Are You Being Paid What You Are Worth? Tips To Convey Your Economic Value

No one really likes to discuss what they are worth in monetary terms, it may seem trite and petty. But it’s not, it shouldn’t be something we shy away from. Sometimes we are just so happy to have a job we enjoy, and we feel like we shouldn’t rock the boat. Feeling appreciated isn’t just about what we are paid, but it is the monetary expression of our worth to an organization.

It's not apples to apples

In Relocation, there is not a barometer for a pay scale for relocation staff in real estate companies. The challenge is that company sizes vary. The size of staff and geographic territory and office count varies. A Relocation Director at a small company wears many hats and performs all of the roles. In a large firm, they often have very specialized staff and are typically focused on staff and budget management and business development and other high level duties.  The key is that the both roles take highly skilled people that require different skill sets and levels of experience and may merit different compensation.

So when determining what we should be paid or whether we deserve a raise, don’t look to compare your role to roles in firms that aren’t comparable in size and service offerings. And even if they are comparable, they may not match in other ways. How new is the department? Are you responsible for more than just Relocation? The better way to determine our compensation and how to ask for a raise is to evaluate our economic value to the company. Economic value often refers to the value of goods or services, but here I am referring to you as an asset to the company. What is the benefit that you bring to the company? It may be tangible or more elusive, but we have to know our value or no one else will.

It’s much easier to state our case when we can show the return on investment we bring through profit and revenue numbers. If you operate as a service center then you have a harder sell ahead of you.

I have seen people make the mistake when asking for a raise to tell their boss all the reasons why we think we deserve a raise. Such as, my rent was increased, my spouse doesn’t have a job, I have an extra mouth to feed, etc. I assure you, telling our sob story is not going to achieve the results that we are seeking. Honestly, those are your problems, not the company’s problems. Our boss may be sensitive to our challenges, but it is a risky approach, particularly when many have a sad story to tell these days.

Know your economic value

The better way to go about it is to show our economic value. If our salary is X, and we bring in X times that salary in revenue or profit, then we have a story to tell. It all comes down to their return on us as an investment. So if your department doesn’t bring in huge revenue, you had  better be able to tell the story of the value you and your department bring in agent recruiting and retention, customer satisfaction, value add services management, program adoption, affiliated services usage, new customer generation, etc. What do you specifically bring to the table? Why are you worth more?

Don’t assume that your leadership understands your value and how much of an asset you are. This is where detailed monthly reporting, testimonials, visibility in the company, awards, becoming a valued resource of information, help tells your value proposition. When it comes to our compensation and our economic value, it’s ok (and essential) to brag.

So as we approach 2021, spend time gathering information about every single thing that you do to make your company better. Take a deep breath and be fearless. Tell your story with confidence and without apology. I expect you have quite a story to tell after the challenges of 2020. Articulate it and back it up with data to ensure that you are being paid what you are worth!

“Too many people overvalue what they are not and undervalue what they are.” ~ Malcolm S. Forbes, American Entrepreneur