To determine the value of my position I need to do my research. I also need to spend time planning and preparing for a negotiation. The more confidence I have that what I am asking for is reasonable and defensible, the less likely my arguments will be refuted or ignored.
Some research to consider includes:
What is the industry average for my position?
Is https://www.bls.gov/ the best metric?
What compensation do local competitors offer?
Is it best to call around town and just ask how much people are being paid?
What are the upper and lower limits of the pay scale for my position?
This is a tightly kept secret in most companies. And trying to negotiate beyond the upper limit can be fruitless. How can I get this information?
What do other people with the same level of responsibility at my organization make?
I've asked around outside of hours but some employees feel nervous discussing it.
What is the rate of inflation? And what has the average pay raise in my industry been in the past year? Has my compensation been adjusted for this?
Again, should I reference https://www.bls.gov/cpi/
Does my geographical location have a higher or lower cost of living compared to the average?
There are many cost of living calculators online. Is there an official statistic repository or is it mostly private?
If I am charged out to clients, has my rate changed while your compensation has remained the same?
Healthcare costs are rising, I see it in my units charged. My pay has not reflected that.
Any help would be appreciated.
An online tool that could automate this would be valuable.