What are you Worth? Benchmarking you and your Salary
When someone walks in the door here to chat to us, or we encounter them at a conference, CPD meeting, often the topic of conversation turns to ‘worth’. In other words, what should their salary expectations be?
How do we, as recruiters, evaluate what we are worth? It is apparent that the same skills are valued differently in different sectors. It is also true that they can have a different value in identical organisations. That is often a reflection of just how that organisation views people, information assets and needs and even how much they are willing to spend on harnessing or developing information in any way.
How can you know where you fit when you only speak to a few peers, or keep a sporadic watch on the job market? Should you value yourself vertically – using your your team, or across the organisation with your ‘peer level’ group? Who are your peer level group? IT; Marketing; Finance; HR; Corporate Services or Facilities? Now there is a question. And are you truly level? Do you go to the same meetings and have the same input as your peer in any of those areas?
Do the benefits on offer represent a benefit to you? A list of benefits looks good – but only if they are used. Even more specifically how do you count the intangibles? Can you demonstrate your end value? Is your end product visible (to the right people)?
If you work in an organisation that does not use national or local pay scales, where the only way of identifying salaries within the organisation is to look at adverts, and where there are distinctions between academics and support staff, it is difficult to decide what you might be worth.
In addition, if you work for the same organisation for a long time, you may fall behind the market rate. In setting team salaries and benefits, there are a number of gauges that can also be used, including:
- Sue Hill and TFPL Salary Survey 2017 benchmarked against similar roles within your organisation
- Adverts in CILIP etc. for external roles
- Speaking to recruiters such as Sue Hill and TFPL
Other factors to consider include:
- Level of responsibility – junior, manager, head
- Any proven successes in delivering projects or services
- Size of budget (if that is your responsibility)
- Number of staff in your team (determines levels of responsibility whether junior or manager)
- Comparison with newly recruited salaries within your organisation at your level
Finally, additional annual leave, flexible working arrangements, change of office location, and an appropriate job title, can also be part of the package.
There are clearly many tangible and intangibles in this question, but we see part of our role is to guide you through to help you get a good understanding of where you fit and how you should value yourself.