how to calculate your worth as an employee
Last updated on August 14th, 2023 at 07:35 am
Whether you are seeking a raise, contemplating a career shift, or ready to be promoted, it is essential to know your worth. While these conversations might be difficult, negotiation and knowing the worth of your job are two of the most valuable talents you can possess.
Not certain where to begin? Here are numerous suggestions to get you on the right path.
Especially if you are a young, intelligent, and aggressive leader, it makes reasonable to demand a higher salary in this setting. But when you can demand more in an inflationary atmosphere, should that be your exclusive objective? In most instances, no. Money is a constantly moving target.
With inflation, the purchasing power of your salary declines over time, so if your rent and food costs continue to climb, a 10 percent raise may not be worth much. But even when inflation is flat, more money does not inevitably translate to greater job happiness.
Compare and Contrast by knowing your Market Rate
Your wage should reflect your experience, knowledge, abilities, and geographical location. Examining the salaries of others in your field, at your level, and in your area is an effective method for determining whether you are underpaid.
There are numerous sites available to assist you obtain the necessary numbers. You should begin by perusing salary websites such as Glassdoor and respected salary guides. The Michael Page Salary Comparison Tool will provide you with the knowledge you need to determine what you should be compensated in your industry.
Examine major job board websites pertinent to your sector as a second step. This is a helpful method for determining the salaries of new workers in comparable positions. Examine the role’s responsibilities to determine if they are similar to your current duties. This provides a baseline for the average wage range you should occupy.
Lastly, utilize your network. Whether you work in marketing, administration, project management, or finance, you will undoubtedly be surrounded by others in similar roles. If you are uncomfortable chatting with your coworkers, it may be worthwhile to speak with a recruiter in confidence about how your workplace compares to the competition.
Identify how much you give to the business
Are you curious about how much you may be worth to your manager? Track metrics to determine your impact on the bottom line of your organization. When it is time for a job review, you must be ready to justify a wage increase.
Keep track of how your position has directly impacted the business. You implemented a cost-saving procedure, correct? You led a hugely successful new project, were you? Were you the mastermind of an outperforming campaign? You must communicate this to your superiors.