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, 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, DC to match 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 that 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 to where you sit within a base salary range.
Degrees and Industry Designations- These are not typically leading factors in your compensation, however 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 Jonna Smith about compensation and benefit questions.
We love to hear feedback! Comment below with what are deciding factors for you in overall compensation?