Let's face it, your paycheck has a direct impact on your quality of life. Yes, having a good boss, challenging work, and clients who pay on time are critical factors in your overall job satisfaction, but your salary, health benefits, 401k plan, and bonuses can tip your overall job satisfaction meter from being very satisfied to, I-need-a-new-job RIGHT NOW!!
So how can you know if you're getting paid what you are worth, and how can you negotiate a higher salary?
Your salary is determined by three factors. First, the company where you work. Some companies who are known for paying their employees a beefier salary than others. Check out Fortune Magazine's recently published list of top paying companies. Here are the 5 top paying companies in terms of annual total compensation.
1. Bringham McCutchen - $211,071, average total pay for Associates.
2. Arnold & Porter - $194,575, average total pay for Associates.
3. Alston & Bird - $190,135, average total pay for Associate Attorneys.
4. Shared Technologies - $187,137, average total pay for Sales Reps.
5. Nixon Peabody - $178,016, average total pay for Associate Attorneys.
Is the company you work for not on the list? If not, don't worry. You might still be making a healthy salary based on your peers within the company, and even the industry. I recently spoke with Fred Cooper, compensation expert for a Fortune 100 company who gave some great strategies for determining your value in today's marketplace.
Cooper said that there are two key factors that determine your salary. One is what the market is currently paying for your skills, experience and areas of expertise. The other is the company's internal salary policies and practices.
Research is key, says Cooper. You must determine the value of the job that you currently have or want. There are a number of salary surveys where jobs are priced that can give you a salary range for the work as identified in the job summary or job description."
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