"How can I determine my market value and determine whether I am being paid fairly?"
This is the question I am asked most often by job seekers.
Wage is always a sensitive issue. Differences in the labor market can vary significantly depending on position, industry and region.
However, there is some assistance that can help you assess whether your salary is appropriate.
In the following I will show you 5 tips on how you can better estimate your market value:
Use statistical salary calculator such as Salarium - from the Federal Statistical Office: https://www.gate.bfs.admin.ch/salarium/public/index.html#/calculation
But be careful. This page only offers general guidelines and not specific salary recommendations, so the information should be viewed as a guide and not as an exact value.
Either way, I recommend consulting multiple sources to get a more complete idea of your market value.
Don't rely on a single source
2. Use different sources and salary calculators, e.g.:
These tools can give you a rough guide to determine whether your salary is generally appropriate.
One disadvantage of salary calculators, however, is that they often display a wide range of salaries and do not provide precise information about what your specific experience, qualifications and expertise are actually worth .
3. Ask an experienced recruiter in your field who can provide a realistic assessment of your market value.
4. Use industry-specific studies, fact sheets and comparisons, such as:
In the finance area: https:/ /www.michaelpage.ch/sites/michaelpage.ch/files/Finance_SALARY_FACTSHEET_DE.pdf
In the IT area:
But there are of course many other industry and job-specific sources. A comprehensive search of such specialized sources can provide further insights and career opportunities tailored to specific career fields and industries.
5. Lastly, my personal advice that is often overlooked is to leverage your personal network.
It's not about asking your colleagues directly about what they earn. Only a few would be willing to reveal this information to you.
Instead, you can phrase the question differently, such as:
'What do you estimate someone with a similar background and experience to mine should earn in this position?'
This approach can give you a rough idea of what is considered appropriate compensation in your professional environment.
Is that fair or not is another question.
If you still have doubts about whether your employer offers appropriate salaries, it is advisable to take a closer look at the internal salary structure.
Check whether the company has clear and transparent salary structures or whether compensation is set rather randomly. Have there been salary analyzes in the past?
Is there a clearly defined structure that should ensure fair pay?
An analysis of these aspects can provide you with valuable information.
It is important to remember that pay does not only depend on external factors, but is also influenced by your individual skills, experience and qualifications.
At the same time, it is important to remember that salary is only one part of your total compensation.
Remember, what you make isn't just about the job market. It's about what you bring to the table too.
Also, what you get in your paycheck is just a part of the deal. Perks, bonuses, and chances to grow in your job matter just as much as the money.
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