'Know Your Worth' is a helpful tool for people negotiating their salaries. Especially for new college graduates with little to no experience on the job market, it can be difficult to accurately assess one's value -- and thus their deserved earnings -- in a given position. Know Your Worth, a tool from employment start-up Glassdoor, uses its wealth of employment information to make that estimation for users.
To use the tool, users simply enter their current employer, the location of their job, their job title, their years of experience, their education, and their current salary. Know Your Worth takes that information and churns out an estimate of users "Market Value" as well as a graph that shows how one's current salary compares to the average salary for a similar employee in the same location.
Salary Estimation Tools
'Know Your Worth' Estimates Fair Salaries Based on Skills and Experience
Trend Themes
1. Salary Transparency - Disruptive innovation opportunity: Developing tools that provide accurate salary estimations and increase transparency in the job market.
2. Data-driven Hiring - Disruptive innovation opportunity: Creating algorithms that analyze employment information to accurately estimate a person's market value based on their skills and experience.
3. Personalized Job Market Insights - Disruptive innovation opportunity: Designing platforms that offer personalized insights about an individual's earning potential and help them negotiate fair salaries.
Industry Implications
1. Human Resources - Disruptive innovation opportunity: Introducing AI-powered tools that enhance salary estimation and support fair compensation practices in the HR industry.
2. Technology - Disruptive innovation opportunity: Developing advanced algorithms and platforms that leverage big data to provide accurate salary estimations and insights for job seekers and employers in the tech industry.
3. Career Consulting - Disruptive innovation opportunity: Offering personalized job market insights and salary estimation services to job seekers through career consulting firms, leveraging employment data and analytics.