LinkedIn allows its users to access insights from its trusted member base of over 740+ million. Depending on your membership level, you can access this data to help make informed decisions.
As a LinkedIn Premium member, you can instantly access insights and data around salaries for multiple positions. These insights range from location-based salary ranges, additional compensation, company size, industry, years of experience, education level, fields of study, and comparisons of top-paying markets for that specific role.
It may seem like a lot, but all of these sections are laid out in excellent easy to navigate dashboards and charts. As LinkedIn says right on the Salary home page, “More details, better decisions.” Below are some ideas of how to leverage these analytics.
Salary data can be used by professionals in salary negotiations, asking for a raise, deciding if you would like to relocate, career planning, and job hunting.
If you are using LinkedIn data to discuss salary negotiations or are asking for a raise, you want to be sure that the data you compare is apples to apples. LinkedIn does a great job letting you drill down by location, years of experience, and industry. However, just because you share the same job title does not always mean that you should get similar compensation.
To leverage LinkedIn Salary data for relocating, career planning, and job hunting, you should be aware of the complete picture when it comes to compensation. This is where market-based compensation comparisons and additional compensation details can be leveraged. If you are deciding where to invest in yourself, it is helpful to have a rough understanding of the return you could expect. Additionally, if you decide on making a move, this data can show you where you want to spend your time applying to align with your goals.
For Small Business Owners:
As a small business owner who is hiring for a position for the first time, you may need to know what the market is paying for that type of individual. Going into a job search uninformed can negatively affect your search, such as frustrated candidates, no interest in your role, and overpaying or underpaying. LinkedIn will give you a baseline to work from, and then you can adjust based on the feedback you are receiving in the marketplace.
Additionally, suppose you decide to leverage a third party recruiting firm(s). In that case, you can discuss upfront your budget and a realistic range for the recruiter to use, which can save you money if you are paying a percent-based placement fee.
As a recruiter, you should always have your pulse on the current market for your specific recruiting niche. This way, you can inform your client and potential job candidates what they should be asking for when hiring for an open position. Recruiters should have a fiduciary responsibility to both clients and candidates when it comes to compensation.
LinkedIn Salary Insights is a great tool to share with both clients and candidates. As an expert, you can talk about the general position data mixed in with your conversations with your network. By positioning yourself as the expert and having access to thousands of LinkedIn responses, you will have a more in-depth discussion.
LinkedIn Salary is an excellent tool to help you be more informed about compensation data. As an employee, employer, or recruiter, having a grasp of this data for your industry, market, company size, etc., is critical.
The landscape is constantly changing around compensation and employment standards. This blog is based on our understanding and observations. You should be aware of the laws and standards around compensation conversations in your jurisdiction. There are many nuances, and nothing in this blog should be cited as or considered legal advice around salaries and employment.