Let’s dive into a real-life scenario to see how all these steps come together. Meet Sarah, a graphic designer based in New York. She embarked on the journey to determine her ideal salary range, demonstrating clearly how each consideration plays a role in forming a comprehensive salary target.
Sarah began by researching the market rate for graphic designers in her area. She discovered that salaries typically ranged from $50,000 to $60,000, which served as her initial benchmark.
Then, Sarah evaluated her unique skill set. Being an expert in the complete Adobe Suite added an extra $2,000 to her potential earnings. Additionally, her solid UX/UI design skills brought in another $4,000 to her value. These competencies elevated her potential salary beyond the standard market range.
Living in New York presented its own challenges. The higher cost of living meant Sarah needed approximately 20% more than her peers in other locations, prompting her to adjust her salary expectations to better match the cost of living.
Next on the list was the benefits offered by her potential employer. The package included excellent health insurance, commendable retirement contributions, and annual bonuses, collectively adding about $8,000 in value to her overall compensation.
After considering all these elements, Sarah concluded that her desired salary range should be between $75,200 and $87,200. Here’s the breakdown:
- Base market range: $50,000 to $60,000
- Additional value for Adobe skills: + $2,000
- Additional value for UX/UI skills: + $4,000
- New York cost of living adjustment: + 20%
- Benefits package value: + $8,000
- Final salary range: $75,200 to $87,200
This well-researched range gave Sarah the confidence she needed during negotiations. She knew her figures were rooted in reality, rather than mere speculation. The range was not only sufficient to meet her personal and professional needs but also realistic for her industry, ensuring a strong position in salary discussions.
