Determining Your Market Value

Can you put a dollar value on your skill set? If not, you may be cheating yourself out of the salary you deserve. It’s always important to know your market value, but if you’re looking for a new job, it’s imperative.

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If you don’t know what you’re worth, you won’t know if a prospective employer is presenting you with an offer of a fair salary. You’re a talented professional with a lot to offer, and you deserve to receive competitive pay for your contributions. Learn how to find your market value.

Find Benchmark Job Descriptions

Job titles are not universal. Many employers have different names for the exact same positions. For example, a mental health specialist sounds like a different job than a behavioral health counselor, but the two may be markedly similar roles at different facilities. Conduct research to find positions similar to what you’re looking for, so you can perform a comprehensive salary search using all relevant job titles.

Use Salary Comparison Sites

There are many tools available online to help you determine what other professionals in positions similar to yours are earning. The U.S. Bureau of Labor Statistics (BLS) offers a wealth of salary information on hundreds of jobs, allowing you to see average earnings in your field by industry, region and more. You can also use the site to get information on the projected job outlook for your field, to gauge what competition for jobs in your specialty will be like in the future. Salary.com is another great resource, allowing you to input your job title and city to see what other professionals in your area are earning.

Consider What You Have to Offer

Most positions have a salary range, instead of one set number that the final candidate will receive. Exact pay is based on a number of different factors, such as experience level, education, certification, past performance and overall fit for the job. It’s important to know how you measure up, so you can determine whether your fair salary is on the lower or higher end of the spectrum. For example, if you have a master’s degree that’s listed as a “nice to have,” but not a requirement, you should expect to be near the top of the pay grade.

Factor in Total Compensation

Salary isn’t everything. When determining whether or not a job offer is fair, take factors such as health insurance coverage, 401(k) match, overtime pay and stock options into consideration. A company might not offer you the base pay you were hoping for, but if the total compensation package is attractive, it may ultimately be a better deal than a high salary alone. For example, a 401(k) match of six percent on a $50,000 per-year salary, actually gives you an extra $3,000 per year, if you take advantage of this benefit in full.

If you would like to learn more about how we can help you find your next behavioral health position, contact us today at (513) 651-9500 or by email at info@psychpros.com.

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