What Does it Really Mean to “Know Your Worth"?
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You’ve probably heard the term “know your worth” get thrown around in workplace contexts before. But how do you determine what you should be paid for a role?
Knowing your capabilities as an employee or business owner can help you achieve career successes like promotions, raises, or more clientele. Having an understanding of your worth as a professional can also help you overcome imposter syndrome, improve your confidence, and motivate yourself to achieve more in your career.
Knowing your worth in terms of pay, is a combination of understanding the industry you work in, location and what you want from your career. Here are tips for making sure you’re being paid fairly for your profession and location.
Research salary expectations
Do you believe you aren’t making a salary that matches your knowledge and skills? A great way to determine your career’s salary expectations is with resources like Indeed, Glassdoor, and The HBCU Career Center’s Career Insight tool. These websites will let you search job titles and locations so that you can see the range of salaries, that are customary in your profession.
If you realize you’re not meeting the average salary for your position and skills, consider requesting a raise at your current company or find other opportunities that suit your salary expectations. Another great way to assess if you’re being paid fairly is to ask colleagues that you trust what they are being paid.
Examine your accomplishments
One of the best ways to assess your worth is to look at your career accomplishments. For example, which successful projects did you lead? What’s been your biggest quarter of sales for your business? How many five-star reviews does your business have? Reviewing your accomplishments provides evidence that can prove the potential and value you bring as a professional. These accomplishments are great to bring to the table when requesting a raise in your current job.
Request feedback
Hearing someone like a co-worker, manager, or client speak about your strengths and potential weaknesses can give you a better understanding of your capabilities. Ask people you’ve worked closely with for a period that can provide a proper analysis of your professional abilities. Receiving constructive feedback about your job performance as an employee or business owner can help determine if you’re exceeding your expectations as a professional or need to improve in certain areas.