We developed the Job Offer Evaluation for an example of what you can do with FactorHub. Do we think it is perfect? In no way. Will it accurately predict a salary for a job in consideration? Maybe.
So let's explain it how we built it:
During our research we found over 250 factors people should consider when researching a job. We were amazed - we thought at most 20 factors.
Only 100 or so factors made it into the Job Offer Evaluation. We felt these were the broadest factors to consider when evaluating an offer. We have another Template we may expose later that trims the 100 factors into 60 of the most significant factors.
Narrowing down to the 100 we used, we eliminated things like:
• Factor: Desperately seeking another job. Should that lower or raise your salary requirements?
• Factor: Person left job to go to another company. Is that a red flag that you may be a short timer or not work out because of the position duties or manager?
We also had factors that described your new manager, and integrated them into choosing a job. What we realized was we could do a whole other Template just about a person's manager. ;)
The lowest salary possible is based on the 2009 United States Poverty Line - approximately $11,000 a year. Hopefully your offer comes in well above that, and here is additional explanation to interpret the salary results:
Let's say the model returns $70k a year, but your job offer is in the neighborhood of $30k a year:
We feel this job has too many negatives or you may be over qualified. You may consider asking for a higher starting salary to compensate for things like lack of healthcare or vacation benefits.
Let's say the model returns $30k a year, but your job offer is in the neighborhood of $70k a year:
This is much better than it looks. It means that all of the benefits and other factors around this job are so good - the salary doesn't need to be so high to compensate. However the lowest salary could mean that you are not qualified for the job.
Overall, it will be interesting to see the aggregated results to create newer models.
What factors do you think people should consider when evaluating a job?
Saturday, March 14, 2009
Friday, January 23, 2009
Why not align your bill rate with your social/political agenda?
Why not align your bill rate with your social/political agenda?
You have probably heard of Socially-responsible investing. Basically putting your money where your mouth is. How about for your own bill rate?
As taken from Wikipedia:
“In general, socially responsible investors favor corporate practices that promote environmental stewardship, consumer protection, human rights, and diversity. Some (but not all) avoid businesses involved in alcohol, tobacco, gambling, weapons, the military, and/or abortion.”
Why not use your own rate to advance your support for similar causes?
Maybe you give a discount to clients that recycle, give to human rights groups, or support the Red Cross. Maybe you charge more for businesses that are engaged in polluting the environment, or contribute to causes that you don’t agree.
As a business owner you have the freedom to set prices. Aligning your price with your belief set helps you live by your own principles.
One problem altering your rate based on these factors is how to assign value. Does not supporting the United Way raise your rate by 50% or $50?
Widely used pricing systems (cost plus, value-based, or performance-based) do not account for this type of price discrimination and value assignment.
In case you were wondering – Wikipedia -
“Price discrimination” is a technical term meaning only differentiation in price by customer, and is not intended as an accusation of illegal or unethical behavior.
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