20%More™ Career Insight

[Title of the Weekly Reminder]

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Your Salary depends on your Scarcity.

Your pay, like all prices, follows market demand & supply.
How Scarce are you in terms of Skills and Will?

Companies have scarce resources to allocate people’s pay. You won’t get a raise just by working harder, but by having rarer & faster Skills, and better & stronger Will than your peers.
Is your Scarcity internal or external?

Scarcities created by internal factors you control (like growing a wider & rarer skillset) are more durable and sustainable than scarcities created by market factors you don’t control (like talent shortage in an industry).

How Sustainable is your Scarcity?

Market changes and competition can quickly make a skill more valuable & relevant, or valueless & redundant. Is your scarcity solidifying or dissolving?

Your Scarcity = Cost to Replace You = Your Market Value

To measure your scarcity, consider: how much time and money will your company have to spend on finding someone to replace you?
To raise your Scarcity in Skills, build a Multi-Disciplinary Skillset

The rarer your combination of skills, the higher your scarcity, the higher the cost to replace you, and therefore the higher your market value.
To raise your Scarcity in Will, keep going the Extra Mile

The more times you surpass expectations, the rarer you get among your peers, and the higher your market value.

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Your Salary depends on your Scarcity.

Your pay, like all prices, follows market demand & supply.
How Scarce are you in terms of Skills and Will?

Companies have scarce resources to allocate people’s pay. You won’t get a raise just by working harder, but by having rarer & faster Skills, and better & stronger Will than your peers.
Is your Scarcity internal or external?

Scarcities created by internal factors you control (like growing a wider & rarer skillset) are more durable and sustainable than scarcities created by market factors you don’t control (like talent shortage in an industry).

How Sustainable is your Scarcity?

Market changes and competition can quickly make a skill more valuable & relevant, or valueless & redundant. Is your scarcity solidifying or dissolving?

Your Scarcity = Cost to Replace You = Your Market Value

To measure your scarcity, consider: how much time and money will your company have to spend on finding someone to replace you?
To raise your Scarcity in Skills, build a Multi-Disciplinary Skillset

The rarer your combination of skills, the higher your scarcity, the higher the cost to replace you, and therefore the higher your market value.
To raise your Scarcity in Will, keep going the Extra Mile

The more times you surpass expectations, the rarer you get among your peers, and the higher your market value.

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