22/06/2019
If there are any two things that resonate deep with me, they will be self discovery and productivity.
That's why in this post, I'll be sharing the three factors that determine how much you are paid in a competitive market are:
1.
What you do
2.
How well you do what you do
3.
How much it will cost to replace you!
I know that there are thousands, if not more, books on financial intelligence, money management skills, entrepreneurship and the likes....
Each of them probably contains unique or known-but-expanded principles, but when it comes to the money equivalent of the service you render or the work you do in a competitive market, then those three factors I highlighted are common themes in all those publications.
Let's take them one after the other....
1.
What you do
This is what I refer to as your Value Quotient
The truth is whichever side of the scale you are, either you are an entrepreneur or you are in the white-collar space, there is a common currency with which you work and that's time. What will determine how much your time will worth in monetary terms (in an ideal situation) is the value you're bringing to the table.
Not everybody can be a successful entrepreneur and it's not outdated or archaic to be in the white-collar space as many people tend to portray in our days. This is because every enterprise needs those in the white-collar space to maintain operations when they expand to a certain level. So in a sense it's not where you are on the scale that really matters but what you do where you are.
What values have you added to yourself and are willing to transfer to the service you render or the work you do?
Sincerely, this is what is converted to the money you earn at the space you find yourself.
My take on that is this:
Take every opportunity to add value to yourself, in the long run, you're increasing the monetary value your time will be exchanged for in the market!
2.
How well you do what you do!
This simply means the efficiency and effectiveness that are attached to your style of delivery.
It's one thing to add value to yourself but it's another thing to transfer this value to the work you do effectively and efficiently.
There may be other people who can do what you're doing (in most cases there are always people), but in the long run, your efficiency and effectiveness, given the various circumstances in your line of work will differentiate you!
3.
How much it will cost to replace you!
The beauty of this third factor is that it takes into account the first two.
If you're continuously adding values to yourself and efficiently and effectively transferring those values into your delivery of work, it automatically costs more to replace you. This will help you to seal your relevance in whatever part of the scale you find yourself...So, make a life of continuous improvement and value addition an everyday experience and see an increase in the monetary value of your services and products.
Wish you all the best from here.
Segun Ogunsunlade,
CEO/Blooming Minds Hub