How many times do you wish you would know how much your professional peers are earning in your industry and other industries? The issue of how much a company is paying for a certain role is a critical one and top in the list of why candidates accept to sign a job offer.
Most people dread the interview question; how much are you expecting as remuneration? Answering this question requires you to have knowledge of several factors in mind. Such as how peers with the same years of experience and qualifications are paid on average, the size of the company and its market share in the industry, as well as the industry the company is in. It would be nice if there was a tool that pulls all these factors from industry data and immediately gives you a rough estimate of the average salary in your role and industry, wouldn’t it?
Fortunately, there is indeed such a tool. The BrighterMonday Salary Insights Tool provides average salary insights for different job roles in different industries.
Value of Salary Insights to a Job Seeker
As a job seeker, you get to know if you are being paid what you deserve, what to expect in the next few years of experience in your craft and what other industries are paying for the same role. This will give you negotiating power in interviews and performance reviews. Also, when you want to change industries or career paths, you will have an idea of what to expect.
Value of the Salary Insights Tool to an Employer / HR Professional
An integral part of a company’s brand is how close to market rates they are when it comes to remunerating their employees. Whether you acknowledge it or not, people out there know how much your company pays for different roles on average because people talk. This information forms the perception candidates have of your company and determines how willing they are to join your company. The Salary insights tool helps you as a HR professional know what to base your salary budgets on.
How to Use the BrighterMonday Salary Insights Tool
The Data points
This tool has four data points namely;
- Job category e.g Sales, HR, Accounting and Auditing etc
- Job Industry e.g Manufacturing, Internet and Technology, Hospitality etc
- Location e.g Nairobi, Mombasa, Kisumu etc
- Experience Level: 2-4 years, 5-7 years and 8-10 years
Navigating The Tool
You will need to fill in all the data points to get an average salary for a certain role. As you select the data points, an estimate will begin showing. Ensure you select all relevant data points to get an accurate average salary score.
For instance, if you are in customer service, with 3 years experience, you can check how much different industries pay for that specific role at different experience levels. This means you can plan your career strategically and focus on the industry that pays highest for your particular career path. Isn’t that awesome?
Try the Salary Insights Tool today and share with someone you feel needs such insights. Tell us what you think about the tool in the comments.