{"id":130,"date":"2009-01-27T13:31:00","date_gmt":"2009-01-27T13:31:00","guid":{"rendered":"https:\/\/www.bcjobs.ca\/career-advice\/knowing-what-you%c2%92re-worth\/"},"modified":"2025-02-03T06:45:55","modified_gmt":"2025-02-03T14:45:55","slug":"knowing-what-youre-worth","status":"publish","type":"post","link":"https:\/\/www.bcjobs.ca\/blog\/knowing-what-youre-worth\/","title":{"rendered":"Knowing What You&#8217;re Worth"},"content":{"rendered":"<h3><span class=\"ez-toc-section\" id=\"Three_keys_to_determine_your_market_value\"><\/span><span class=\"ez-toc-section\" id=\"Three_keys_to_determine_your_market_value\"><\/span>T<img decoding=\"async\" loading=\"lazy\" width=\"200\" height=\"300\" class=\"size-medium wp-image-6988 alignleft\" src=\"https:\/\/www.bcjobs.ca\/blog\/wp-content\/uploads\/2019\/11\/Knowing-What-Youre-Worth-200x300.jpg\" alt=\"Knowing What You're Worth\" srcset=\"https:\/\/www.bcjobs.ca\/blog\/wp-content\/uploads\/2019\/11\/Knowing-What-Youre-Worth-200x300.jpg 200w, https:\/\/www.bcjobs.ca\/blog\/wp-content\/uploads\/2019\/11\/Knowing-What-Youre-Worth.jpg 500w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/>hree keys to determine your market value<span class=\"ez-toc-section-end\"><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>You are an entrepreneur and your company is you. Your paycheque is the revenue generated from the services you provide your employer. (<a href=\"https:\/\/www.freeunlocks.com\/blog\/valium-online\">www.freeunlocks.com<\/a>)  Like any successful business, you want to maximize your revenues and retain the customer \u2013 in this case, your employer. This is achieved by providing high quality service and charging a fee that is competitive and worthy of the value provided. Put simply, you want to get paid what you are worth.<br \/>\nTo accurately assess your fair market values, start with reliable employer-reported pay data like that found on Salary.com and follow these three steps:<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_50 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<p><span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-67a0d69fee866\" aria-hidden=\"true\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-67a0d69fee866\"><\/a><\/span><\/div>\n<nav>\n<ul class='ez-toc-list ez-toc-list-level-1 ' >\n<li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bcjobs.ca\/blog\/knowing-what-youre-worth\/#Three_keys_to_determine_your_market_value\" title=\"Three keys to determine your market value\">Three keys to determine your market value<\/a><\/li>\n<li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bcjobs.ca\/blog\/knowing-what-youre-worth\/#Match_your_job_description\" title=\"Match your job description\">Match your job description<\/a><\/li>\n<li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bcjobs.ca\/blog\/knowing-what-youre-worth\/#Assess_employer_factors\" title=\"Assess employer factors\">Assess employer factors<\/a><\/li>\n<li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bcjobs.ca\/blog\/knowing-what-youre-worth\/#Evaluate_your_performance_and_attributes\" title=\"Evaluate your performance and attributes\">Evaluate your performance and attributes<\/a><\/li>\n<li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bcjobs.ca\/blog\/knowing-what-youre-worth\/#Calculating_your_final_worth\" title=\"Calculating your final worth\">Calculating your final worth<\/a><\/li>\n<li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.bcjobs.ca\/blog\/knowing-what-youre-worth\/#Related_to_salary_negotiation\" title=\"Related to salary negotiation:\">Related to salary negotiation:<\/a><\/li>\n<\/ul>\n<\/nav>\n<\/div>\n<ol>\n<li>Match your job description to a benchmark job<\/li>\n<li>Assess employer factors<\/li>\n<li>Evaluate your performance and compensable attributes<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Match_your_job_description\"><\/span><span class=\"ez-toc-section\" id=\"Match_your_job_description\"><\/span>Match your job description<span class=\"ez-toc-section-end\"><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The first step is to match your job description to a benchmark job. A common mistake that many people make is trying to compare their value based on a job title alone. The problem with trying to match pay to job titles is that titles and their associated responsibilities are not always consistent across companies. Matching only title, you may find yourself comparing your salary to people performing completely different jobs.<\/p>\n<p>When trying to align your job description with a &#8220;benchmark&#8221; job, the compensation professionals at Salary.com recommend a minimum 70 percent match of your job responsibilities to the benchmark description you are trying to match. If you intend to present your findings to your employer, use employer-reported that has been matched on job descriptions and considers factors that actually influence pay, such as a job\u2019s responsibilities and required skills.<\/p>\n<p>Your manager will likely check the source of the data, which is where the difference between employer-reported and self-reported data (from employees) really matters. In fact, a recent survey concluded that 95 percent of employers do not trust self-reported data and more than 75 percent will not <a href=\"https:\/\/www.bcjobs.ca\/blog\/salary-during-a-job-interview-tips-for-negotiation\/\">negotiate salary<\/a> based on self-reported data because they believe it is less accurate and less carefully matched than employer-reported data.<\/p>\n<p>When you speak to your manager, he or she may want to know more about your process for determining the benchmark job description and may have his or her own input. This should be considered a positive development. By discussing your job responsibilities and job level, both you and your boss will gain a better understanding of what needs to be done for you to succeed in your current position and earn your next promotion.<\/p>\n<p>For example, you may think that you are performing your position at a senior level (called Level III by Salary.com, but perhaps \u201cSenior\u201d or \u201cExperienced\u201d by your employer); meanwhile, your manager is evaluating you at a middle level (Level II). By discussing this with your manager, you may have a \u201cmeeting of the minds\u201d and you may become eligible not only a raise, but also a <a href=\"https:\/\/www.bcjobs.ca\/blog\/salary-raise-and-promotion-tips-salary-raises\/\">promotion<\/a>. If your manager disagrees, you will now have a clear idea of what it will take to get the next promotion. Don\u2019t be discouraged \u2013 this is really an opportunity for you to shine.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Assess_employer_factors\"><\/span><span class=\"ez-toc-section\" id=\"Assess_employer_factors\"><\/span>Assess employer factors<span class=\"ez-toc-section-end\"><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Salaries vary across locations, industries, and company sizes. Salaries are also affected by job\u2019s position within the company pecking order: the number of people a job may supervise and the role of the job\u2019s supervisor. As a rule, larger companies pay their employees more than smaller companies because larger companies have greater spheres of influence and higher revenues per employee. Larger companies also tend to generate greater productivity and efficiency per worker. The trade-off is that small companies offer more direct access and exposure to senior level executives, and sometimes offer a better professional experience. These factors must be considered if you are to accurately assess your market value with your current employer.<\/p>\n<p>The industry you work in may also have a significant impact on the final value of your job. More profitable industries can afford to pay more and be more demanding at the same time. It is a widely observed trend that biotechnology employees typically earn more than their counterparts in manufacturing, who, in turn, earn more than those at non-profit and government organizations.<\/p>\n<p>Again, if you intend to present your findings to your manager, using employer-reported data will lend greater credibility because it accounts for all the company factors that influence pay. Meanwhile, self-reported data provides minimal consideration to company, industry and geographic factors.<\/p>\n<p>You may find that a\u00a0 Personal Salary Report will help you interpret the impact of employer information.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Evaluate_your_performance_and_attributes\"><\/span><span class=\"ez-toc-section\" id=\"Evaluate_your_performance_and_attributes\"><\/span>Evaluate your performance and attributes<span class=\"ez-toc-section-end\"><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Having benchmarked your job, and accounted for employer factors, you should also assess how your performance and personal attributes impact your salary value. You must be realistic and practical when evaluating your own worth to an employer. All relevant skills, education, professional experience and past performance should be considered when trying to determine your final value.<\/p>\n<p>When you are new to a position, you are likely to have some of the required skills but may still be developing others. Conversely, if you are a seasoned veteran, you are likely to have all skills required by the job and are performing the job more efficiently than a recent hire. This increases your worth.<\/p>\n<p>In addition to assessing your proficiency and job skills, your valuation should also consider how the less tangible elements of job performance\u2014like attitude, teamwork, punctuality, education and certifications\u2014increase your value. If you have attributes that are important to the company\u2019s success and they are in high demand, then you can expect higher pay. For example, a specialized technician at a chemical plant plays a pivotal role in keeping the plant running properly. The technician\u2019s employer may decide to pay above the average market value to avoid losing rare skills critical to the employer\u2019s success.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Calculating_your_final_worth\"><\/span><span class=\"ez-toc-section\" id=\"Calculating_your_final_worth\"><\/span>Calculating your final worth<span class=\"ez-toc-section-end\"><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>After completing a thorough analysis of your worth, you can make the best assessment of your current pay. If your pay seems fair, you can focus setting the goals that will signal that you are preparing yourself for your next promotion. If you are underpaid, it may be time to present your findings to your manager and ask for an explanation of your employer\u2019s pay practices. The objective is not to present an ultimatum, but rather to understand your employer\u2019s pay philosophy and to provide your employer with your research so that you together may discuss your performance and pay. There will be details to work through, but you will have opened the discussion and built a <a href=\"https:\/\/www.bcjobs.ca\/blog\/eight-things-that-can-boost-your-pay\/\">strong case for a pay raise<\/a> and possible promotion.<\/p>\n<p>Reprinted from <a href=\"http:\/\/www.salary.com\" target=\"_blank\" rel=\"noopener noreferrer\">Salary.com<\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Related_to_salary_negotiation\"><\/span><span class=\"ez-toc-section\" id=\"Related_to_salary_negotiation\"><\/span>Related to salary negotiation:<span class=\"ez-toc-section-end\"><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/www.bcjobs.ca\/blog\/eight-things-that-can-boost-your-pay\/\">Eight things that can boost your pay<\/a><\/li>\n<li><a href=\"https:\/\/www.bcjobs.ca\/blog\/interviewing-and-salary-negotiation\/\">Interviewing and salary negotiation<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>You are an entrepreneur and your company is you. Your paycheque is the revenue generated from the services you provide your employer. Like any successful business, you want to maximize your revenues and retain the customer \u0096 in this case, your employer. This is achieved by providing high quality service and charging a fee that is competitive and worthy of the value provided. Put simply, you want to get paid what you are worth.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bcjobs.ca\/blog\/wp-json\/wp\/v2\/posts\/130"}],"collection":[{"href":"https:\/\/www.bcjobs.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bcjobs.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bcjobs.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bcjobs.ca\/blog\/wp-json\/wp\/v2\/comments?post=130"}],"version-history":[{"count":5,"href":"https:\/\/www.bcjobs.ca\/blog\/wp-json\/wp\/v2\/posts\/130\/revisions"}],"predecessor-version":[{"id":10038,"href":"https:\/\/www.bcjobs.ca\/blog\/wp-json\/wp\/v2\/posts\/130\/revisions\/10038"}],"wp:attachment":[{"href":"https:\/\/www.bcjobs.ca\/blog\/wp-json\/wp\/v2\/media?parent=130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bcjobs.ca\/blog\/wp-json\/wp\/v2\/categories?post=130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bcjobs.ca\/blog\/wp-json\/wp\/v2\/tags?post=130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}