LinkedIn’s New Salary Tool Compares Pay
Always wondered how you rank when it comes to your salary, whether you are on par with your peers, or way off the charts (a definite problem if it’s at the lower end!)? Well, LinkedIn puts an end to all your speculation and possibly shaky attempts to do the math with the introduction of a new tool that allows you to compare not just where you stand in the market, but also where you could be, going ahead. Sounds interesting (and not to mention useful)?
The tool – called LinkedIn Salary – has been rolled out in phases since November 2016, when it was launched in the US, Canada and the United States, with plans to roll out in other countries across the globe by early 2017.
Sounds like something I wanted! How much do I pay?
Here’s the good news, then – LinkedIn has not designed the model such that the user pays by way of a subscription. Instead, what you get is the ‘give-to-get’ model, wherein you first enter your salary or compensation details into the system. Following this, you would then be able to see what others are earning in the same location, where you as an individual stand and most importantly, whether the compensation you are getting is fair or on par with your peers. Let’s face it – a large majority of us look at career changes or moves internally within the same organisation depending on what the salary is going to be.
So how does LinkedIn Salary work?
Once you input your details, LinkedIn Salary breaks down others’ compensation details for your understanding, which you as the user can then take to the next level, by filtering the information by say for instance, years of experience, education level, location, etc. How this helps is, you may just want to get guidance subsequently, to understand whether you would be a better fit in a location that pays better on an average for the same job that you have been holding down. Another area that this information would help you with is, whether your salary can go up should you acquire additional training or possibly even a related degree.
What about my privacy?
Yes, LinkedIn is aware of how sensitive data related to compensation always is, and adequate security measures have apparently been ensured, with no LinkedIn employees or anyone else being able to access the data once submitted by the user. It is encrypted immediately upon receipt and remains private.
What will this achieve?
LinkedIn aims to close the gap between compensation and skills, because with this data in hand, a user can make an informed decision of whether to stay on in the current job, or look for better opportunities elsewhere. What they can also do is choose to upgrade their skillset in order to better their own performance at work and thereby give a boost to their salary packages.
Further, with LinkedIn having acquired LinkedIn Learning, the two tools can likely work in tandem to help individuals identify the skills they need to go up the compensation ladder, and then teach those skills as well.
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Picture courtesy -forbes.com, lifehacker.com
by techtalks @TechTalks March 15, 2017 10:59 AM UTC