Let’s put all these steps into motion with an actual instance. We’ll take a look at how Sarah, a graphic designer in New York, calculated her desired wage vary. Her course of reveals precisely how every issue provides as much as create a well-researched wage goal.
First, Sarah checked the market charge for graphic designers. She discovered the standard vary was $50,000 to $60,000 in her space. This turned her place to begin.
Subsequent, she checked out her particular abilities. Sarah is an professional within the full Adobe Suite. This superior talent sometimes provides $2,000 to the bottom wage. She additionally has sturdy UX/UI design abilities, which provides one other $4,000 to her worth. These abilities pushed her vary larger than the essential market charge.
Residing in New York was an enormous issue. The excessive price of residing meant she wanted about 20% greater than designers in different cities. This helped her alter her vary upward to match her residing bills.
Sarah then calculated her advantages. The corporate provided nice medical insurance, stable retirement contributions, and yearly bonuses. These advantages added about $8,000 in worth to her whole bundle.
After including every thing up, Sarah’s ultimate desired wage vary got here to $75,200 to $87,200. Right here’s the easy math:
Base market vary: $50,000 to $60,000Added worth for Adobe abilities: + $2,000Added worth for UX/UI abilities: + $4,000New York price of residing enhance: + 20%Worth of advantages bundle: + $8,000Closing wage vary: $75,200 – $87,200
This vary gave Sarah confidence in negotiations. She knew her numbers had been based mostly on actual knowledge, not simply guesses. The vary was excessive sufficient to cowl her wants however nonetheless life like for her business.
