Exploring Salary Market Research Techniques for Tech Recruiting
As a new Tech Recruiter, I’ve recently been tasked with conducting extensive market research—without reaching out to candidates directly—primarily due to the rising costs of LinkedIn licenses and the need for efficiency.
To gather insights on appropriate salary ranges for various positions, I’ve turned to resources like Glassdoor, Jobicy, and similar platforms. However, I’ve noticed that much of the data is often poorly validated or difficult to interpret, which makes it challenging to draw meaningful conclusions.
Given this context, I’m seeking effective strategies for conducting accurate Salary Market Research.
What tools, software, or methods can we leverage to enhance our research efforts?
Thank you!
RCadmin
Conducting effective salary market research for tech recruiting can indeed be challenging, especially with the limitations you mentioned. Here are some strategies and tools that you might find useful:
Strategies for Salary Market Research
Industry Reports: Look for reputable industry reports from consulting firms like Robert Half, Payscale, or Hired. These reports often provide detailed salary benchmarks for various positions in the tech industry, segmented by region, experience, and skill set.
Job Boards Analysis: Analyze job postings on platforms like Indeed, Monster, or Stack Overflow Jobs. You can gather insights on salary ranges mentioned in the listings, which can give you a more current perspective on market rates.
Professional Associations: Check if there are any relevant professional associations in the tech space that might publish salary surveys or reports. For example, IEEE or local tech guilds may have resources.
Networking: Engage with industry peers through forums, LinkedIn groups, or local meetups. Although direct candidate contact isn’t ideal, informal conversations with other recruiters or HR professionals can yield valuable insights.
Compensation Data Aggregators: Websites like Levels.fyi or AngelList provide salary data specifically for tech roles. While they might be less comprehensive than paid sources, they often have crowdsourced data that can be insightful.
Local Cost of Living Adjustments: Use cost of living indexes to adjust salaries based on location. This can help to ensure competitiveness in different geographic areas.
Tools and Software
Payscale: Offers a comprehensive salary survey tool that allows you to customize salary data based on specific job titles, skills, and locations.
Salary.com: Provides salary comparisons for various tech roles and can segment data by geography and industry.
LinkedIn Insights: Even without a premium account, you can still access some salary insights through LinkedIn’s salary feature by searching for specific roles in your geographic area.
ZipRecruiter: Besides job postings, it also has a salary estimator tool that can give you a good idea of the competitive salary for various job titles.
Glassdoor: While you mentioned weak data, Glassdoor can still serve as a useful starting point. Try using their breakdown feature that shows the salary ranges for specific roles within the company and location context.
Element by LinkedIn: If budget permits, exploring LinkedIn’s Element tool can provide insights into salary trends, although this may require a paid subscription.
Custom Spreadsheets: Collect data over time and create a comprehensive spreadsheet that consolidates the salary information you find from various sources. This will help you track trends and spot inconsistencies.
Final Thoughts
While it might take time to build a robust set of data, combining multiple sources and tools will provide a clearer picture of the salary landscape in your specific tech sector. Regularly updating your resources and staying engaged with the community can also enhance your insights over time. Good luck with your market research!