Salary Negotiation Tips: Salary Research for Specialized Areas

How can I find out the salary range for a niche area of expertise?


Q: My question is compensation related. I work in a specialized area within the asset management industry and am having a very difficult time finding out what my peer’s compensation range is. I have tried to contact McLagan but they cannot provide any guidance as my company has hired them as consultants. I have asked around on social networks via industry groups that I am a member of and also through my network of contacts, all have turned up unsuccessful. Do you have any other suggestions for how I can find out what the average compensation levels are for my particular job?

A: Congratulations on doing all the research you’ve done so far — you’ve gone beyond what most people would. One suggestion would be to conduct your own salary survey. Get lists of names of people doing your kind of work in noncompeting areas. Contact those people and tell them you’re doing a salary survey. Tell them that in exchange for their participation, you will be glad to send them a summary of the survey once it’s completed. Make sure you have an up-to-date LinkedIn profile so they can check your veracity. It will help to establish your credibility and create a level of trust. Not everyone will participate, but you could find that people would in exchange for the information. Best of luck to you.