Negotiating the salary you want can be tough but, for many, figuring out what that salary should be is even trickier.
Now, employment startup Glassdoor thinks it has the solution. The company, which tracks job openings and employer salaries and reviews, has a new tool that allows people to view estimates of what their current salary should be based on their experience.
Called “Know Your Worth,” the tool is available now on the company’s website as well as its mobile apps.
Begin by entering your current employer, location, job title and how many years of experience you have, as well as your current salary and level of education. The tool then generates an estimate of your current “market value” as well as a graph showing how that compares to others in your profession.
The estimates are generated by drawing from salary data submitted by the site’s users as well as salary estimates for current job openings in your area of your field. Each individual’s salary estimate is updated on a weekly basis based on the latest job openings and other factors.
While Glassdoor says there is advanced data science behind the feature, there are a few caveats to consider. Other forms of compensation, like stock options and bonuses, aren’t currently taken into account. But the company says it plans to support them in a future update.
Additionally, the tool may not be able to generate an estimated market value for everyone — Glassdoor says it expects to be able to come up with a number for 55 percent to 60 percent of the U.S workforce. (The company doesn’t have sufficient data to generate an accurate estimate for all professions in all locations just yet.)
But for those who can’t get a personalized salary estimate, Glassdoor says they can still take advantage of the site’s “Salary Explorer” tool, which allows you to browse salaries at different companies in order to get an idea of what people in your industry are being paid.
The company notes that both “Know Your Worth” and “Salary Explorer” are meant to be a “starting point” rather than an absolute number, but they should give people a better idea of where to start when beginning a negotiation with a current or prospective employer.