Figuring Out What You're Worth

Lynne Sarikas, director of the MBA career center at the College of Business Administration at Northeastern University in Boston, shares some of her thoughts on determining your worth in the marketplace:

This is a tough one.

Absolutely do not ask colleagues - that is a taboo. Nothing good comes out of that.

Certainly use your resource - more is available online these days, check tools like salary.com and career beam to see what comparable positions are paying in the area. Type of company will make a difference, geography will make a difference, as well as how much experience you bring to the table. These tools help get you in the ballpark.

One of the best resources is your mentor. They often know or can get a range for the particular position and more importantly they can coach you on how to have the discussion with the boss.

Most people think they are worth more than the company can pay. Important not to draw a line in the sand that is unrealistic. Companies have comp bands to live with, merit budgets and pay equity issues. The boss may not even be able to give you what he or she wants to give you. If you dig your heals in too deeply you may end up having to walk away even though that wasn't what you desired.

I also advise students that salary is just one component of the package. Consider the investment plan, bonuses, health insurance, time off etc. It is the total package which makes up the true compensation.