Know your worth


“The cynic knows the price of everything and the value of nothing”.  Oscar Wilde.

Whether you are moving to a new job or approaching your annual pay review, when it comes to salary negotiation, it is vitally important to know both the price ( in this case of hiring you ) and therefore the value that you bring.  There is nothing cynical in that.  Why run the risk of selling yourself short?

Start with what your currently earn.  It is important to understand the value of your entire package.  I have been amazed over the years just how many people I have interviewed as a Recruiter who didn’t even know exactly their gross annual basic salary.

How much are your additional benefits are worth?  What is the value of your employers pension contributions?  How much is your healthcare worth?  Do you have a laptop, a mobile phone, a company car, a gym membership?  If so what price can you put on these benefits?  How about your holiday entitlement?  If you have a great annual leave deal or benefit from flexible working, what value can you place upon such a benefit for you personally?

How does your current deal compare to market rates?  You can talk to Recruiters who should have a good understanding of what employers are paying in your area for your skill set.

There are a wealth of salary surveys online that can give you a good sense of the salary range that your skills, talent, qualifications and experience would position you in.  However you should look to be more specific.  There are a number of great resources available online that enable you to compare your deal with that of your peers.  You might want to try

www.payscale.com

www.salarycomparison.org

www.salarydom.com

It is all very well knowing the value to your employer of your skill set.  Do you know the value to your employer of that which you have achieved?  Keep an up to date list of those achievements in your job that you feel have added significant value.

Can you quantify those achievements, put a number to them?  If you can’t, why not ask your employer to?   You cannot afford to be shy or humble.  With average UK wage increases in 2011 predicted at 2.7% against inflation at 3.1%, it will cost you.

Do your homework.  Know what you want, know what you need, be realistic, be reasonable.  Know your price, know your value, know your worth.

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1 Comment

Filed under Careers, research

One response to “Know your worth

  1. Rekha Bhave

    Knowing worth is one part but enrolling the boss or would be boss in what you have done till now is useful to the company in some way & you should get hike is equally important.
    Plus it depends on the field you work in, if technical one gets good benefit rest don’t is the fact.

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