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Understand Your Market Value

May 22, 2017


What is your market value? Your market value is essentially how much you are worth to an employer compared to other candidates. What can you bring to the table in terms of productivity, experience, leadership, time, knowledge, etc? In what ways can you contribute to the growth and success of the company? Your market value is often linked to, or some may even say reflected by, how much your employers are willing to pay you. You should understand your market value to ensure that you are in fact getting paid what you are worth.

To get a comprehensive understanding of your market value, you should start by doing a little bit of self-reflection. What are you capable of doing? What are your abilities? Why would an employer hire you? Why would you be an awesome addition to the company? You should also include your short-term potential when doing this. Your market value will rise as you gain new skills and experience. If you are going to finish a boot camp in a month, your market value may be significantly higher in just a month's time. 


Next, do some research about the job title/position you are considering or being considered for. How many skills related to the position do you satisfy? If you satisfy all the skills, you may be underestimating your value. Maybe you qualify for a more advanced position. How much experience do you have in the related field? If the job is looking for someone with 5 years of relative experience but you have just graduated, that job is probably not for you. You may want to try to look for a more junior position. When you’ve found the perfectly matching targeted position, look for the average salary of that position. As a rule of thumb, the average salary should be the reference point and the figure that you should negotiate towards as much as possible.


However, it is worth noting that your market value is not definite. Depending on what employers see in you and the potential you have shown to them, your market value may differ greatly to different employers. For this reason, you should not think of your market value as a set number. Instead, think of it as a range with a minimum and a maximum. Ultimately, you would want to find an employer that recognizes your potential and pays you what you feel that you are worth. 



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