Is it really so difficult?
In a world where knowledge is king, it is unusual that there is so little education on how to find a job's value from the individual's perspective. Before public companies were required to share the earnings of their top executives, the spread between the lowest paid and highest paid employee in the company was much narrower. As information became public, it became more of a badge of honor to earn more than your competitors. Eventually, the pay race becomes too expensive for companies to keep up. This trend of setting each job's value or pay targets at increasingly higher levels also trended down the organization. Companies realized this and had to figure out how to effectively curb costs by controlling benefits and pay while maintaining the perception of each job's value.
One option is to offer varied, hard-to-value benefits that make the true comparison between working at different companies difficult. One company may offer more money, while the other offers a 401k match. No wonder no one has been able to come up with a standardized template for a job's value to a person. While companies may sell you on the benefits they offer, the one thing that employers can count on is it is often too hard for someone to really know the value of a job until it is too late..unless you know the right questions to ask. Regardless of what a company values your total reward package at, that number is not the value you should hold as absolute. Consider these:
- Do you take advantage of each benefit?
- What are you giving up by leaving your current company?
- What is the probability that a benefit will continue?
- Are there workplace benefits (e.g. work from home, free products, etc.) that you value more than other benefits a company may give you?
It's only through really studying the value that each benefit adds for you that you can determine what your job is really worth.