Out looking for a job or considering a discussion with your boss about a raise? If you are, you need to do your research to consider what the knowledge, skills and abilities you have are worth in the marketplace and to the company in which you work or are negotiating with. (Note: The best time to negotiate your worth is before you accept a job. Once you get locked in a job and a salary range, usually the only way to get a substantial raise is to switch jobs either through a promotion or a move to another organization.)
Get the facts about what you’re worth in the market.
The first thing to do is compare what you do with salary data that is free out there. Some places to look review salary data:
Take all these sources and compile them to average out what an overall market range is for your role. Having the facts about what the market will pay for your skills will help you create a case for your value.
Know what you’re worth to the organization and suggest that worth be tied to your compensation package.
Next, you need to consider how you will or are currently adding value to the organization that may be outside the scope of the traditional job description tied to published salary data. If you are, we suggest instead of trying to get that value quantified through a salary, really prove this worth by suggesting that part of your compensation be tied to that extra value you add. You don’t get that extra unless you create a win-win for the company.
For example, if you are awesome at looking at company processes, realizing where there are inefficiencies and cutting costs which leads to increased profitability and margins, gather your numbers and facts and present a case to get a share as a part of your compensation of that increase profitability you created or know you can create.
If, through your efforts, you are able to bring in more clients or business, quantify this and request part of your compensation be tied to a cut of the increased revenue that comes from your efforts.
Most employers will be impressed with the initiative you take to tie your results to company results. Yeah, its riskier to not have it all in guaranteed in salary, but the alternative is more than likely a 2-3% increase a year and no one gets rich off this.
How do you make a case for your value?
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