I have met many people who either over price or under-price themselves. Problem becomes they find getting a job challenging, regardless of which way they go. I have found a few tools online which can help you gauge ‘market value’ for the position you are going for. It generally gives a minimum maximum and a median; this problem is for everyone, it’s executives right down to office administrators.
The dress to impress article can help you to understand presentation can help with your confidence and help your worth, communicating is critical in your interview for making the panel want you on their team; which is delved into in my sport of business article.
Too Low
Let’s look firstly at the under-priced applicant, now they might be lacking some skills that are desirable. However, if it is pitched correctly and explained as such it can often be better to go slightly lower than higher. If you show you are eager and keep to further develop, playing on all your good attributes and achievements they might see this as a better opportunity. I say might because it all depends on the hiring/interviewing panel to whether they can have a ‘learner’ or they need an ‘expert’.
Showing initiative is important to, be proactive in your approach and continue that attitude if you are successful.
Too High
This is the one I notice the most, many people look at their ‘senior’ peers/colleagues and think that’s what they should be on. Some companies are more negotiable than others; but they all have a break point on what they will pay. Your pay is made up on a number of factors; the key one being experience unfortunately this cannot be purchased. You can go and study at university/college and that improves your worth but most of the rest is made up from years of experience and that is earnt.
Going too high can also put their expectations higher on your abilities too, being confident in your abilities is not overselling yourself and then looking incompetent when you are unable to keep up and do what their ‘senior’ members are doing.
Solution
Do your research, talk to people who are in the field you want to work in a position you could see yourself doing. Use some tools and see what the ‘market’ thinks your position is worth, remember the tools don’t know all your abilities either and it is very generic and static.
My main tool is Glassdoor, they have a website and apps for iOS and android. The best part of this is it has reviews on companies from current employees and former employees who can help you get an inside view of the company before you sign up to work there. It provides job listings and also salary information. I believe Seek has similar salary information and job listings too, but sometimes it can be a good feel also seeing the reviews of the company prior.
Always remember: Measure your pay-offs and work out what you are willing to ‘sacrifice’ and for how long.
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