How Much Value My Competency Can Add?

(Refer our High Quality Management Encyclopedia “Management Universe” at: http://management-universe.blogspot.com/)

(I suggest that you should read all my previous posts on “Competency Matrix” on this site itself. You may also like to refer my blog post http://shyam-bhatawdekar.blogspot.com/ or my article on http://knol.google.com/k/competency-matrix#)

The money you can earn as a professional by using your competency depends squarely on the value it can add. Extent of value derived by the usage of your competency is decided by the user or the customer. If the perception of the customer allows your competency to be seen as a high value adding competency, you can claim more money for providing that competency to your customer and more often than not, the customer will pay you that much. On the other hand even if you reach the highest level of expertise in a particular competency, it is not necessary that you will end up earning more particularly when the customer does not see it delivering high value to him.

It is also a matter of supply and demand. The much needed rare competencies may get paid more since at that point of time they are seen to be delivering high value to its customers in their perception.

An example will illustrate the point brought out in this paragraph. You will generally see that a specialist doctor say, a surgeon will end up earning lots more that the best or most proficient waiter in a restaurant. Yet a chief chef in the same restaurant, if he is worth his salt (as far as proficiency or expertise in cooking is concerned) may also end up earning as much as the doctor or an engineer.

So, it seems that high value adding competencies alone can earn more money for you.

You may like to enjoy reading all the “Management Anecdotes” authored by Shyam Bhatawdekar at: http://management-anecdotes.blogspot.com/

For Musings of Shyam Bhatawdekar on various topics refer http://shyam-bhatawdekar-musings.blogspot.com/

For “out of box thinking” articles by Shyam Bhatawdekar, refer: (Out of Box Ideas) http://wow-idea.blogspot.com/

For Booking Shyam Bhatawdekar’s Management Seminars

Contact Prodcons Group at: prodcons@prodcons.com

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About Shyam Bhatawdekar

35 years’ industrial/business experience as a top executive & 35 years’ parallel academic/consultancy experience in general management, behavioral sciences & technology. Areas: general management, production, human resources, industrial engineering, systems, MIS, computers, corporate planning, audit, sales/marketing. Penchant for information technology & behavioral sciences; integrated with conventional technology makes him unique thought leader. Conversant with academic theories & realities of business, fuses the two into practical approaches. Was associated with Tata Motors, Hindustan Motors, Hindustan Aeronautics & ThyssenKrupp; held top positions as highflier executive. Presently Chairman & Managing Director, Prodcons Group associating with 250 organizations; providing management & I T consultations & conducting seminars/workshops. Been a faculty for IIM’s, TMTC, Railway & HAL Staff Colleges, Symbiosis. Speaker with 35000 hours’ experience benefitting more than 100,000 people. Published 35 articles in Economic Times, Indian Management & Computers Today. Authored 27 books. Invited as key speaker in seminars by AIMA, HRD Network, NIPM, QCFI, CSI, NPC. Widely traveled. Education: Engineering & Management.
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