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Understanding Your Earning Potential

Earning potential

Where do you stand as a candidate in the Private Service Job Market?

In the competitive private service job market, professionals seeking new opportunities should understand their market value as candidates. The dynamics of private service jobs are unique, and candidates need to be strategic in assessing their earning potential to negotiate better compensation packages. Let’s explore a few ways to determine your standing in the current market.

Mindlessly Pursuing High-Paying Opportunities

One common mistake among job seekers in private service is assuming that a job’s advertised pay range automatically aligns with their qualifications and earning potential. For example, an estate manager with just two years of experience may come across a public job posting that offers an exceptionally high pay range. Upon seeing such a post, the candidate then decides that they, too, should earn a much higher salary. They adjust their salary expectations, usually price themselves out of the market, and wonder why they’re not getting interviews or offers.

Understanding Your Market Value

Candidates should invest time in understanding their market value to navigate the private service job market effectively. Rather than fixating solely on job titles, they should consider their unique skill set, experience, geographical location, and the specific demands of the roles they are pursuing. A private service professional’s compensation request should correlate with their years of experience, achievements, responsibilities, and the scope of their previous positions. It’s also true that longevity in roles and the quality of employment references directly relate to what pay and benefits an employer is willing to offer to a particular candidate.

Researching the Market

Regularly reviewing job ads on platforms like Private Service Alliance, Estatejobs.com, and domestic agency websites is crucial for staying informed about the current trends in the private service job market. By analyzing job descriptions and pay ranges, candidates can gain valuable insights into the expectations of employers and the prevailing compensation ranges for specific roles in their region.

Self-Awareness

Being self-aware is the cornerstone of realistic expectations. Candidates should objectively evaluate their skills, experience, and accomplishments, acknowledging strengths and improvement areas. This self-awareness forms the basis for making informed decisions when evaluating potential job opportunities.

Candidates can confidently negotiate compensation packages when they clearly understand their market value and have realistic expectations. So many candidates shoot too high with their pay requests, hoping to get lucky and land a high-paying role. We meet these candidates when they are many months into their job search and still wondering why they are getting passed over.

Career Coaches and Resume Writers

Career coaches specializing in private service industries offer tailored strategies and insights, helping candidates ascertain their market value and position themselves advantageously in the job market. Additionally, engaging professional resume writers adept at showcasing unique skill sets and experiences optimally enhances a candidate’s profile, making them more appealing to prospective employers.

Leveraging Industry Insight and Networking

In the private service sector, seeking guidance from industry professionals and mentors can be invaluable. Networking with other PSPs who have successfully navigated the job market can provide insights into effective job-searching strategies and the ever-evolving landscape of private service employment. In addition to reading every relevant job description possible, we recommend that PSPs ask their favorite recruiters to share thoughts on their market value and how to position themselves so that they are in demand when the next exciting opportunity opens.

In summary, traversing the labyrinthine corridors of the private service job market demands a multifaceted, holistic, and strategic approach. Candidates equipped with a profound understanding of their market value, grounded in research, self-awareness, industry insights, sage counsel, and strategic guidance, are poised to embark on a rewarding career journey in this dynamic and competitive industry.

By Daniel Wood, Founder + Director, DM Estate Staffing

 

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© 2024 Private Service Alliance + DM Estate Staffing, all rights reserved

keynote Speaker

Picture of Nicole Middendorf

Nicole Middendorf

CEO of Prosperwell Financial and Wealth Advisor with RJFS

Nicole is a money maven, a knowledge junkie, and a born coach. Nicole became an entrepreneur in 2003 when she launched her wealth management firm. She is the author of five books, the mother of two phenomenal children, a world traveler, a philanthropist, and an accomplished public speaker.

Nicole shares financial advice and real-life perspective on saving, planning, and investing with audiences across the country. Her primary goal is to take complicated subjects and make them easy to understand. She works hard to empower people to make crucial, positive changes in their own lives.

Picture of Nicole Middendorf

Nicole Middendorf

CEO of Prosperwell Financial and Wealth Advisor with RJFS

Nicole is a money maven, a knowledge junkie, and a born coach. Nicole became an entrepreneur in 2003 when she launched her wealth management firm. She is the author of five books, the mother of two phenomenal children, a world traveler, a philanthropist, and an accomplished public speaker.

Nicole shares financial advice and real-life perspective on saving, planning, and investing with audiences across the country. Her primary goal is to take complicated subjects and make them easy to understand. She works hard to empower people to make crucial, positive changes in their own lives.

Prosperwell Financial provides personalized wealth management advice to effectively guide you through every stage of life. Our advisors help to plan your way toward true financial happiness, including financial retirement planning, college education savings, estate planning, asset management, insurance, and financial divorce planning. Founded by Wealth Advisor and Certified Divorce Financial Analyst Nicole Middendorf, Prosperwell Financial serves individuals and executives all across the U.S. We help you gain the confidence needed to be in control of your financial happiness.

The Wealth Advisors at Prosperwell Financial take the time to learn about you. We want to know your goals, dreams, and desires. As a mentor and coach, we guide you through the process of discovering your financial options and possibilities. Whether that means planning for retirement, converting an IRA, working with a 401k, or wealth management services, Prosperwell Financial will have you covered.

FOR A LIMITED TIME!
May 1 to July 15, 2024

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PSA ANNUAL SALARY SURVEY
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Private Service Alliance™ invites Private Service Professionals and PSP Consultants to participate in our annual salary survey, providing valuable insights into compensation trends within the industry.

Your input helps to guide decision makers to ensure that salaries
remain competitive and reflective of the skills and
expertise of professionals in the private service sector.

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