Should Your Salary Be Higher?
Is your compensation right for you? While we all probably would like our salary to increase, is the number you are at now a fair one?
Competitive salaries and take-home compensation are one of the most talked-about topics right now. The PeopleZest team has been gathering feedback from both clients, candidates, and industry leaders to best understand current market salary trends. There are many factors to consider when looking at how your overall compensation package stacks up. Here are just a few ways that salaries are driven:
Location
Location has always been a driver for salary ranges, and where you live in the country can have a huge impact on your pay potential. Higher salaries are often seen in areas such as CA, NY, MA, and DC to match the higher cost of living. We are also seeing unprecedented population and salary growth in metro areas of Denver, Phoenix, and parts of Texas. While we have seen a shift to higher salaries overall, it is hard for companies to keep up with the constant changes in the market. Unlike rent, which can fluctuate in price daily, salaries are typically looked at on an annual basis.
Ownership and Product
The type of company you are employed by also impacts your salary. Factors to consider: What is the size of the company? Is it a 3rd party management company or owner-managed? What type of product style?
Size
What is the size of the portfolio you manage? Does your position require you to travel? Do you work remotely or have a commute? How many direct reports do you have? These can all be potential starting points and negotiation factors for where you sit within a base salary range.
Degrees and Industry Designations
These are not typically leading factors in your compensation; however, they can be big components when applying and interviewing for positions.
Length of Tenure
How long have you been with your current company? Each situation is unique for this scenario, but usually the fastest way to make a big salary jump is to change employers every 3-5 years. There is a fine line between too much job hopping and strategic growth, so weigh your options carefully.
Your salary number is not the only thing to be considered, and it is best to look at the whole picture for your career journey. While salary growth to match your growing value is important, it is not everything. Always look at the skills to be learned, work-life balance potential, internal growth opportunities, company culture, and overall job happiness as well.
Whether you are a client or candidate, feel free to reach out to us about compensation and benefit questions.