As an accountant you probably know about benchmarking. You might even have used it in your organisation to compare against others in your industry or even more widely.
But what about in terms of your career? Have you ever considered how the principles of benchmarking might be appropriate to you moving forward in your career?
So how might you using benchmarking to help you in your career?
Determining whether you are earning what you are worth
There are many salary surveys published each year. These allow you to get insight into what typical earnings are for someone with your level of experience and qualification. They often allow you to drill down into different industries and geographical areas.
With this information at your fingertips you are in a much better position to have a conversation and make a case for a pay rise if you feel that you are below the market rate.
Assessing your skillset
If you are looking to move to the next level in your career, it’s important to be clear about what’s needed to succeed at the next level.
By comparing or benchmarking your skills, experience and personal qualities against what’s needed at the next level, you can identify potential gaps.
Once you know the potential gaps you can consider how to plug them or how you will handle questions about them in an appraisal or in job interviews.
Planning your personal and professional development
There is no lack of opportunity for personal and professional development. Equally you probably only have a limited amount of time and budget for personal and professional development.
Knowing what you need to move up to the next rung of the career ladder will help you plan your personal and professional development. In addition it will help you target your time and resources to those activities and support that will deliver the greatest return on your investments.
So if you haven’t yet made use of benchmarking in terms of your career, give it a try. You might be surprised at the difference it makes.
Since 2006 I’ve worked with in excess of 6,000 accountants and professionals in workshops, seminars and one to one helping them land their next jobs and become better leaders, presenters and business partners. Before that I spent 25 years in accountancy climbing the career ladder from Payments Clerk to FD. I’m a CIMA Fellow, Certified Professional Coach and Team Coach Facilitator.