Salary ranges are dependent on a number of factors including industry, education and experience. Salary ranges should be based on all of these factors and should also take into consideration other benefits such as health insurance, retirement plans, stock options, childcare benefits and tuition reimbursement opportunities.
Assess cost of living. The salary range for a job should be based, in part, on the cost of living in the area where the company is based. City and state government websites, as well as the U.S. Bureau of Labor Statistics are reliable resources for this information.
Determine minimum education and certification required to do the job. Jobs requiring advanced degrees, specialized certifications or technical skills should pay higher than jobs that do not require the same depth of knowledge.
Compare similar professions. To get a baseline idea for a salary range, review what other companies are paying workers in similar positions. Keep in mind that larger companies are generally able to offer their employees more than small businesses. Job advertisements, human resources representatives and career counseling centers can also help you research what other companies are paying.
Consider years of professional experience. Along with education, consider what level the position is within the company. Is it entry-level or mid-career? Does it come with any supervisory responsibilities? These factors should also be considered when determining a salary range.
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