While Thinking Taxes, Calculate Your Professional Value

Jim Powell

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Is the President's salary standing the test of time if in 1789 the President of the United States, George Washington made $25,000 annually and today the current President, G.W. Bush makes $400,000 annually in 2006? More importantly, is yours? The average salary in the U.S. is $36,764; check on the approximate salary for your position and how you compare. Now obviously the salary for positions are based on a number of things, but it is important to conduct competitive intelligence when it comes to your pay. If you don't keep an eye on how you stack up you may find yourself grossly underpaid.

Stay competitive

Where do you begin in determining a fair salary for your position? You can determine the approximate value for your position by utilizing information that you can easily find online at the United States Census Bureau or through a company such as Salary.com. (This information is also helpful if you are moving to a new city with a different cost of living.) This information should give you a good start to understanding your value to an employer. If your pay falls within the average range, great job maintaining your value! If you come in lower than the average you have some work to get your salary on track. Of course, it is common for a person that stays with a company for a long time, to receive a 4% annual average pay increase each year. This will lead a to a below-average salary after many years with the same employer. Check and make sure you are making the amount you deserve.

Be flexible

If you uncover that you are not making the correct amount for your position, do not make any huge changes. If you have a review coming up, consider discussing your compensation more in depth. If you want to make a change, start looking around for other positions while you are employed. You immediately forfeit your negotiation power when you are not employed. Start researching the type of company you want to work for, the position you would like and the direction of your industry - the future. Do not speak of money as the reason you are leaving your position if you determine you need to make that change. Say things similar to, "There is no place for growth in your current position with your current company and you enjoy the challenge of new tasks." This will be an appropriate answer in your interview in response to why you are leaving and you leave on a good note with your current company. After all, they have been a huge part of your life, no need to end the relationship on a negative note. Remember, with the current trend of companies buying and absorbing other companies, you do not want to burn bridges and then have your old company buy your new company.

Update your resume

Where do you start if you are going to look for a new position? Start with your resume. Be sure that your resume has key words for your industry and easily separates your background from your peers. Focus on the tangible achievements such as the things you did well for the company that saved the organization money or that increased revenue. If you haven't thought of your job like this before, start today. Write down the good things you've done for the company. Look at old reviews. A resume should have things you've accomplished that separate you from the pack

Resume dos A resume should typically be one to two pages in length and full of results-oriented accomplishments that differentiate you from your competition. A resume shouldn't have personal information, clip art or fancy font. Resumes should not only demonstrate your worth as an employee, but also demonstrate your value to the company. Think of your resume from a hiring company perspective. It should focus on what a prospective employer would want to see on a resume, not your personal favorites. Your resume must be full of key words specific to your industry and consistent in layout. A resume will have bullets under each job to focus on and prove your successes.

So be aware of the average salary in your field. Remember to conduct continuous research on the salary of similar positions. If you determine you are undervalued, get your resume ready for a potential change. Then if necessary, take the next step and start interviewing. The main goal is: Make what you are worth!!

 

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