Understanding the relationship

Just like many areas of business, employment is a deal done on the basis of supply and demand. The workers influence supply in the job market, and the companies influence the demand. How rare you and your skills are and how much your employer needs you is the fundamental basis for calculating your worth in salary and benefits.

Finding the going rate

The Internet is a priceless tool for salary research. Using an online salary calculator will give you a rough idea of what you can expect in your particular role, industry and location. In a heavily unionised country with collective bargaining agreements such as Finland, you can easily find wage information for many industries.

Search through advertised job descriptions to see salaries. It will also give you a good idea of the key attributes companies are looking for in certain jobs, which means you can emphasise these in your CV to make yourself a more attractive prospect.

You can also go to online forums for information. Ask a question such as “Is 3,000 euros per month a good salary for a Marketing Manager in Espoo in the telecoms industry?” in a forum and see what your peers have to say.

Using your findings

If you’re approaching your boss for a pay increase in your current role, you can expect some scepticism when you present your results, so be ready to back them up with specific examples. Most importantly, you should be able to detail tangible, measurable benefits you brought to the company, such as new sales or cost savings.

If you’re discussing the possible salary for a new job, your potential employer will usually have a salary range in mind set by their management team. When they make a job offer, you’re immediately in a good position to negotiate as they obviously think you’re the right fit for the job. Consider the offer and match it up with your research to see if it’s fair.

Choosing the right company to work for is an important decision at every step of your career, and if one doesn’t appreciate your value in the market, there will be another out there that does.

Source: Monster.co.uk