Finding the right place to make your next career move depends on a lot of things, including a solid company culture, benefits package, and an interesting and challenging position. One of the most important things many candidates consider when accepting a job, however, is salary – especially in executive and leadership positions, which require more experience, more defined skill sets, and more education. This can be even more important if you’re being sought out by one company and need to decide if you want to leave your current position.
So how can you ensure the high-level position you’re qualified for will receive a fair compensation offer? Here’s what to know about executive salaries in the oil and gas business sector.
Areas of the country pay differently, mostly because of things like cost of living expenses and population where eligible candidates are found. Keep this in mind as you think about fair compensation in your area.
Pay Attention to Averages
According to PayScale, the average salary of a CEO in the US is $160,135 annually, with a range of average base pay packages from $73,224 – $310,328. Glassdoor reports that the average salary for an executive hire is $121,437 a year. An oil and gas specific study notes the average industry salary in 2018 was $88,000, with European and African countries leading salary ranges, and the highest-paid positions across all countries being in the drilling and engineering capacities. While the averages can’t tell you everything, but they are an excellent foundation to build on and help you keep an eye on relevant compensation trends.
Ask Your Interviewer
There’s a reason many HR conversations will eventually include the phrase, “What’s your target compensation?” This helps guide the information gathering and decision-making process on the business end. Don’t be afraid to mention what you’re currently making, where you want your salary to be in future positions, and any extra perks you’re looking for.
Ask Your Recruiter
Working with a recruitment and executive search firm means you get access to industry knowledge, including relevant pay and salary news and information. Feel free to ask your recruiter questions like, “What’s the expected salary range for this position?”
You want to be paid fairly for your hard work and you don’t want to waste anyone’s time during the interview process – not the company’s and certainly not yours. That’s why it’s important to research salary information and have your compensation number ready. That way you’ll know for sure if every offer is fair and competitive and if your financial goals are aligned with a new company.
Connect with one of our executive recruiters today!