Your market value as an employee takes many form. Salary and monetary benefits are definitely major contributors to your worth. Other qualitative factors such as job empowerment, responsibilities and defined future prospects play major roles in indicating your market value. Smart employers are always on the lookout for high-value prospects. They do not mind paying the right price to acquire them.
At www.jobibex.com we examine relationships between employers and potential as well as existing employees. If we are asked to infer a one conclusion in many relationship it would be that there is a huge gap in expectations. Employers always underestimate what employees should be paid. On the other hand, employees sincerely believe they are underpaid.
Surprisingly, both could be right. The main reason for this phenomena is that employees lack the right scale for evaluating their true worth. This article will help you learn the causes why your employer thinks you are either fairly paid or overvalued. In the process, we will reveal to you some secrets about how to boost your market value not only to potential employers but within your current job.
1. Mind the expectation gap
The main cause of discrepancies between what you think you are worth and what the market is willing to pay you is due to changes in expectations. In plain words, your opinion and expectations are of no value to others!
Therefore, your objective is to find out your current market value. Check what others who are in your level make. Then compare what those who make more than you have which you do not. The more comparisons you make the better. Naturally, there are exceptions as someone could have landed a better salary for reasons not related to their skill sets. Just focus on those who are in the same market and at normal circumstances. It might surprise you that you are actually making better than your peers.
Once you run this simple analysis you will be in a better position to establish your true value. Your next step is to find out what your employers expect from you in return for a higher pay. Expand your search to include what the market expects from you in order to offer you a 20-30% increase in your salary.
2. Stop thinking like an employee and develop a consultant’s perspective
Employees, typically, do their jobs while consultants look for problems to solve or improvements to realize. The former get what they work for according to their employers. Consultants, on the other hand, get paid for their contribution to the bottom line. It could be in cost savings or increase in revenues, efficiency or any other measureable element.
I remember during my internship with a local dairy producer an assistant machine operator getting promoted to shift supervisor in a record time. The factory general manager told me how this guy approached him early in the morning shivering. It was clear that he had a sleepless night. He told the boss that he spent the night thinking about how the leak caused by an old machine could be minimized by some simple alteration. He wanted the boss’s permission to try out his method. The boss agreed and the result was to cancel an order already made for a new machine.
In conclusion, if you keep saying to everyone that you do your job expect your company to say: thank you, we also do our job by crediting your salary every month. Stop for a moment and see how you can do your job in a better way. Have the courage to reach out and suggest how to improve things around. Suggest better ways but make sure that you back up your suggestions with demonstration of hard facts. That is how people excel and nations develop.
3. Copy the champions
If you are not sure how to get better simply copy someone who is successful. There is absolutely nothing wrong in imitating successful people. Start your search inside your organization. There must be someone whom you think is worth learning from in your company. Expand your search outside. This person does not have to be in the same field or country. See who got promoted quicker than the rest. Focus on the ones who work in highly competitive environment.
Be careful not to blindly copy someone who could be there for the wrong reasons. Pick someone who shares the same circumstances with you. Do not be afraid to approach that successful person and ask him/her to teach you. This could sound weird to you but people actually appreciate you thinking highly of them. They would be more than happy to mentor you. Stick to one role model or pick a few. Your objective is to learn and learning never stops.
4. Learn to follow through
Never start something unless you are 100% certain you could finish it. If you approach your manager with an idea that could save cost and then leave it half way you are done with buddy. Do not sound like the one with many ideas who expects others to implement these ideas. Take full ownership of what you suggest and do. If you lose interest half-way for any reason do not blame your company for not paying you enough.
Obviously, finishing what you start requires full coverage and complete understanding. Therefore, you have to study the situation silently before making your move. Gather as much information and do not hesitate to ask. That’s exactly what winners do. Adjust to organizational values
5. Acquire skills, knowledge and qualifications required for the next promotion
“No pain, no gain” summarizes life in the simplest form possible. If you want to get higher pay you need to go through the pain associated with acquiring the needed skills. Look at the pain bodybuilders live with in order to gain that extra muscle size and you should know. Their pain is not derived from handling the weight the lifted yesterday. The pain is caused by the little extra weight they have to lift today.
The process of upgrading yourself could take many forms. Paying for a professional, vocational or academic certification. Taking personal development classes. Improving your time and accuracy in completing a given task. Living the pain associated with stopping a bad habit or acquiring a good one. Remember, the market values you for what you are worth. So, the best way to boost your market value is through upgrading yourself.
This article will suggests some techniques through which you can boost your skills and, hence, market value.
6. Be patient
Any success story in life has a time element that contributed to its creation. You need to be extremely patient. Take care of things that are under your control and let the universe take care of everything else. Patient is a virtue and a gift that only winners can acquire. As a matter of fact, sometimes immediate results should send alerting signals. Your goal is not to achieve short-term minor success but overall lasting glory.