If you’re looking for a job, you’ve probably seen a statement mentioning “competitive pay”. So, what does competitive pay mean? Here’s what you need to know.
What Does Competitive Pay Mean?
Competitive pay is equal to or greater than industry standards. Organizations advertising this way usually are willing to pay more to recruit and retain top-quality employees. However, keep in mind, competitive pay isn’t necessarily limited to a paycheck. Many businesses offer monetary perks and benefits to supplement their compensation packages. These may include profit sharing, health insurance, retirement plans, paid time off, tuition reimbursement, and more.
Why Do Companies Use This Phrase?
Companies use the phrase “competitive pay” to attract candidates without committing to a salary range or hourly rate. Although it’s meant as a selling point, it’s not a guarantee. Ultimately, you’ll need to do some research to discover if their pay truly is competitive.
How to Make Sure You’re Earning Enough?
- Know Your Worth
Before you apply for a job, go to an interview or ask for a raise, figure out how much your skillset is worth. Online resources like the U.S. Bureau of Labor Statistics, Glassdoor, and/or Payscale can help you determine your earning potential. Also, remember to look beyond basic industry standards. If the cost of living in an area is low, pay will be lower too. Whereas, if you have extensive experience, your pay should be higher than that of an entry-level worker.
- Evaluate the Overall Compensation Package
As mentioned above, some organizations supplement average paychecks with amazing benefits. Therefore, consider the overall compensation package not just your take-home pay. For example, comprehensive health insurance reduces your out-of-pocket medical spending, while a generous retirement plan increases your long-term savings. Additionally, some employees are willing to accept a less competitive salary/rate in exchange for non-monetary perks such as flexible hours.
- Be Ready to Negotiate
What happens if you find the perfect job, but the pay isn’t as competitive as you hoped? Job-hunting experts say you should always be prepared to negotiate your salary or pay rate. In fact, research shows, NOT negotiating permanently reduces your life-long earnings. After all, your next raise/promotion will be based on your current salary, and over time, this adds up. If the idea of negotiating terrifies you, don’t worry. Use these simple negotiating tips to earn what you feel you deserve.
Are You Looking for a Job with Competitive Pay?
BOS Staffing is here for you! Our recruiters place talented candidates with top businesses in Lawrenceville, Georgia, and beyond. We would be happy to help you discover the right-fit job, complete your application materials AND negotiate your pay. Browse our available openings and get ready to increase your earning potential!