The Value of a Job: Part 1

What is a job and how much is it worth?

A job is a collection of tasks and outcomes that an employer is willing to pay an employee to perform.

How is the worth of a job determined?

The worth or value of anything is determined by the interaction of a buyer and a seller in a marketplace. The same is certainly true of a job although while there are important differences between labor markets and the markets for tangible products like cars, houses and TVs and computers, there are also common features.

In labor markets, the buyer of the labor is the employer, who normally sets the terms of a job offer. The employer typically determines three things, 1) tasks to be performed; 2) the intended outcomes of the work, and 3) the amount of money they are willing to pay to attract, retain and motivate qualified workers. The seller of the labor, the employee, can of course negotiate, but typically it is a yes or no decision. Labor markets are certainly not "level playing fields."

At executivepaybook.com we work to level the playing field for the individual worker, by providing information to the worker. In a nutshell, we arm the employee with knowledge about their personal market value, with which employees can make informed career decisions

We start by understanding your job because your value in the marketplace is determined primarily by the job you hold ( or intend to hold). You might be a nuclear physicist but if your job is to drive a truck then that is how your employer will determine the range of pay they are willing to provide.

But where within that range should you be paid? We at executivepaybook.com also address that question providing you with a recommended market value based on the unique personal attributes that you bring to the job. The employer gets to define the job but they cannot define you.