How to Research the Fair Market Value of a Job

How to Research the Fair Market Value of a JobHow to Research the Fair Market Value of a Job6Every job landseeker knows that a salary is the reason you look for a job. Ideally, your new job is going to be something that you are passionate about and will enjoy doing for many years to come. However, without a living wage, even the best job will have to be abandoned for one that can sustain your quality of life. But how can you figure out the fair market value of a job?Understanding and researching your worth as a job seeker and the comparable rates for your skills is an important task to undertake when looking for a new job or changing careers. A fine line exists between a fair market value for the position and a job seeker just plektruming an arbitrary number that doesnt reflect their skills, education, or experience.Sure, wed all love to be kicking back six figures, but if you are not in an industry that offers salaries in that range, it can disqualify you from the candidate pool. So where do you begin to research the fair market value of a job?Here are five tips on how to research the fair market value of a job.Yourself As a job seeker, it is important not to inflate your skills or sell yourself short. Look at your education, including the classes you took, your grades, and your interests. Look at your location are you in an area that has a high concentration of unemployment or saturation in a certain market? Think about your experience- does filling in occasionally for someone qualify you in that job? By being honest with yourself, you are more likely to pick a salary that reflects where you are and what you offer, instead of settling or disqualifying yourself based on salary requests.Look at sources for salary information Salary.com and Payscale.com both offer great services that allow job seekers to investigate salary information based on their job title or the company. Having an educated ballpark figure of your worth and the possible salaries offered in yo ur areas of interest can help dovetail your job search. Applicants do not want to waste their time applying for jobs that are not a good fit for them or will not compensate them at a level they are comfortable with. Using these web sources can be a great way to see if a position or company is worth pursuing.Ask professional organizations Many industries have professional organizations that connect individual professionals together for the health and stability of their career. Most professional organizations will have surveys and informal information about their industry that can be provided to job seekers and college graduates who are considering a career in their field. Professional organizations have an investment in knowing how their field is fairing and the challenges and successes faced by like-minded professionals around the country and locally.Look at government salaries Government salaries are public information, as required by law, so they can be a great starting point for understanding what compensation is in certain fields. There can be the difference between the public and private sector positions, but this information can at least put you in the ballpark of knowing what other professionals are being compensated.Look at previous job listings/comparable companies One of the easiest and quickest ways to see if asking for $65/hour is the right approach is to see what companies have offered in the past and what their competitors are offering. Think of salary information like being a smart consumer if two major retailers have the same item, you are going to price shop to get the best deal. Market research is this same theory, in reverse, with the money coming into your pocket instead of going out.Following these tips will assist you in salary negotiations by giving you talking points on your value and the reasons you are looking for a salary within a certain range. Knowing salary ranges is also important because many employers do not list their salaries on their job listings. By using these five tips, you can ensure a smoother interview and hiring process with a salary that you know is fair for both you and the employer.Readers, how do you go about finding the fair market value of a job? Do you ever negotiate salary? Give us your tips