Maximize Your Earnings: Tips for Getting Paid What You're Worth

Name: Maximize Your Earnings: Tips for Getting Paid What You're Worth
Uploaded: 2023-09-21 19:51:28
Description: Companies determine compensation based on market surveys and industry data, and individuals can maximize their earnings by choosing high-paying industries, researching local market wage ranges, developing unique skills, and being prepared to ask for a raise.

This article is a summary of a YouTube video "How To Get Paid What You're Worth" by A Life After Layoff

TLDR Companies determine compensation based on market surveys and industry data, and individuals can maximize their earnings by choosing high-paying industries, researching local market wage ranges, developing unique skills, and being prepared to ask for a raise.

Key insights

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Industry and geographic factors play a part in determining compensation ranges for employees.
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Companies have to decide whether they want to be a pay lagger or a pay leader, and this decision can impact their talent retention and turnover rates.
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Pay is determined by supply and demand: "There's the market here is. There's a a lot of jobs and there's not a lot of labor. So we've got to pay a little bit more to attract the right people."
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Choosing a career path in a high-paying industry is key to getting paid what you're worth.
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If you want to make the most money in your career, pivot into an industry that's going to get you a higher wage range.
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Don't just rely on feelings, use data to support your position when negotiating for higher pay.
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To get paid the most, you need to have a marketable skill that is unique and not just doing what everybody else is doing.
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Backing up your salary negotiation with data can lead to a raise if you're a valuable contributor to the team.

Timestamped Summary

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00:00
Companies determine compensation based on market surveys and industry data, and decide whether to be a pay lagger or leader based on their business model.
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02:46
Pay more in high demand, low labor markets and be selective in high labor, low demand markets while considering cost of living when determining wages.
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04:26
Companies incentivize employees to move up the pay range quickly, but coming in at the top may limit raises unless moving into an enriched role; for-profit orgs have better compensation structures than not-for-profit.
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06:19
Choose a high-paying industry like tech or engineering for a better chance at hitting your desired wage range.
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07:47
Pivot to a higher paying industry and research local market wage ranges to maximize your career earnings.
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09:51
Big companies have a wider salary range, while small companies have to be creative to attract and retain talent.
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11:43
Gather data and prepare before asking for a raise, develop unique skills to stay marketable and earn top dollar.
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14:47
Gather data, highlight performance, be prepared to leave company if necessary - all to ask for a raise.