Do you know what you are worth in terms of compensation? For many, the answer is no. However, understanding your value and the benefits you bring to an organization can help ensure you are compensated accordingly. Troy Ashby, CPA, senior market manager for Kforce Finance & Accounting, shares with us how consultants can determine their individual worth and what steps should be taken if they feel they are making less than they are worth.
How can an individual determine their worth in terms of compensation?
If you properly partner with a recruiter, they will have the most recent market intelligence to help you better understand your compensation potential. Candidates and recruiters should talk through salary scenarios on a semi-regular basis, just to spot check compensation and understand where the individual falls in the picture. There are also a number of factors that should be considered, including professional skillset and the competitive layout of their respective job market.
What steps can be taken if an employee feels that they are worth more than they are making?
If you are feeling undervalued, the first thing you should consider doing is setting up an appointment with your supervisor to explain that what you are producing might warrant higher compensation; this is also a great time to provide them with a list of your successes and accomplishments. It’s critical to ask for their support in your career and compensation goals. A mistake that is often made is demanding more money, or even presenting an offer from another company in order to solicit a counteroffer.
What is a good way to approach a superior regarding a raise?
Have a business case for why you deserve a raise and what your value proposition is to the company. Go in respectfully and ask your boss if they have time to sit down and talk about your performance, then request an open dialogue with him or her. This is not the time to say “hey, I need this amount of money.” Rather, give them the facts and your accomplishments and have a conversation. You may also find that your supervisor will give you tangible developmental items that could increase your earning potential. If you go about this in a respectful manner you will have a better chance of success than if you might otherwise.
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