How much do you really know about your earning potential? Is your current career path going to yield the best financial gains or could you earn more by relocating to a new role or a new town? Here’s how to use a free online salary calculator to move ahead in your career and boost your earning potential.
What is a salary calculator?
A salary calculator is an online tool which compares information about your job and your location against data from across the UK to provide an average salary estimation. Because of this, salary calculators are a great tool to plan negotiations, career moves and relocations.
How does a salary calculator work?
Tools like the Robert Half salary calculator use a range of different sources, including the thousands of job placements made each year, to form a data pool with salary ranges for each role, region and specialist area and job category. To get a more accurate result when using a salary calculator, you’ll need to enter your location, job title, job category and area of specialisation.
Here are a few ways you can use the Robert Half salary calculator to get ahead in your career and why you should consider checking back regularly.
1. Find out what the salary benchmark is for your role
Are you being paid a fair amount for your level of skill, your role or your local area? A salary calculator can show you the average salary range that someone in your position is getting, so you have a good overview of where you should be and whether you have room to negotiate.
If it looks like you’re not going to be able to increase your earning power, you can explore other roles and locations to see whether you could earn more by making a change.
2. Negotiate a more competitive salary
Salary calculators can help you negotiate a more competitive salary, whether you’re in an existing role or interviewing for a new one. You can use the benchmark to gauge how fair an offering is and use it as a base to negotiate a higher figure, based on any recent achievements you’ve made.
Be sure to keep several additional factors in mind, such as company budget, location and your own performance, as these can all affect what you’re offered.
3. Make a strategic career change
Are you thinking about a career change? Perhaps you don’t feel as though your earning potential is high enough in your current role? Salary calculators can show you how much professionals in other roles are earning, so you can evaluate whether it’s worth investing in new training, making a job transition or staying put to gain extra experience needed for a promotion.
4. Relocate to boost your earning potential
Salaries differ from location to location, so you can use a salary guide to discover which areas offer higher earning potential or to find out how much you’ll earn after you’ve completed a house move.
A financial analyst with a specialisation in finance and accounting could earn an average salary of £42,000 in London but might get £39,062 in Manchester and £41,410 in Edinburgh. Remember to consider commuting costs and house prices when evaluating a new area.