Using Market Data to Your Advantage - Without Letting It Run the Conversation

Written by: Sophie Warwick

One of the most common questions we get in our workshops is, “Where can I find reliable market data?” Finding data that is recent, accurate, and directly relevant to your role can be difficult. Many available resources report only on base salary or combine performance-based compensation with base salary. As a result, it can be challenging to understand how to apply that data to your unique situation.

Another challenge is learning how to use market data effectively. One of the most common pitfalls we see in compensation negotiations is relying too heavily on market data alone. While it’s incredibly valuable to be informed about relevant compensation benchmarks, to ensure what you're proposing is appropriate and competitive, focusing solely on market data can weaken your argument. Compensation decisions are complex and influenced by multiple factors. Title, time in role, education, experience, role scope, and location are just a few key elements that affect how you're paid.

So, if you approach your leader and say, “I’d like a 10% raise because a peer at our competitor is making that much,” it’s easy for your leader to dispute. That company may structure their compensation differently. They might emphasize base salary over performance-based components like bonuses or equity, which could result in a higher base even if the total compensation is similar. That peer may also have different professional or academic experience, or may hold different responsibilities than you, both of which can significantly impact pay.

Instead, it’s far more persuasive to anchor your negotiation in the impact you’re making. Center the discussion on the element you control most directly: your performance. How are you contributing to the company’s goals? How do your unique strengths enhance team and company success? For tips on how to persuasively articulate your key strengths, read our article Communicate Your Strengths Often.

You might be wondering: if I shouldn’t center my negotiation on market data, how can I use it effectively? Market data is fantastic “back-pocket” information to help shape your ask. Use it to ensure you're being paid competitively for your role. The data should be as relevant as possible to your specific circumstances, including your location and industry, which can significantly impact pay.

We also hear from many clients that they felt grateful just to land the role or were hesitant to be too assertive. This is where market data shines. It helps validate that what you're asking for is not only fair but well within industry norms. That validation can be incredibly empowering. The more confident you feel in the number you're proposing, the more likely you are to stand firm in your negotiation, and that confidence often leads to success.

Additionally, use a tool that breaks down compensation clearly, so you know exactly what you're looking at. What are all the components of the package? How does base salary compare to bonuses or equity? What benefits are included? Is there a professional development allowance? A parental leave policy?

Total compensation goes far beyond base salary. When comparing offers, it’s crucial to know what is and isn’t included. Maybe the direct cash compensation in a new offer is higher, but it excludes a generous RRSP match or other benefits that matter more to you. Ask yourself these questions anytime you're evaluating an offer:

1.      What is the total value of this compensation package?

2.      What is the value of other non-monetary benefits included?

3.      Which elements matter most to me personally?

So, where can you actually find high-quality market data? After years of coaching women through compensation negotiations, we recognized just how difficult it is to access accurate, relevant data. To better support our clients and to make reliable data more accessible across a wide range of socioeconomic backgrounds, we developed a new tool: EquiPay.

EquiPay offers a comprehensive market evaluation of your compensation, factoring in your title, level, industry, and location. But we don’t stop at salary; we also cover bonus structures, stock options, severance, parental leave, and much more. With this insight, you can approach your negotiation with clarity and confidence.

Submit your current compensation details through our secure survey platform to receive accurate, tailored market data.

*All information is kept strictly confidential and protected by our comprehensive Terms of Use Agreement. Any data that you provide will be anonymized and aggregated and will not be attributable to you or any employer organization. The survey takes less than 8 minutes to complete.