Maximizing your income potential isn’t just about working hard and producing tangible results; then passively waiting to be compensated accordingly. Whether you want a pay raise in your current job or want to increase your salary at a new employer, in order to negotiate effectively, you must build a solid argument that demonstrates your worth in the job market. By accepting whatever offer is thrown your way without knowing your market worth, you risk leaving significant money on the table and having an uphill battle to build your income over time. Know your worth by considering these factors to determine your objective job market value:
Input your job responsibilities, geographical location and other factors into online salary comparison tools. This can provide a realistic picture of the overall job market and give you a foundation to build upon to determine your specific value. Use the average or median figure you find as a start, then use other factors to individualize your specific worth.
Performance and Achievements
Once you have uncovered average market worth for professionals similar to you, assess your performance and achievements to figure out at what end of the spectrum you should land. Employees who can provide objective statistics for what they have accomplished are in a better position to argue for higher compensation than average.
Education and Years of Experience
Education and duration doesn’t always equate to excellence (having a specific degree or certification and/or sticking around isn’t a compelling enough argument to “deserve” more if there are no objective achievements), but they should factor into your overall calculation. Additional education from what’s standard for the role or more years of experience can take your worth above the median for your job title.
Industry and Company Size
The industry you work in will also differentiate what is realistic compensation. The exact same position in a nonprofit field, for example, will very likely not be able to command the same pay as one in a high-revenue industry. Along the same lines, the size of the companies you work for will also influence what is a realistic compensation. Tweak your calculation accordingly from the overall median based on your industry and company size.
The aforementioned parameters can often be less influential for your market worth if you possess in-demand skills that are in a shortage for your area, role or company. Consider if you have any crucial skills, and if so, you likely have a very strong case for arguing for above-average compensation or even at the highest end (or more) depending on the significance of the skills shortage.
Are you ready to maximize your earning potential and get started finding a job that offers competitive and fair compensation for your market worth? IMPACT Payment Recruiting can find opportunities that are the best fit for your career goals. We work with some of the top payments organizations globally to fill executive management jobs, so there are new and exciting positions available at any given time. Start your job search today with IMPACT.