Know Your Worth, Salaries

The One Thing You Need To Do Before a Promotion Conversation Is…

Throughout your career, your job is guaranteed to change. Whether you shift roles within your department, or climb to a higher position in your management team, your job (and your salary) can always evolve.

What is most important is to always be prepared for conversations about your career trajectory. There’s one thing you always need to do in order to stay ahead of the game and make sure your career is heading in the direction you want.  And that is to know what you’re worth. 

Know Your Worth

Now, more than ever, it’s incredibly important that employees understand their personal value to a company.  Why? The job market is always changing – and there are always people looking for a job. If you don’t know your worth – your company might not recognize it either, which means you could be overlooked for new opportunities. And you’re not alone.

According to a Harris Poll survey, a majority of employees (65%) wish they had a better understanding of what fair                
market compensation is for their positions at their company within their local job market.

No matter where you work, it is important to understand your market value and how it relates to your employer. Knowing your worth gives you leverage in a salary or promotion conversation because you can show exactly what your value is and how well the company is treating you.

This is exactly why we designed our Know Your Worth tool to help employees understand their value. Not only do you deserve to be paid a fair wage for your contributions, but you also deserve to be recognized for your talent by receiving a job promotion or higher-ranking title when necessary.

“We’ve all heard the adage that he who holds the most information in a negotiation wins,” says Ben Eubanks, Principal Analyst, Lighthouse Research & Advisory. “Often times job seekers are at a disadvantage in the salary negotiation process because they don’t have enough data for leverage. This tool gives them the leverage to have a fair conversation about market value with the company.”

If you think you’re working hard and could achieve more if your company gave you a bigger role–you need to communicate that to your manager. But, how can you do that if you don’t know what to say?

Know Your Worth reveals how an individual’s market value has trended over time, how their market value compares to typical workers in the same field, and also plots their current base pay. Know Your Worth also surfaces current job openings along with estimated salaries for each position, and includes a Salary Explorer to uncover how pay might change for other titles, locations, employers and industries. This type of important insight in one screen was next to impossible before Know Your Worth.

What to do before a promotion conversation?

It’s still incredibly hard to really know if you are being paid fairly. Very few companies openly share pay data and talking about pay remains largely taboo in our society yet workers want and need more information.

The good news is–it’s really easy to figure out your worth with our Know Your Worth tool. Using this tool allows you to provide your boss with an actual number that shows where you stand against others in your field,  how much you deserve to be paid, and allows you to determine if your company is paying you better than another company might.

Whether you are planning to approach your boss and ask for a promotion, or if it’s your current review season and you’re preparing for a big conversation about your role in the company, the number one thing you should do before this meeting is understand whether you’re being paid fairly.

This doesn’t mean just using our Know Your Worth tool, which will give you a solid piece of evidence as to how much value you add to your company and what you should be paid. In addition to providing your manager with this information, you should make sure your boss understands exactly what you do in your role–and how it helps everyone else.

When you talk to your boss, remember that most companies offer comprehensive benefits, including medical and dental benefits, paid time off, commuter subsidies and more. Expect that your boss will talk to you about your overall package as well as your base pay.

Consider writing out all of your important tasks and what a typical day looks like for you. Take that, along with the information you received from our Know Your Worth tool, and you’ll head into your meeting with a huge boost of confidence because guess what? You know exactly what your value is and now it’s time your company recognized you for it and gave you a promotion!

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