Whether you’re nailing down the details of a new job offer or hoping to negotiate a raise in a current role, you probably want to make sure you’re being paid fairly. One way to do that, according to experts, is to figure out your market value.
Your market value is an estimation of how much you should be earning based on your job title, years of experience, skills and location. Doing research to determine your worth before walking into a salary negotiation can help you get the outcome — and the income — you want.
“It’s really important to be well-calibrated before you go into a negotiation about what you should be asking for,” says Linda Babcock, an economics professor at Carnegie Mellon University. “You’ll be at a real disadvantage if you ask for too little or too much — both of those things are mistakes.”