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Determining Your Market Value
Once you have a solid estimate of what you will likely earn in a given career field, you can start assessing your own market value. Your market value is a more exact estimate of what you can expect to earn when entering a career. Your market value is determined by your experience, education, skills, and other assets you can bring to an employer.
Watch this video from Monster UK to learn more about determining your market value.
Answer some of the following questions as you begin to determine your market value:
- Are you qualified for an entry-level position or something more advanced?
- What is your current level of education? What is expected for different positions in the field?
- Do you have any special skills that make you more valuable than other job seekers?
If you're offered a new position, it's time to put your research into action. Make sure that you're being offered a salary that is fair and competitive. If you feel that the offer is too low, cite your knowledge about average salaries in the industry and your own market value. Remember that some employers simply may not be able to offer you the salary you want, but there's no harm in trying to negotiate.
Watch these videos from Monster UK and CareerBuilder to learn more about how to negotiate a salary.
If you find yourself in a position to negotiate your salary, try following these simple rules:
- Don't rush through the process—ask for time to consider any salary offer.
- Be prepared to provide a salary figure that you expect to earn. This should be based on your research and your market value. Bring along some information to back up your statements.
- Remember that you can negotiate for more than just your base salary. Consider asking for additional benefits or vacation in the negotiation process.
- Determine who holds the "position of power," you or your potential employer. If the company has other candidates it could hire instead, asking for a higher salary could be risky. If you know that you're the only person being considered for the job, you're in a good position to ask for a larger salary.