Are you TOP SHELF or END AISLE? The 3 best ways to find out your market value.
“Price is what you pay, value is what you get”
I am often a sucker for those end-aisle grocery store deals. I cannot help but feel I am getting something of higher worth at great value. Did you know most grocery store shoppers purchase products at eye level?
Big brands will own the eye level space and pay a premium for being there. However, the poor guys that sit on the top shelf really have a tough time at grabbing your attention.
Are you getting a better deal or product from the brands at eye level? Not necessarily! BUT they have caught your attention and that is half the battle - right?
Recently this got me thinking about how many women I speak to, who have no idea whether they are top shelf or end aisle.
What do I mean by this?
Most of my clients will automatically place themselves on the top shelf. They feel like they offer amazing value, they know they work hard and they are good at their job but they underestimate how much they are worth to a prospective or indeed their current employer.
Knowing your worth and market value enables you to be confident enough to place yourself on that end aisle.
You are offering great value, you are a great brand and you have caught the attention of your prospective employer BUT you also know your WORTH.
Because you are worth it OR are you?
I want you to imagine me with a LOUD speakerphone at this point…..
“Your market worth is the salary you will or should get in your current marketplace”
For example; say you are selling your car for $8000. However, no one is willing to buy your car for more than $6000. In this case, even though the car is being offered at a higher price, its market value is $6000. You, my friend, are offering an end aisle product at a top-shelf price!
Looking your market value in the eye will give you great insight on how to improve the salary you can demand. The good news is, you do not depreciate over time as your market value increases with time and experience. No such luck for your car!
Are you VALUABLE?
When you think about it, we are bombarded everyday with images and messages telling us what we are lacking and where we could improve certain areas of our lives.
In the workplace, women place the power of their worth in someone else’s hands. We are often told what we should be worth and how valuable we are, this typically puts us in 'settling' territory. We fail to negotiate for higher salaries or even acknowledge the fact we are a valuable asset in the current market.
Listen up ladies as it really is as simple as this when it comes to negotiation.
You cannot negotiate your VALUE until you 100% recognize and know your worth.
EASY, peasy, lemon squeezy?
I know, easy for me to say right? Well, ladies, I am here to give you some fabulous tips on how you can find out your market worth and you won’t even have to move your pretty butt from your office chair (or sofa)!
Did you know most companies will only give you a raise every 12 months and that is usually related to cost of living adjustments rather than your market worth? Yes, you are still a top-shelf product living on the end aisle. Good value, great brand, but you are not getting your worth.
Keeping an eye on your market worth will allow you to feel more confident about asking for that long overdue raise!
Super - empower!
If you can’t hire a Salary Coach, here are my THREE very best ways in which you can find out your market worth!
Your going rate!
There are many online sites offering free data, but for me, there is nothing like good old fashioned detective work. Online data can often not be substantiated AND is basically junk. Start looking at advertised job descriptions to benchmark your role against. It will give you a good idea of the key attributes companies are looking for in certain jobs. What are these roles being paid? What does your salary look like in comparison? Also - If you are lacking in many areas, make an effort to brush up on your skills to maximize your value.
So many people are scared to talk about their paychecks, but it is a great way of calling out your employers! Ask a colleague who is in the same position as you what range of salary they are in, they do not have to be specific as these leaves them feeling less vulnerable. Be prepared to share first and also be prepared for them to say ‘NO’! Failing that, call other companies and simply ask them what they pay someone in your position, again you may be surprised just how many people will share salary information with you. This is also a great way to build future contacts and grow your resilience.
2. Location & Size matters!
Market value will vary hugely across locations, industries and of course the size of the company. If you are looking to move cities or even states be aware your value may differ!
When it comes to size; larger companies will often generate increased productivity and efficiency per employee BUT smaller companies can give you better access to senior level executives. What I am saying is, even though a smaller company may pay less than your market value, your opportunity for progression may be better.
3. Recognize your ‘awesomeness’
Once you have carried out your research, you can now assess how your current performance and attributes company your own value. Be realistic, you know you are awesome, but there are always areas we can all improve. If you have attributes which are important and fundamental to the companies success, then you can expect higher pay! You, my friend, become TOP SHELF and END AISLE. You are valuable, you are in a perfect position and everyone wants you!
4. HELP people even though they can’t HELP you back.
I am so passionate about women knowing their worth and finally negotiating their worth, every success story still fills me with pride, for both them and me!
If you need a hand with realizing your worth, get in touch! We cannot wait to work with you.