Weekly interest and loan rates | Home values Northwest stock contest 2004 | Consumer affairs

Carol Kleiman / Syndicated columnist
Finding one's 'market value' is crucial

E-mail this article Print this article Search archive

And "know your market value" may be just as important in achieving success in your professional life.

"The more information you have about your market value ... the greater your likelihood of success," according to Tony Lee, editor-in-chief and general manager of CareerJournal.com.

Lee, who is based in Princeton, N.J., is co-author of "The Jobs Related Almanac, 2001" (Barricade, $14.95).

I asked Lee, whose Web site is targeted to executives, managers and professionals, what he means by market value.

Does the term refer only to your monetary worth?

And does it apply only to job seekers?

"It's everything — it's your value to any employer in the market who is considering you for a position," said Lee, who has a bachelor's degree in global issues and communications and a master's degree in journalism.

"It's more than money, because if part of your worth is that you can help the company achieve its goals, you are far more able to negotiate any aspect of your employment, from money to flexible schedules, benefits and perks."

And the importance of knowing your market value applies to jobholders, too.

"It's a good thing for everyone to know, including those trying to get a new assignment or a promotion," he said.
 
The concept of market value as it applies to individual workers and job seekers is "fairly recent," Lee asserts.

"The phrase has come into use because what companies really care about today is their return on their investment in you," he said.

And the next question is, since it's so important, how do you determine your market value?

You start with your compensation and try to ascertain what it should be, the career expert says.

"Research comparable salaries and find out what the market pays for someone with your skills and background," said Lee, whose Web site includes that information.

"Next, determine what your contribution will be or what it is to the company's bottom line — especially anything you have done or can do to generate revenue and cut costs.

And finally, show what you bring to the party, your new ideas, how you've figured out a way to work more efficiently and to work harder, and how you are a team player.

"When you do that, you know your worth to yourself and to the company. You know your market value."

Lee adds that knowing your market value gives you the confidence to ace a job interview and to get the promotion you want. I asked him if he ever uses "market value" himself. "All the time," the executive responded. "Every day. I'm happy and challenged."

If you want to be happy like Lee in this tight and competitive labor market, it's very important to ascertain and list all your attributes.

Here are some you might have forgotten that really can make a difference in whether you get the job or the promotion. So don't forget to state:

• I pay for and bring a box of delicious doughnuts for the entire staff at least once a week.

• I know all the best restaurants within a six-block area.

• I always hang my coat or jacket in the closet instead of draping it over my chair.

• I am the world's best employee.

• I never brag.

E-mail questions to Carol Kleiman at ckleiman@tribune.com. Distributed by Knight Ridder/Tribune Business News.

Copyright 2004, Chicago Tribune