If you are like most professionals, you want to make more money. Who doesn’t, right? Most of us have an idea of where our current salary falls on the wage scale in comparison to other professionals with similar experience and credentials. On the other hand, employers want to know how much they should be paying staff.
What if you could get the full picture of how much you could and should be making? Or how much do you need to offer employees to be competitive? In the past, you could simply access the LinkedIn Salary tool, and it would do most of the research for you. Even though it’s no longer available, there are many online tools you can use to benchmark salaries.
In this blog, we’ll discuss resources to use for employees and employers to know the appropriate salary ranges. We’ll discuss:
- The LinkedIn Salary tool is no longer available
- A list of online salary comparison tools to use
- Potential limitations of online salary tools
- AugmentHR salary benchmarking
The LinkedIn Salary tool is no longer available
LinkedIn hasn’t completely removed its salary feature, but it has changed how the information is shared. The standalone “LinkedIn Salary” tool is no longer available; instead, salary insights are now built directly into job postings. You can still use this information to:
- See how salaries vary by industry, education level and area of study, and company size
- Understand how location can impact your salary expectations and identify top-paying locations for your job title
- Get information about bonuses, stock options, and other financial incentives
- Explore salary ranges
But you’ll have to compare job listings and do the research yourself.
A list of 5 online salary comparison tools to use
You can find salary information online from these common comparison sites:
- Salary.com: Used by HR professionals for detailed and structured compensation data, including benefits and total rewards.
- Payscale: Strong for personalized salary reports that factor in skills, experience, and location, making it useful for both candidates and recruiters.
- Indeed Salaries: Offers broad coverage with salary insights pulled from millions of job postings, though data can be generalized.
- Glassdoor: Useful for employee-reported salary data and context on company culture, but self-reporting can sometimes skew accuracy.
- Comparably: Good for transparency and culture insights, but its salary data set is smaller compared to other platforms.
For the most accurate estimate of your salary, use at least two sources and compare the data to get a ballpark figure.
7 potential limitations of online salary tools
Online salary tools are a good reference tool to get an idea of how much money you should be making or a salary range an employer should offer. But you need to consider the limitations and potential issues with these tools. Here are some potential limitations of online salary tools:
- Data accuracy: Salary ranges often rely on self-reported information or limited employer data, which may not always reflect real market conditions.
- Outdated information: Pay data may lag behind current trends, especially in fast-changing industries.
- Lack of context: Tools may not account for factors like company size, benefits, job responsibilities, or performance expectations.
- Geographic differences: A national average might not reflect significant local variations in pay.
- Role-specific nuances: Broad job titles can hide big pay differences between entry-level and senior roles.
- Transparency limitations: Employers may not disclose full compensation details, such as bonuses, stock options, or perks.
- User interpretation: Job seekers may treat the numbers as guarantees rather than estimates, which can cause unrealistic expectations.
Should you use ChatGPT for salary research?
ChatGPT can be a helpful starting point for salary research, but it shouldn’t be your only source. It can provide general market insights, explain factors that affect pay, and point you toward useful resources. However, ChatGPT does not have access to real-time salary databases, and information may be based on historical data rather than current market rates.
Employers: Try the AugmentHR salary benchmarking
Select the right salary range using AugmentHR’s salary benchmarking services. Get access to deep market knowledge and leading data sources to establish accurate salary benchmarks that reflect current market value. Analyze base pay, bonus structures, and additional compensation factors.
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