Seattle, Washington (PRWEB) January 07, 2015
PayScale, Inc., the world's leading provider of on-demand compensation data and software, today announced the publication of its official Salary Negotiation Guide.
PayScale's Salary Negotiation Guide includes negotiation advice from prominent career experts and analysis of proprietary data, collected from employees who successfully completed PayScale’s Employee Survey, about salary negotiation practices and attitudes. The sample size of survey respondents included in this study is 31,000. Data was collected from employees visiting PayScale.com between 10/1/14 and 11/24/14.
The data include the percentage of workers who have ever asked for a raise in their current field based on a sample size of 31,000 people who took the PayScale Employee Survey. For workers who have previously asked for a raise, PayScale provides the breakdown of whether they received the amount they asked for, received a portion of the amount they asked for, or did not receive any raise. For workers who have not previously asked for a raise, PayScale provides the breakdown of reasons why they didn't ask. PayScale provides the above information for Median Pay Ranges, Job, Industry, Degree Level, Generation, Major, State, City/Metropolitan Statistical Area (MSA).
The full guide can be found here: http://www.payscale.com/salary-negotiation-guide
Contributors to the Guide include Money magazine’s Margaret Magnarelli, Penelope Trunk, Jim Hopkinson and Victoria Pynchon, among others. The guide includes articles about topics such as determining your worth, negotiation strategies, and career best practices:
- There's Nothing Magic About Getting A Raise
- How to Read Your Salary Report
- You Won't Get What You Don't Ask for: People Who Ask for Raises Earn More
- Gut Check: Why Are Women Uncomfortable Talking About Salary?
- 5 Benefits To Ask For In Your Next Salary Negotiation
- 5 Things You Must Do Before You Accept a Job Offer
- Using Your Budget as a Salary Negotiation Motivator
- Practice Makes Perfect: You're Already A Salary Negotiation Expert and Don't Even Know It
- Negotiate Like a Lawyer If You Want The Raise
- Surprise! Millennials Aren't Asking For Raises (But Should Be)
- It’s All In the Timing: When to Have the Raise Discussion
- The 10 Commandments of Salary Negotiation
- The Careful Art of Negotiating Your First Salary
- How Your College Major Can Help (or Hurt) You In a Salary Negotiation
- The Single Best Thing Women Can Do To Shatter Their Personal Glass Ceiling
- The (Surprising) Best Answer to the Question “What's Your Salary Range?"
- The Secret Formula That Will Set You Apart in a Salary Negotiation
- 5 Negotiation Tips to Help Women Level the Playing Field
- 5 Easy Answers to Tricky Salary Negotiation Questions
- The 10 Commandments of Salary Negotiation
“The data we’ve collected shows that most people are still pretty uncomfortable asking for a raise or negotiating a salary offer,” said Lydia Frank, Editorial Director, PayScale. “We want to ensure that more people feel empowered in 2015 to advocate for themselves and talk more openly about compensation with their employer.”
Highlights from the 2015 PayScale Salary Negotiation Guide include:
- Less than half – 43 percent – of survey respondents have asked for a raise in their current field. For the 57 percent who have not asked, the reasons most often cited are:
-- My employer gave me a raise before I needed to ask for one (38 percent)
-- I'm uncomfortable negotiating salary (28 percent)
-- I didn't want to be perceived as pushy (19 percent)
- The higher your annual salary, the more likely you are to have asked for a raise and the more likely you are (with just a few exceptions) to have received it. While only 25 percent of those earning $10K-$20K received the raise they requested, 70 percent of those earning more than $150K received their requested raise.
- Women are more likely than men to state that they are uncomfortable negotiating salary – 31 percent vs. 23 percent – and that holds true even among C-level executives where 26 percent of female Chief Executives said they’re uncomfortable negotiating compared to 14 percent of male Chief Executives.
- Chief Executives are most likely to have received the raise they asked for.
- Civil Engineers are most likely to say that they do not negotiate because they are afraid of being perceived as pushy.
- Workers in the Arts, Entertainment, and Recreation industry were least likely to receive the raises they asked for.
- The gender split between people who negotiate was largest in the Mining, Quarrying, and Oil and Gas Extraction industry. More women than men in this industry have asked for a raise (51 percent vs. 40 percent), but men in the mining industry are also more likely to report that they received a raise without having to ask or have always been happy with their salary.
- Women holding an MBA degree seem to be struggling most with potential gender bias when it comes to salary negotiation. Of those who asked for a raise, only 48 percent of female MBA grads received the requested raise compared to 63 percent of male MBA grads. And, 21 percent of female MBA grads received no raise at all after requesting one, compared to 10 percent of male MBA grads.
- Gen Y is far less likely to have asked for a raise and far more likely to be uncomfortable negotiating or worried about being perceived as pushy. Both likely stem from lack of experience. Baby Boomers, however, are more likely to say they didn’t negotiate for fear of losing their job, which could indicate a concern over age bias in the workplace.
- English Language and Literature majors were most likely to say they had asked for a raise (51 percent), but amongst those who did not ask, they were most likely to say that the reason was because they were uncomfortable talking about salary (41 percent).
Adds Frank: “It’s clear that job satisfaction is also a crucial factor in determining who asks and, ultimately, is granted a raise. Workers with low job satisfaction are more likely to ask for a raise (54 percent) than those with high job satisfaction (41 percent), but only 19 percent of people with low job satisfaction receive the amount they asked for, whereas 44 percent of workers with high job satisfaction receive the amount they requested. To me, that indicates a breakdown in the relationship between those workers with low job satisfaction and their manager. So often, your job satisfaction is directly correlated to how well you’re getting along with your boss. And, if that relationship isn’t strong, it’s not surprising that those managers aren’t granting the requested raises.”
Creator of the largest database of individual compensation profiles in the world containing more than 40 million salary profiles, PayScale, Inc. provides an immediate and precise snapshot of current market salaries through its online tools and software. PayScale's products are powered by innovative algorithms that dynamically acquire, analyze and aggregate compensation information for millions of individuals in real-time. Publisher of the quarterly PayScale Index™, PayScale's subscription software products for employers include PayScale MarketRate™, PayScaleInsight™, and PayScale Insight Expert™. PayScale's cloud compensation software is used by more than 3,000 customers including Cummins, Warby Parker, Zendesk, Clemson University and Covenant Dove. For more information, visit: http://www.payscale.com or follow PayScale on Twitter: http://twitter.com/payscale.