Market Value

What is someone's market value?

Someone's market value is basically the value that they have in the particular job market, depending on what their skills are and their qualifications are.

Why is my market value important in getting a job?

Your market value is important in getting a job because it will enable you to be able to negotiate the best package for yourself in terms of what salary and benefits you are entitled to. Your market value will also set out the kind of jobs that you should be going for.

What is salary negotiation?

Salary negotiation is basically a process by which you discuss with your employer what salary and benefits you are going to receive when you start your employment.

Are all companies negotiable on salary?

Most private companies and employers will be negotiable on salary. They are probably quite open and used to negotiating on salary, once they have made an offer for employment. Public sector employers - for example, The National Health Service, or other government bodies - are less likely to be negotiable on salary. This is because they have fixed salary gradings and you'll be required to fit into one of those gradings.

How do I work out what salary I should be asking for?

In order to work out what kind of salary you should be asking for, you probably need to take a number of factors into consideration. What is your experience? What are you bringing to the job? What is your market value? What do other people in that job earn? Do a bit of research, look in the papers and speak to recruitment agencies to work out what salary you should be aiming for.

I didn't get the job due to my salary demands, should I ask for less?

Whether to ask for less salary is a very personal decision. If your salary expectations were too high, it's really a decision for you as to whether or not you're prepared to take a lower salary to do that job. There's absolutely nothing wrong with going back and saying that you're happy to take a lower salary, if that is what you are generally happy to do. Perhaps try to negotiate additional package benefits, or introduce a salary review quite early on in the first year of your employment.

Apart from salary, what else should I negotiate for?

Apart from salary, you can negotiate for certain perks that your employer might offer. For example: a company car, private medical insurance or additional holiday days, or maybe even flexible working. You can be inventive as to what would be a benefit to you if your salary is lower than you want it to be.

I've got the job. How long before I can ask for a raise?

Generally, pay rises are linked to performance and annual appraisals. You want to be quite careful as to when to ask for your pay raise. You don't want to do it in the first month. However, you should probably also have it set out in your contract when they are going to do a salary review. That is probably a good time to ask for a raise, at your salary review, or after an appraisal.