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OK, we’re still not out of the woods yet, but isn’t it a good time to compare your salary now against the market benchmark? Here is how to do it.
The turmoil of recession has meant that salaries have been squeezed by employers. Some people haven’t had a raise in a couple of years, and heck, some people have had their salaries cut! Now the economy is stabilizing, isn’t it time to see how your salary compares now to the benchmark?
This is what many people are now doing. John Hines is a bank manager in Phoenix, Arizona, and he told me
My salary was frozen in 2008, and then cut by 5% in 2009! I totally understood why the bank had to do it, and I am still in a job, right? But now I want to know where I compare to other bank managers in Arizona. Is it time to ask for a raise, or move on to find a more lucrative deal, or should I hold out?
So I helped John find out. What John discovered was that his current salary is almost 6% above the average, so he is going to keep his mouth firmly closed…. for now. He’s going to check back in another 3 months to see how he compares then.
But what about You?
Do you think you’re on a bum deal, but are not sure? Or maybe you think that you’re currently at the top-end of the benchmark and therefore possibly at risk?
Courtesy of PayScale.com you can find out right now (US/Canada only). You can compare your salary against people with the same job in the same state, using the tool below. And don’t just do it once! By using these tools regularly, you will build a picture on how the benchmark for your job is changing as the economy improves – so try it at least every 3 months.
How Did You Compare?
Share your results by leaving a comment.
3 thoughts on “Benchmark Your Salary, Post-Recession”
I read somewhere that one in four companies have frozen salaries
Karen, any idea where you read it? The figure isn’t surprising. A friend of mine has just been told that her pay is stuck again at the same rate it was 3 years ago.
I know my salary is going to be way down since I am unemployed and can’t find anything except min.wage jobs.