CAREER DEVELOPMENT / MAY. 12, 2016
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How Much Is Your Position Worth?

Do you know what your professional value is? Having this bit of information can help you have realistic expectations. Learn what you’re worth at work!

We all pretty much want the same things at work. We want to be in a fun work environment that doesn’t make us miserable day in day out and we want to advance in our careers. There isn’t much you can do if you are not in a place with a positive company culture – other than quit your job- because the responsibility for a positive company culture lies with your boss. But when it comes to advancing your career, well that’s a whole different story, isn’t it? Because the responsibility for pushing yourself forward lies with you alone.

See Also: How to Ask For a Raise When You Hate Talking About Money

But, before you prance into your boss’s office it’s important to know what you’re worth. The article below explores the three elements that you need to take into consideration before making any demands from your boss.

1. Know What the Industry Standard for Your Position Is

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The first step you need to take is to understand what the industry standard for your position is. This means investigating what other people in similar positions in other companies receive for their work. Websites like Glassdoor can help you in this respect because they have information provided by employees, so you are guaranteed to be able to put your job in perspective and understand if you’re being paid enough for your work or if you are being underpaid in comparison to other professionals in your industry.

To fully appreciate what the situation is like in the industry you can also talk to recruiters. Give a recruiting agency a call and explain what your position is and how much you receive for it. If they tell you that you can do better in other companies well then you can either ask your boss for a raise or send a few applications to other businesses to see if they want you to work for them.

2. Understand What Your Company Can Pay

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Of course, finding out what the industry pays professionals for the kind of work you do is just one thing because compensation is not just about the pay. If for example, you have excellent benefits in your job and you get paid less than the industry standard then you may want to consider if the benefits make up for the difference.

It’s also important to be reasonable when it comes to salary because if you work for a relatively small company, then you are obviously not going to be paid as much as someone who works for a bigger company. You also need to take into consideration how the company is doing in the economy. If your company is struggling to stay afloat then it might be hard for your boss to pay you the industry standard. So make sure that you take into consideration the profit your company is making and figure out if asking for a raise or a raise of the amount you are asking is reasonable.

3. Understand Your Personal Worth

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The final step to figure out how much your position is worth is to understand how much you are worth. If you are a top employee who’s signing clients and making sales all the time and you’re making a profit for your employer, then you definitely deserve to be compensated accordingly.

If on the other hand you haven’t had any major accomplishments at work in the past six months it would be best if you lay low and not make any crazy demands as this might boomerang.

See Also: 5 Things to Do Before Asking for a Raise

Knowing what your position is worth means understanding what you are contributing to the company and if the company is fair in its compensation to you. Make sure that you take all three factors into consideration before asking for anything from your boss and if you find that you should be paid more ensure that you provide them with your research so that they can see that they are treating you unfairly.

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