Know Your Market Worth

January 27, 2015 | TalentBridge News

How much are you worth in today’s job market?

Your compensation package is largely determined via negotiation with a prospective employer. Your best strategy is to equip yourself with the right information going in. You may be pleasantly surprised at the outcome – and it goes without saying that this is a time when knowledge unequivocally equates to power!

Determine Your Worth

During the hiring process, you need to know the true value of the product you’re selling: yourself. Determine the range typically paid for a candidate with your background, experience and talent. Then find out where you fit in that range, based on your unique credentials.

  • Do your homework. Research salary ranges thoroughly, using books, the Internet and sources such as government agencies and recruiters. Contact colleagues and professional organizations. Monitor job listings and call companies that hire people in positions similar to yours. If you have a good relationship with past employers, ask them as well.
  • Find your fair market value. This is based on a blend of three components. Your objectively researched value is basically the going rate, which you can derive from your research as well as the job description and title. Your individual value accounts for your specific training, assets and competencies, which set you apart from other candidates. And your future value takes into consideration such long-term rewards as profit sharing, bonuses, raises and stock options. Have a firm idea of your fair market value before you begin talking with an employer.

Be the Solution

Companies fill or create positions because they have problems that need to be solved. Prepare for your interview by identifying an employer’s business pain points and how you can eliminate them. Set yourself apart by presenting yourself as the solution.

  • Be specific. Discuss detailed examples of how you’ve solved similar problems in the past. Use numbers and percentages to clearly define the successful results you’ve achieved.
  • Prepare three or four sound bites. These statements concisely highlight your accomplishments and skills relevant to the job on the table; for example, “My inventory management plan reduced product delivery time by 15 percent in one quarter without costing the company a cent.” Rehearse these so you can use them with natural confidence.

Sell Yourself

Be well prepared and remember not to discuss compensation until the employer raises the issue. Delay any discussion of salary until you know you’re a finalist. Successfully maneuvering through this process could be worth thousands of dollars in wages and/or benefits.

  • Let the employer make the first move. Your primary objective is to find out if the job will be a good fit for you and establish what you could do for the company. Wait till you know they’re serious about hiring you, not just screening. And then let them go first. Then you can lock in an offer and negotiate from a place of security.
  • When an offer is made, don’t agree immediately. Take some time to ponder it. Check your gut. Let silence – even if it’s just 30 seconds – do its work. The offer is more likely to increase as a result.

A professional recruiter can counsel you throughout your successful career transition and salary negotiations to ensure that you know – and earn – your full market worth. Contact the expert recruiting team at Talent Bridge today to learn more.