So, you are on LinkedIn, you have grown your Professional Network and finally…the HeadHunter calls with a job opportunity in another country…
All goes well, until you hit the critical question that every recruitment consultant is obliged to ask : “What are your salary expectations?” Now, on the face of it, that should not be too hard a question to answer, until you realise that they want an answer in the foreign currency where the job opportunity presents itself.
Of course, you do know the current exchange rate for your home country, but should you simply convert your salary expectation from your local currency using this exchange rate?
The short answer is :
ABSOLUTELY NOT! NEVER!
Sadly, this is a mistake made by many and by the time that they discover the harsh reality it is too late : they have moved across the world with their whole family only to discover that cost of living in their new home country bears absolutely no resemblance to what the classic exchange rate suggests.
The problem is that (until now) there has been no easy way to get a better, more reliable indicator of what your true worth is in a far-flung country. Answering this question requires consideration of a number of factors : most of these factors are financial considerations, but there are also other factors at play – for example, perhaps the country in which you have shown interest is one where you can see a far better general standard of living than what you currently experience in your home country and whilst this may not be monetary, it does indeed have a value that would be useful if considered in a monetary fashion.
ENTER the CrunchMySalary Calculator!
Sure, no guidance here will ever be perfect, but we do believe that we have designed a calculator that will help you tremendously in assessing your real worth in Global Salary terms. We have thought long and hard about this calculator and have settled on 4 under-pinning considerations, each of which is based on principal determinations by leading world organisations. Let’s make this clear : whilst the basis of our calculator rests on data that is sourced directly from the World Bank and also the United Nations, the data itself is completely independent of our calculator and we make no claim whatsoever of any association between these two organisations and our own – both organisations do encourage the use of their data in value-adding undertakings, but the use thereof is strictly within the terms-of-use of both organisations, which you can find and read by following the links published under our licence page.
Here are the 4 under-pinning considerations embedded in the CrunchMySalary calculator logic:
(1) Personal Tax Rate ;
(2) Lending Rates;
(3) Purchase Power Parity (PPP);
(4) Quality of Life – Human Development Index.
This final consideration is essentially the application of a non-monetary metric that is focused on the determination of overall Quality of Life and sense-of-well-being, but applied in a monetary fashion. This may not be strictly accurate, but we think that this is a very realistic and pragmatic consideration that should be included in the final analyses. *We have kept this an OPTIONAL inclusion and the calculator will show you a salary comparison both with, and without, this adjustment.
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