Know Your Worth: Compensation Negotiation

handshakes-business

As I contemplated my next career move, I knew it was important to know my worth in the market. In a sense, the concept was foreign to me since I had worked 27 years in engineering for the public sector. In securing that job, the only thing that was negotiated was the time of employment.

My desire to have a second career outside of engineering into academia drove me to get meaningful experience as an adjunct professor. Of course, I felt my core competencies were strong as a professor. I had about ten years in academics working part-time. Yet, I also knew that obtaining a full-time tenure track would be highly competitive due to the limited amount of these treasured positions and the number of applicants. 

I personally knew of qualified business professors who could not obtain a full-time faculty position. To increase my marketability, I continued to secure new skill sets and to follow market trends. One of the biggest trends working for me was that many institutions were looking for new faculty who had demonstrated working experience.

Yet, in order to determine my worth, I had to actively apply for academic positions and go through the interview process. With every interview, each prospective employer provided me with a missing piece of my market worth. However, I got this insight by being assertive by asking meaningful questions like “what part of my application package attracted you to me as a candidate.”  

This transparency was contagious. One dean even told me my prospective rank (i.e. salary) in his organization. All of these pieces were critical in helping me negotiate my final position as a full-time faculty because I understood my worth in the marketplace.

In today’s competitive environment, working professionals need to know their worth so that they can be compensated appropriately and they can market themselves toward better jobs. In fact, professionals need to know how to market themselves and promote their personal brand in order to maintain their market worth. Downsizing and layoffs are a way of life for most U.S. businesses.

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