Ever wanted to apply for a job and notice there is no mention of what the pay is?
The salary range of a job is one of the first things people look at even before checking whether they fit the role. Despite the introduction of pay transparency laws, you are still going to find many job postings without any salary range listed.
Should this deter you from applying for your dream not? We hope it doesn’t and are here to show you simple ways to decode what the company pays for the job, so that you are well informed when negotiating your salary.
What is a salary pay range?
A salary pay range is the range of money a company is willing to pay for a job. It typically has a minimum and a maximum amount.
So why do companies use these ranges?
Simply put – it’s to figure out how much to pay someone for a certain job. The range takes into account things like what the job involves (Skill set, professional or not), how good a person is at the job (experience), how much money the company has and how much similar jobs pay.
If you’re able to demonstrate at interview that you are really good at a job or you have more experience, you might get paid closer to the top of the range. But if you’re just starting out, as a fresh graduate or as someone with no work experience, you might get paid closer to the lower end of the range.
How much you get paid relative to the salary pay range
So does a job posting with a salary range mean that you’ll definitely get paid within that range?
Not always. Think of the range as a starting point. Depending on your experience and how you talk about your skills, you might end up somewhere in the middle or even higher if you’re lucky.
Most companies don’t publicise this, but there is some room to negotiate for a salary outside the stated range. Especially If you have exceptional skills and the company really wants you, you might be able to get more than the initial offer.
Negotiating your salary to determine where you fall within the range or above is a crucial part of your interview process, and you should never walk into an interview without knowing how much you want to be paid on the job.
Finding the pay range of a job when it is not stated
There Are A Couple Of Ways To Find Out The Pay Range Of A Job When It Is Not Stated.
Tip 1: Research the Company
The first thing you can do is research the company. Look into their size, industry, and reputation. Bigger companies and those in high-demand industries tend to offer better pay to attract top talent.
Tip 2: Check out other similar job postings
Another tip is to check out similar job postings from the company or even other companies in the same field.
Sometimes, even if they don’t mention salary, they might have mentioned it in the past for similar roles.
If the company paid a certain amount for a similar job before, they might be willing to pay around that again.
This information can give you a ballpark figure to work with and a great place to begin this sort of research is glassdoor.com.
Tip 3: Dive into the job description
Speaking of job descriptions, dive into them closely. If the job description is asking for a laundry list of skills and a bunch of years of experience, that’s often a sign that it’s a higher-level role. Typically, the more the company wants, the more they might be willing to shell out to pay for all that expertise.
Tip 4: Think about location
Salaries vary a lot based on the cost of living in an area. If the job is in a city known for its high living costs, they might offer a higher salary to make up for it. So make it a habit to always research average salaries in your area for your specific field.
Tip 5: Network with current employees
If you have any connections working at that company or even in a similar field, ask them about the typical pay range. Sometimes, insiders have the scoop and can give you valuable insights.
Negotiating your salary
It can be nerve-wracking when you eventually get to the point of negotiating your salary. Particularly if you are new to the coporate world. But it’s extremely important to have this conversation for a number of reasons.
- It’s one of the best chances you have to negotiate a pay raise
- You don’t want to work at a job where you feel underpaid
- It’s easier to ask for more at this stage – ask any employee
- You want your time spent working for the company to be worth something reasonable
So the first things first, you have to do your homework. Research the average salary for the position you’re interviewing for in your industry and location on glassdoor.com. This will give you a solid starting point.
Next, be patient. Don’t jump into the salary talk too soon. Let the employer bring it up. Usually, they’ll ask you about your salary expectations.
Let them make the first move and if they ask early on in the interview process, you don’t have to answer right away without knowing much about the role. If they do, you can say something like, “I’d love to learn more about the role before discussing salary. Could you tell me more about the responsibilities and expectations?“
If eventually you get to the talk and the hiring manager offers a number and it’s lower than what you researched, you can say, “Based on my research and experience, I was thinking of a range closer to [mention your researched range]. Is that flexible? So you’re politely nudging them towards your desired range and demonstrating that you know your worth and have done your research.
Some companies back you into a corner by asking for your current or previous salary? This can be tricky especially if you are currently in an underpaid job. So, a great response will be, “I’m looking for a competitive offer that matches the responsibilities of this role.” Simply, pivot the conversation back to the new job.
However, if your current job pays extremely well and you are only changing jobs for other reasons, by all means, you can state your salary. Only avoid it if it puts you at a disadvantage.
finally, what if the employer clearly stated upfront that the salary is non-negotiable? It doesn’t hurt to still express your enthusiasm for the role and how it aligns with your goals. You can still say, “I’m really excited about this opportunity. Is there any room for flexibility in the compensation package?” By doing this, you have kept the door open for negotiations.
Before rejecting a job based on salary, always take some time to review the whole offer, including benefits and other perks. You might find something else you’d like to discuss or negotiate.
Final thoughts on decoding salary ranges and negotiating your salary
A little bit of research can help you find the pay range of that job you’ve always wanted.
When it comes to negotiating your salary, always keep in mind that negotiating is a conversation, not a battle. Be respectful and professional, and always keep the bigger picture in mind – finding a fair deal that works for both you and the company.