Did you know employers sometimes pay a premium for the right education and experience? Or that you might be able to earn more by doing the same job in a larger company? In fact, these could be some of your strongest negotiating points in your next performance review, job interview, or request for a promotion.

Career School Match - Boost Your Salary

Employers typically adjust their market data when determining how much to pay a specific employee to do the job. In other words, they price the “space” – the position in the organization – before they price the “face,” or the person doing that job. After they determine the value of the position by researching the data on pay practices for comparable jobs at comparable companies, they adjust the data to reflect the employee’s background and experience.

Employees now have access to the same caliber data as HR departments, including data that reflects salary secrets like the eight things that can boost your pay.

Finding the Best Data

The data in the Salary Wizard is a great starting point for determining what employers are paying for a specific job in a specific location. The salaries are national averages to which an adjustment has been applied to account for broad geographic differences in pay. The Salary Wizard starts to put a value on the space, but not the face.

The next step is to dig deeper into the numbers. In addition to geography, other factors have an influence on how much a job pays, including the size of the organization and the industry in which the employer does business. Geography, company size, and industry all affect the value an employer puts on the “space.” The Personal Salary Report provides data pertaining to jobs in a specific combination of industry, geography, and company size.

Eight Things That Can Increase Your Salary

The value of the “face” – the person doing the job – is the value of the “space” adjusted for characteristics known to have an influence on an individual’s pay. Salary.com calls these “personal variables,” adjusting for eight personal variables in the Personal Salary Report.

They include the following:

1. Years of experience
2. Education
3. Performance reviews
4. Boss
5. Number of reports
6. Professional associations and certifications
7. Shift differentials
8. Hazardous working conditions

Years of experience

Typically, more experience results in a higher salary – up to a point. Similarly, if the position calls for someone with 10 years of experience in a particular occupation, and you don’t meet those requirements, you may find yourself on the lower end of the pay scale. Negotiation tip: emphasize your years of experience if you have slightly more than what’s required; if you have too much experience, you may be overqualified.

Education

The match between your education and what’s normally required for your job usually affects your pay. Plus, the quality of education can affect salary. Earning a degree from a top program typically has a positive influence on pay, while earning a degree from a school that’s considered weak in a particular field may decrease your earning potential. Negotiation tip: emphasize your education if it is more than what’s called for in the job – and it’s relevant.

Performance reviews

Since most employers base their salary decisions at least partly on individual performance, this is an important variable when being considered for a pay increase or promotion. Even when applying for a new job, this information may be important to your prospective employer, as it gives a more complete picture of your abilities. Negotiation tip: performance has a significant impact on pay, especially incentive pay.

Boss

The more discretion and latitude you have in relation to your company’s success, the more directly your decisions and actions will affect the bottom line – and your own. And if your boss is higher on the corporate hierarchy, his or her recommendations concerning your salary have less chance to be overridden in the cycles of review. Negotiation tip: in the interview process, find out who the position reports to, along with the position’s potential for growth