Who doesn’t want to be fairly compensated? No matter how much you love what you’re doing for work, a generous paycheck is always a primary consideration in pursuing a career. It’s a common dilemma, especially among the less-experienced members of the labor force, mainly because they don’t know how to go about measuring their actual worth.
“Certainly individuals and HR professionals probably want to do right by their employees, but the company at large isn’t interested in your standard of living,” founder and CEO of Bernard Marr & Co Bernard Marr wrote in a LinkedIn article. “Instead, employees should focus on value: both the value they bring to the company and their market value.”
So how can an employee calculate his/her market value? Well, these steps might just help:
Do a personal assessment
This one could prove difficult for fresh graduates who aren’t well-versed with how things workin the industry. Salary recommends that one should a) align the job description with a “benchmark” job, b) measure employer’s scope, and c) know current performance level. You may not end up with definite figures but self-evaluation is one key to salary transparency.
Online salary calculators
Get a rough estimate of what you’re worth using web tools like PayScale and Glassdoor‘s Know Your Worth. These algorithm-based applications factor in the job title, experience, company, location, among other details for computation. Market values are regularly updated on websites that also provide additional information regarding employment trends and openings.
Talk to people in the same field
Ask advice from peers with related careers, human resources managers from other companies, and even your previous employer (if it’s all good). “All companies have set a salary structure. Usually, they follow it then adjust based on experience.” an HR director of a local hotel chain says. This will give you an idea on prevailing wage rates and help you in negotiating.
Run through job search engines
Most job portals indicate a pay range in their listings. JobStreet Marketing Communications Specialist Mark Turija explains: “We have prevailing market salary rates for employees depending on their specialization and position level.” Digital classified ads often lay out the skill requirements so you can determine if the amount is reasonable or not.
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