Updated: Jan 15, 2020
For employers, it’s a simple truth: finding the best talent in business is tough.
As an employee, you’re in a privileged position because of today’s candidate driven market.
Where companies once held all the cards, it’s now candidates who are the ones in power, enabling them to command better packages, salaries and more intense recruitment procedures.
If you’re already employed, you have a great deal of leverage to secure a more lucrative or favorable arrangement. This can be either with a new employer or by using your knowledge of your own self worth to negotiate a better package in your existing post.
Determining Your Worth
Knowing your value is key to a successful and rewarding job role. The last thing you want is to feel undervalued, exploited or as though you’re just going through the motions.
Consider your reputation in the workplace. Are your contributions and skills valued by your boss and your colleagues?
Look at salaries and packages for similar roles in other companies. If they’re significantly superior to what you’re earning, is it a sign that you’re in the wrong place? Even if you love your current job, you can still use this information to open up a conversation with your boss to try and secure a more favorable package. There’s nothing wrong with asking for a raise if you think you deserve it.
Don’t forget to think about other considerations above and beyond money, such as training and personal development, flexible working, and other perks like gym memberships. Some candidates are placing more emphasis on these types of benefits compared to just thinking about base salary, with additional perks allowing them to lead more fulfilling lives both inside and outside the workplace.
The Current Market
Of course, secondhand research is one thing, but actually immersing yourself in the market is a surefire way to understand the opportunities available to you.
Consulting with a knowledgeable recruiter will help you to understand the size of the market and the options available to you. It’s also worth tapping into your recruitment consultant’s knowledge of the market to provide further insight.
You can apply for relevant roles and, even if happy in your current position, get to interview stage for similar roles to get a firm idea of what the current market is paying.
Who knows? You could learn that you’re missing out on a huge career move or selling yourself short in your current role.
Knowing your self-worth at the right time (i.e. when the market demands your skills and expertise) is a perfect storm of variables. It gives you that all-important leverage in any negotiation with current and prospective employers.
You can also use your knowledge of the cost of replacing you as leverage when negotiating with your existing employer. If you’re valued highly, your employer would likely prefer to retain your services, rather than having to pay someone else and fund their training and development.
If you believe you’re undervalued or would like to discover the opportunities available to realize your own self worth, get in touch with Chris Edward Consulting today. We’ll be happy to talk through your options and guide you on the path to realizing your true potential.