Know Your Market Value or Worth
Career Planning

How To Calculate Your Market Worth For Better Salary Negotiation

 

 

We all agree the whole job search process is pretty tiring and will leave you exhausted at the end. But save your energy for one last big step. And that is salary negotiation.

 

And knowing your market worth or value is what creates a good solid background for negotiation.

 

So here we will discuss 3 major steps to know your market worth or value for negotiating salary like a pro.

 

Market Worth For Better Salary Negotiation

 

 

 

 

Take the help of different websites :

 

 

 

Websites such as PayScaleLiveCareer, Salary.com, and Glassdoor make it so easier to get compensation data across industries.

 

You have to analyze this data carefully to find out what is the average salary range as per your skills and experience level.

Do not forget to take location, and industry factor into consideration to get the realistic salary range.

This data will give a salary range which you should ask for and it will also help you in creating a powerful impact during negotiation.

 

Instead of saying, “I need this much” if you say “The skills and value I will bring to this organization are worthy of this much as per market standard”.

What do you think, which statement is more powerful? Of course, the second one as it does not project you as someone who is demanding but as someone who is well aware of the job market and knows the exact worth of his/her skills.

 

 

 

Understand the need of the company and job market :

 

 

 

Understand the job requirement thoroughly and also the fact that how suitable you are for the new role or new job. If you have recently taken a certification or learned a new skill which is the prime requirement for the job. Then try to find out how many resources are available of that particular skill in the job market. Lesser the resources, greater is your worth. And people with niche skills always get paid more.

 

Keep an eye on hiring trends, it often goes up and down and affects hiring probability and offered salary.

 

 

 

Take the help of your network :

 

 

 

Market research will give you an idea of the average salary range for particular skill and industry. But it is your network which will give you realistic information about the current job market and about the company where you have applied for the job.

 

Sometimes even when your skill is not niche, If the company is in dire need of the resource, maybe because their project is stuck due to resource unavailability or selected one didn’t join or any other circumstances, in that case, they will definitely give you more than your worth. And who can provide you with all such information? Your network of course. So apart from knowing your current worth in the market, you should also understand that how urgent and critical you are for the company.

 

Read : Networking And It’s Benefits

 

 

 

So the combination of these 3 ways can give you an idea about your current market worth. And these statistics will be helpful to you not only for salary negotiation at a new job but during your performance review or appraisal discussion also.

 

 

 

Calculate your market value for better salary negotiation

 

 

 

 

-Thecareersailor

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