How to understand your market value and get the right salary for you

It can be difficult, especially when applying to a new job or negotiating a pay rise, to know exactly what salary is appropriate to ask for. Your employer is likely to ask what your salary expectations are but how do you know if you are underselling yourself or being too ambitious?

Here’s our guide to understanding your market value to make sure you’re on the right salary.

Look at your job description: Sometimes a job title can cover a wide level of responsibilities that differ from company to company. Rather than just focusing on your job title, look at the skills that are required for that role to benchmark your level of experience against jobs requesting similar levels of responsibility, particularly if there are any skills you hold which are valuable or make you unique in your role.

Consider your employer's situation: If the company you work for is exceeding profit goals and successfully growing your employer may be more generous with salary increases if you’re able to demonstrate your worth to their business. Alternatively if the business or industry as a whole is struggling it might be hard for the employer to justify paying you above a certain salary.

Look at your own performance: Do you feel like you go above and beyond in your role? Compare your own performance and level of responsibility to when you first started your job or from your last performance assessment and evaluate where you have grown and improved. If you’re performing above expected levels for your current position you may be able to mark up your value to your employer.

Get in touch with a recruitment agency: Agencies such as 1st Recruitment are specialists in understanding what salaries are expected in different sectors of employment. We can help you to look at your previous experience and education, skill levels and the current market in your preferred industry to make sure you are earning a suitable wage. If your current employer isn’t offering you your market value we could help you find a role that can.

For expert advice from the recruitment specialists on any aspect of your career, email consultants@1strecruit.co.uk or call 01534 875444