Updated: Sep 29, 2020
Drake had it right when he penned these lyrics down in his hit ‘0 to 100’. Knowing your worth, or in a professional sense, your market value is extremely important. I’ll be honest, most of the research I did for this article came from an American website for hiring nannies. But this just goes ahead to prove that no matter which field you work in, be it sales, marketing, recruiting or even daycare, teaching etc., the concept of knowing your market value is of utmost importance. It helps you optimise your job search, negotiate your salary and figure out if you need any additional skills.
How do I determine my market value?
A question that’s not always easily answered in a constantly fluctuating market with countless variables coming into play. That said, knowing your real market value will help you not only get paid fairly, but have more leverage when negotiating a salary that may help land you your dream job, or get paid more at your current one. Here's how to negotiate like a pro.
Know Your Salary Range: Your salary isn’t a set number, but rather a range. Knowing this range gives you the opportunity to walk as close to that higher number as possible. Keep in mind there is likely an army of other top talent fighting for this same position, so don’t let the higher number in the range be your end all be all. Once you land the job, there will be opportunity to hit that mark or go above it. That said, this is also a great way to determine if you’re underpaid at your current job. Salary ranges fluctuate as demand for talent fluctuates, so the range you were hired at is likely different (in most cases lower) than where you’re currently sitting. If it’s higher now than when you were hired, it’s time to negotiate a raise.
Stay Updated About Changes in Your Industry: If company A is hiring the same position for X amount over what’s expected for your salary range in the area, your market value just got a little boost. Keep your finger on the pulse of your industry, and know what’s trending. Knowing the value other organisations are placing on your skills helps you gauge exactly what your market value can be. It changes from month-to-month, so it’s important to keep an eagle eye on the factors that change it. Don’t enter a salary or raise negotiation without first knowing your actual market value.
Revise Your Resume:
Sit down, and critically analyse your resume. Assess your hard and soft skills, your experience, your references, educational background and other such credentials. Then, look up salary expectations for similar jobs in your area. Your skills are worth a different price in different places. List out what makes you unique, and also list out skills you probably need to acquire.
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