Evaluating The Job Market

Part of searching for a job is evaluating the job market. Many people who are job hunting focus on salary almost exclusively, paying little if any attention to other information that can be very important when looking for work. In addition to job positions and salary ranges, you also need to consider other components such as benefits and the cost of living in the area you are considering. All of these issues must then be compared to your own financial needs in order to make a solid evaluation of the job market.

Research comparable positions

Look for information about job positions that are comparable to what you are seeking. Check for positions within your specific industry, but also check for positions in different industries as well. One of the easiest ways to do this research is using online resources. There are any number of well-known national sites that are quite useful, but don't overlook local sites that focus on the specific community or area you are considering. Local sites often have postings that are more specific to the area, as well as other helpful local information.

Newspapers and business journals are also good sources of job listings, so check out these publications in the cities and areas of interest to you. Many are easily accessible online, or you can obtain physical copies of each one. Don't stop with just one issue, though; you really need access to several issues to get a complete picture of the range of available job positions.

Look for salary information

Salary information is easier to come by than you might think. Job listings themselves often list salary ranges, but a more comprehensive source is a salary study. A salary study is a comprehensive look at typical compensation ranges, compiled in a variety of ways such as by profession, by region, or by specific job position. Some web sites offer access to salary studies, and most professional associations also conduct some sort of periodic salary study. You might even find similar sources of salary information available from the Chamber of Commerce or economic development organization in a region or city.

Consider benefits

An important part of evaluating the job market it to take a look at the benefits portion of typical compensation packages. This is the area where employers will vary widely in their offerings, and the value of a benefits package can make a huge difference in the attractiveness of a position. Benefits even vary from industry to industry; so don't be afraid to look at comparable positions across different industries.

Determine the cost of living

When you start looking at salary and benefits information for comparable positions in different locations, you will probably notice a wide variation in the dollar values. Before you get too excited about the highest paying location, take a look at the cost of living in that location. For example, the cost of living in a city like Seattle or Miami will be vastly different from the cost of living in a city like Lincoln, Nebraska or Green Bay, Wisconsin.

To help make good comparisons, use a cost of living calculator. There are a number of these available online, courtesy of financial institutions, real estate sites, and employment sites. It is a good idea to look at the results from several cost of living calculators, as the results may vary depending on how they perform their calculations and where they gather their information.

Determine your financial needs

Finally, when evaluating the job market you need to take a look at your own financial needs. Calculate a realistic minimum salary that you will need, being very careful to be realistic and practical about this estimate. Take into account all of your financial obligations, as well as the likely costs you will encounter in a particular job. Commuting, wardrobe, continuing education and the like are just a few examples of costs you may need to consider.

Click here to go to the next salary article - Understanding Your Options