in his/her career. There are likely a couple of factors that go into establishing a salary range for a given job. 1. Experience 2. Attributes such as potential, the potential for growth, reputation, benefits, lifestyle, and influence. If you don’t have the experience necessary for a particular job, an employer may consider your potential and value what you can do within the field.
A salary guide for everyone
Check out our salary guide here. It is a comprehensive list of the average salary for over 2,629 professionals/jobs in Toronto. Our purpose with the salary guide is to make it as easy as possible for everyone. As discussed in the first part of this series, you must first recognize that different organizations have different pay scales. When you do apply for a job, it’s always a good idea to check out the industrial salary and ask hr about the salary range for the open position.
How to negotiate your salary
It doesn’t matter if you’re the first or the last one to do a job or you’re interviewing for your first job. The best way to begin is to think through all your skills and their market values. Don’t let it be an overly technical one, just something simple to send to the hiring manager. First things first, it is essential that you keep it simple. Start with the job title and base it on the role description. Next, throw in your years of experience. Keep the summary section simple, mentioning only the highlights. The next section is critical because you must mention what you’d be compensated for in addition to the salary offered. Include stock options, end-year profit-sharing, and time-off days, anything else you’re offered at the job. And very often, you can also ask for a sign-up bonus.
Data is the real deal. Sometimes, this information can be frustratingly difficult to obtain, but it’s always better to get the real numbers before you negotiate your salary. By using our salary guide, you can get a high-level idea of the salary range for your position. See where you’re at right now and evaluate your compensation package. Even if you know that you’re doing a good job in your current role, think about the reasons that you may want to look for a new job. Is the company offering you a fair amount or are you living above your means? Study industry averages. This is your opportunity to compare your salary against industry standards. Take into account other factors like responsibilities, the compensation packages of your peers, and opportunities to move up the ladder within your company. Make a thorough offer. Take the time to negotiate your salary.