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How much are you worth on the job market?



There are several primary factors that affect salary settings for new candidates:

  • the job's relative position in the corporate hierarchy
  • the market rate for the position
  • the candidate's present salary
  • the department's budget.

Typically for a position of the same level as your current job, you may be offered a 5 to 15 percent increase in salary.
The increase may be even greater if the new position involves more responsibilities.
The problem you may encounter if you have been with the same company for a lengthy period of time is that you salary has not kept up with the market.
For engineers an annual raise is typically between 2 to 5%, depending on how well your company is doing. Your rating reflects your performance relative to your peers and relative to expectations. It is usually a scale as follows:
 1 Superior - Consistently exceeds expectations
 2 Meets or Exceeds Expectations
 3 Meets Expectations
 4 Needs Improvement
 5 Unsatisfactory
Obviously, your goal is to be rated as a 1 or a 2.
Managers, on the other side, are instructed to rate their employees according to a specific distribution to prevent them from giving all their employees 1's.
Based on the rating that you get from your manager, the HR gives you a salary raise.
Sometimes a manager gives 3 to everyone just to keep peace, or he wants to promote you and gives you high rating but can't get authorization from upper management.
How to find out the current market rate? Ask your HR, do a research.
If think you deserve more - start sending out your resume.