5 Tips to Calculate Your Financial Worth
While your personal worth should certainly be based on more than just your salary, your financial worth is greatly reflected by your salary. Your salary indicates how much your employer values you, and sometimes shows how much you value yourself. If you are too afraid to ask for a raise even though you know that you should be paid more, then you may never get a raise. If you don’t know how your skills stack up to other people’s, or you haven’t done the research to determine what your job should actually pay, then you also might not be getting as much as you should be.
Determining how much you should be paid is a valuable tool for negotiating a raise, and it will also help you if you are interviewing and need to prepare for a salary discussion. Your exact worth will be hard to determine, but you can get a good idea based on the following five tips.
1. Know how much similar jobs pay
One way to research how much you might be worth is to do a basic salary search. Use a site like Salary.com to compare salaries for your job title in your area. The site will show you the bottom 10 percent all the way to the top 90 percent for your job title. Knowing what similar jobs pay in your area can be a powerful negotiation tool. Although you have to make allowances for company size and company profitability, you can at least determine the range for your job category. If you are making near the bottom of the range, and you have been at your company for a while, than you probably should be making more than you are.