Learn or leave the market

6 
7 

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The Labor Market Today. Chapter 1.
Assessing your 
value in today’s 
labor market
Here are the three basic 
approaches that applicants 
use to determine their value 
to prospective employers:
The comparative
approach 
The applicant learns about 
the salaries of other experts 
working in the same field. 
They can do this by studying 
salary surveys, consulting 
an HR representative, or send-
ing a message to a person 
with a similar job on LinkedIn. 
The applicant can use these 
methods to collect several 
figures and determine their 
own market value based on the 
average of these figures.
The income
approach 
The applicant estimates their 
value based on their previ-
ous income and how they 
have improved or progressed 
since. The higher the previ-
ous income, the greater the 
applicant’s market value, 
meaning that they will be less 
likely to accept a lower salary. 
If the applicant has not had 
a raise for a while but believes 
that their qualifications have 
increased significantly, they 
may choose to increase their 
market value taking into 
account the improved knowl-
edge and skills.

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 Chapter 1. The Labor Market Today.
The asset- based 
approach 
If you are directly involved 
in the economic success 
of your company and that 
success can be reliably 
measured, you may be able 
to use this as a basis for 
determining your market 
value. Suppose last year you 
attracted new customers 
or reduced marketing strategy 
costs. The business receives 
tangible quantitative financial 
benefits from your contribu-
tion. Accordingly, applicants 
may promote themselves 
to a company based on the 
profits that they can deliver.