So, what the heck am I really worth?

Submitted by Carol on Wed, 09/26/2007 - 5:08pm.

On-rampers who have been out of the workplace for a while often wonder how to determine their "market value". You know you made $65,000 a year before you stepped out of the workforce (for what has been several years now) so what the heck can you expect now?

The first place to start, obviously, is looking at help wanted ads to see generally what companies are paying for your skill set. If you plan on going back part-time you should pro-rate the salary based on the number of hours you will work. Secondly, you can consult salary.com, wetfeet.com or salaryexpert.com. Keep in mind that this data is not "set in stone", i.e., there is no one "correct" salary rate for any given job. There is a range of salaries that are considered market rates. So a software engineer may make somewhere between 75k and 90k for a intermediate level. If your pay falls somewhere in that range, you would be paid fairly according to market rates.

To better understand how salary rates are determined by hiring companies, you need to understand which factors are considered while developing their pay programs. One factor is whether the company wants to pay at, above or below market rates. Not all companies want to pay above market rates because they feel that employees should work for them for reasons other than "just a paycheck". Maybe they offer better benefits or pingpong tables in the breakroom or free donuts on Friday so they don't have to pay above market rates. Other companies may think that by offering higher salaries they can attract the best and brightest. I have worked for a few large software companies with this policy and I can assure you, my co-workers were not always the best and brightest. Often they just had a skill that the company needed. Some companies offer training that is highly sought after in the market place and thus can afford to pay slightly below market rates - knowing that their employees will probably leave in a few years to pursue the next big thing.

Another factor companies use the determine how they will pay is a "peer group" comparison. For example, a landscaping design firm may compare their salaries against their peers in the industry. They may not consider every landscaping firm in the vicinity to be a peer, just a select few that fit their criteria. Not all tech firms compare themselves to IBM or Microsoft, rather they may consider other smaller firms to be a better comparison. Each company defines their peer group differently.

For on-rampers (and just about anyone else actively looking for a job) the interviewing and salary negotiation process can be daunting. Say you are an on-ramper who has just been offered a job in your field of choice. You are not sure if the offer is a good one or not. If you like the work, co-workers and boss but are not sure about the pay package, do your homework and use it as a jumping-off point for negotiations. If you can afford to take less money but want the flexibility to take off time to see your child's school performances, than start negotiating. At the end of the day, the offer should sit well with you. If not, keep looking. That's why the job search is called a process, rather than an event.

Do you have any job offer stories to share?

Carol's blog
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So, what the heck am I really worth?

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