Conducting Salary Market Research for Tech Recruitment
As a new Tech Recruiter, I’ve been tasked with conducting extensive market research without directly reaching out to candidates, primarily due to constraints in speed and resources, as LinkedIn licenses have become quite costly.
To gather insights on suitable salary ranges for various positions, I’ve been utilizing platforms like Glassdoor and Jobicy. However, I’ve found that much of the data is either poorly validated or not very reliable, making it challenging to work with.
Given this situation, I’m looking for effective methods to conduct thorough Salary Market Research.
What tools, software, or resources are available that could help enhance our research efforts?
Thank you!
RCadmin
Conducting salary market research can be challenging, especially in the tech industry where rates can fluctuate based on demand, location, and specific skill sets. Here are some strategies and tools you can use to enhance your salary research efforts:
Salary Benchmarking Tools: Leverage platforms specifically designed for salary benchmarking. Tools such as Payscale, Salary.com, and Radford can provide more accurate and industry-specific data based on their extensive databases.
Industry Reports: Look for annual salary surveys or reports from industry associations like the IEEE, AICPA, or tech-focused publications. These reports often contain detailed analyses and insights into salary trends across various tech roles.
Job Postings Analysis: Analyzing job postings on platforms like Indeed, Glassdoor, and LinkedIn for salary ranges can provide real-time insights into what companies are willing to pay. Note how salaries may vary based on location, skills, and experience levels.
Networking and Communities: Engage with online communities and forums such as Stack Overflow, GitHub, or Reddit’s r/forhire. Often, professionals share salary information and experiences, which can provide insights into the current market.
Company Reviews: In addition to Glassdoor, consider checking company reviews on sites like Comparably, Blind, or Kununu, where employees sometimes disclose their salaries along with insights into company culture and other factors.
Consult with Compensation Experts: If you have the budget, consider consulting a compensation expert or firm that specializes in tech recruitment. They can provide tailored insights and guidance specific to your needs.
Data Aggregation Tools: Tools like Gloat or Hired can aggregate salary data across multiple sources, helping you identify trends and average salaries for particular positions in the tech industry.
Utilize Local Economic Data: Refer to local labor market data, which may include reports from government agencies or local labor boards. These can give context regarding the economic landscape of specific regions.
Surveys and Polls: If you’re part of a professional network, consider running informal salary surveys. While it requires some outreach, it can yield valuable first-hand data.
Talent Platforms: Platforms like AngelList, Toptal, and Upwork provide insights into salaries for freelance tech workers, which can give a different perspective on what tech skills are currently valued in the market.
By combining these methods, you should be able to gather a robust and more validated dataset for your market research needs. Good luck!