by Dave Dolak
This article appeared in Career Focus Magazine, Spring, 1999.
Are you being paid what you are worth? Do you wish you could negotiate bigger pay raises and better job offers? Here’s a way to increase your earnings simply by rethinking the way you perceive yourself, your salary, and how you project your value to others.
People will haggle over price when features seem indistinguishable. We often pay more for one product that has clearly defined advantages over another product and often we are willing to pay a premium price for a superior product. Think about it. Vintage wines. Name brand consumer electronics. Shoes with the right label. Haven't you ever spent a little more than you meant to for something just to be able to get a little higher quality product? Most of us have. There is a market segment that is willing to pay a premium price but then expects and demands a better product or exceptional service. This same differentiation strategy can easily also be applied to your career management efforts.
Many people are too conservative when stating their desired salary range during salary negotiations or when evaluating job offers. They unwittingly do this in order to appear more "affordable". They think if they state a dollar figure at the low end of their worth that they are increasing the chances of at least getting a little more than their current compensation. Not only do I recommend you avoid this practice, I suggest you do just the opposite. Position yourself at the upper end of the pay scale.
The key idea is that of "positioning" or differentiating yourself. I often advise my career coaching clients that they should approach their career management activities as though they are conducting a Personal Marketing Campaign. Properly positioning yourself is a critical component in your Personal Marketing Campaign.
How do you find out what the job’s pay scale is and then position yourself to get the highest "price" or salary within the pay range? Here are a few tips:
1) Do your homework. Conduct some research so you know the salary range your job or occupation usually pays for people with your qualifications and level of experience. You can start by exploring salary survey information readily available on the web, visit your local library, or contact your professional association and ask them about salary survey information. You’ll want to be armed with the knowledge of what others in your occupation are making.
2) Establish the value you represent to your employer or prospective employer and avoid positioning yourself as the low price alternative. People get low job offers and are underpaid when they fail to effectively establish their true market value. Position yourself as the Quality Leader with superior capabilities and aim for the higher end of the pay scale.
3) Defend that position with a solid case history of past achievements and accomplishments. Supply tangible evidence that you deliver the highest quality and are the best long-term value to the company. The best way to accomplish this is by creating a strong skills and accomplishments oriented resúmé and a powerful personal presentation. Always be prepared to talk about your success stories with your boss or prospective new employer and back up your accomplishments with solid, quantifiable statistics and measurable results.
4) Now that you established your market value and are ready to defended it, build in a bit of negotiating room when you state your value. There is wiggle room in any negotiation so be a bit flexible in your compensation requirements. If you position yourself at the right end of the spectrum to begin with, even with a bit of negotiation you’ll be able to agree to a compensation plan that you and your employer are happy with.
Position yourself properly in your career and you can be assured you are being paid what you are worth.
