Get the Salary You Deserve: Know your Market Value

Get the Salary You Deserve: Know your Market Value

According to Manpower’s 2015 Talent Shortage Survey, the global rate of employers struggling to fill jobs is at a seven year high, with 38 percent reporting an inability to staff open roles, 32 percent in the U.S. This talent shortage translates into a major advantage for job seekers, particularly those in booming industries like tech.

However, despite having the upper hand in the hiring process, it’s tough to negotiate the best deal possible if you don’t know your worth in the marketplace.

What is your market value?

Value in the hiring market is defined by a combination of your talents and skills. According to salary expert, Jack Chapman author of The Ten Commandments of Salary Negotiation, “your fair-market value is not one tidy number, but a range. It is a composite of three components: your objectively researched value, your individual value and your future value.”

Do your research to help you get a clearer picture of this value. These sites can be a good place to start:

  • PayScale.com — collects ongoing salary data directly from visitors.
  • Salary.com — collects salary data from companies and customizes it to location, size of company, etc.
  • CareerJournal.com — has articles about salary trends.
  • Bureau of Labor Statistics — supplies surveys of corporate payroll data and employee questionnaires.

Your individual value accounts for your special training, assets, skills, competencies, etc., that are of value to your employer. Finally, Chapman advices to take into account any long-term rewards like profit-sharing, performance bonuses, raises, stock options, etc., that are part of your package to determine your future value.

Blending these three numbers gives you negotiation power. Instead of “Here’s what I’d like,” you can say, “Here’s the range of what others are paid, and why I should be paid the top of the range.”

Your ICON Concierge is here to help. Give us a call to help you shape a salary range you deserve.