The Pay Raise Expert: How to Determine Your Market Worth
Make sure you have done your research and know what the prevailing wages are for your level of contribution. Where do you determine this? There are many ways, but one good source is from your industry’s professional association. Many of them do an annual salary survey found in their monthly association magazine. Call the association and ask them if they produce a salary survey. Another way is to check with friends, who work at a firm where someone does what you do, and ask them to scout it out for you.
Market wages is only part of your value. Other things need to be considered, like how much your boss really likes you, needs you, is dependent upon you, compatible with you, plus your knowledge of the job, industry and how other managers like you. When those things are all taken together, it would be tough to replace you. The soft skills that you bring to the table, such as ease of working with you and always being helpful, will add to your perceived value.
If you snoop around your industry professional association you will likely find someone familiar with salaries in your industry and the flexibility of firms in your industry to adjust wages upward for those who add value.
How do you determine your worth when you seek a raise? Share here:
What should your boss measure your performance against? Stay tuned.
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