It’s normal to wonder what your value is in the job market. Your value in the market is within your power to discern, and your career is the business of your life. Every good company regularly takes time to assess the market and understand the risks and opportunities in their model. People have never had so much to consider as a risk or an opportunity than in today’s work landscape. The continuous change driven by technology, monetary policy, government regulation, and geopolitical activity requires the talent to be more proactively aware than ever before. Don’t fear all these variables, but take action to enable freedom in your career journey. Knowledge is the antidote to fear.
You should do market research as a part of your Career Planning strategy that keeps you informed and agile to change. Market research is not a job search because you aim to secure your next role when you conduct a job search. Career market research has no immediate outcome but knowledge gain to inform your Career Strategic Planning. You do Career Strategic Planning with a longer view than your next job. You must look ahead for at least a year or two to build a strategic plan. You may not have a proper strategic Career Plan, so you must do market research to help craft that plan.
Market research helps you assess the opportunities and risks on the horizon. However, creating new goals and development plans may reveal more short-term opportunities or threats which you can account for in your Career Plan.
The first rule of conducting market research is to start in your current company. You accepted your current job for a reason, and your current company should be the first place you explore what is possible for your career. Looking within your current company creates an authentic starting place.
It is best to begin your research by sharing the core elements of your Career Plan with your direct leader. Having a well-thought-out purpose and plans to meet your goals will show your commitment to authentically developing for the long term. Go through your unique Professional and Personal Inventory and Goals that lead to your Values and Purpose and then begin your Market Research. You must know yourself well and truthfully before you assess what is possible for your career. Spend the time to reflect and document a career plan in CareerTruth that you can update as your market research provides insights.
When you meet with those at your current company, be thorough in the pre-work you will do to know yourself well and by researching your own company. Meet with your direct leader and ask questions about what is possible for development within the company, including your direct leader’s development and how the company plans to grow. Ask your direct leader or other leaders in the organization what areas they think you may need to evolve to add more value to the company mid to long term. Your company should be a safe place to investigate what is possible.
Notably, this is an investment of time outside the time required to perform your current job. Your market research time is part of the time you work on your career versus in your job. Be open with your leadership about what you are doing and why. The response of your leadership will be illuminating in itself; it should be considered part of your research. If your leadership encourages you to do this research and provides access to more information, you will feel free to gain insights. If they do not encourage your Strategic Career Planning, then you know you should note that and be free to find market insights elsewhere.
Since you have done good work on your career plan, look further in two places for additional market insights. What is the broader market around your current organization? Next, look at your skill set and see how to take those skills into a new market.
It’s essential to consider the experience and skills you bring to the table. Professionals with advanced degrees or specialized skills typically command higher salaries than those with entry-level experience. By taking stock of your qualifications, you can better understand your value to potential employers.
You should also note the overall job market conditions, including industry trends and economic conditions. For instance, industries experiencing growth and high demand for skilled workers typically offer higher salaries to attract top talent. Conversely, industries experiencing a downturn or high levels of competition may offer lower wages.
Your market research may lead you on a path you didn’t anticipate, but with your Career Plan, you can understand what you’ve learned and how it integrates with your purpose and values. As you know more, you should connect with people in your sphere or a CareerTruth Coach to plan your next moves.