Post the announcement of its monstrous $26.2 billion acquisition by Redmond giant Microsoft, LinkedIn has hard at work to redefine the future of its enterprise social network. To further extend the capabilities of its robust platform, the company is today launching another useful and perhaps, a much-awaited product in the form of ‘LinkedIn Salary’.
The LinkedIn Salary tool will enable professionals to collect and analyse compensation info from around the globe. It will allow you to analyse how much a person working a particular job at a certain geographical location earns. This data not only includes salary, bonus, and equity data but also the different parameters such as years of experience, industry, company size, location, and education level that may affect the pay scale of an individual. This is the critical knowledge that one requires to optimise his earning potential and navigate his career in the right direction.
To build out this robust analytical portal, LinkedIn has tapped into its enormous network of more than 460 million members. This collected data trove enables the company to provide detailed insights into the salary landscape in the present and of course, the future. You’d need to input your own current compensation to explore LinkedIn Salary and its expanse of analytics for your job category.
First and foremost, you’d need to input your own current compensation to explore LinkedIn Salary and its expanse of analytics for your job category. You don’t need to fret about the security of your data as the same is encrypted and anonymously crunched into the data trove that defines this tool. Once you’re logged in, you can get a closer look at a descriptive picture for any given job title at any particular location.
LinkedIn Salary will enable you to assess which location pays the most and which educational degree — bachelor vs masters — matters the most for a particular type of job. This portal will not only help you get acquainted with several opportunities that are impacted by industry but also with compensation packages of your dream company. You will also be able to use this to calculate your salary changes based on current and future experience in the field.
This analytical comparison tool will be made available to all members of the U.S, U.K and Canada starting today, with plans for global expansion in 2017. Premium members of the platform won’t have to jump through any hoops to get unprecedented access to precise salary info through LinkedIn Salary. They won’t even be troubled to contribute to their salary info to get quality intel that improves their job seeking experience.
The debut of this portal by LinkedIn also coincides with the launch of a similar extensive salary tool by Glassdoor, christened Know Your Worth. This tool has been built using the amalgamation of patent-pending machine learning tech and company’s already existing employee salary reports. It will enable you to analyze real-time trends in local job markets and typical career transition opportunities as well. Glassdoor will also plot your 12-month market value against the median pay for that category to determine if you’re being underpayed. This portal will rival LinkedIn Salary to help professionals better understand their earning potential in today’s competitive market.
The launch of LinkedIn Salary lies directly in context with the company’s vision of the ‘Economic Graph’ which shoulders the task of mashing your LinkedIn profile to hoards of collected data and analysing the same to bear fruitful outcomes. Recently the company has only been extending the functionality of its core platform with the launch of additional products.
Prior to the launch of LinkedIn Salary, the company has already introduced the professionals to a treasure trove of meaningful courses to help expand their expertise in a particular field with its ‘Learning’ portal. It has recently also launched a new feature called ‘Open Candidates’ for members to privately notify recruiters that they are available and actively looking for a new opportunity. And adding to the current AI trend, the company has also added chatbots to its platform.
While catering to the global audience, LinkedIn has recently also launched some India-specific initiatives. Titled as LinkedIn Placements — assessment test to apply for job openings, LinkedIn Starter Pack — connect startup and SMBs with prospective employees, and LinkedIn Lite — a data-saving less glorious version of the service, these three initiatives are meant to offer access to more opportunities in the country.